(MENAFN) Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum endorsed the emirate's 2013 budget that puts spending at USD9.28 billion, reported Arabian Business.
The budget foresees a rise of 8 percent in public revenues, which are expected to reach USD8.88 billion, whereas budget deficit, which had been slashed to below 0.5 percent of gross domestic product (GDP), is projected to reach USD408 million.
According to the government's statement, 6 percent of public expenditure has been set aside to debt servicing in 2013, and 26 percent has been allocated for health, education, housing and social development.
It added that boosting public spending by 6 percent in 2013 from the current year aims at supporting the emirate's economy; on the other hand, government fees, which account for 62 percent of total government revenues, have been raised by 9.8 percent.
Furthermore, the government has reduced allocations to budget from its investment returns to allow for higher reinvestment in Dubai's economic expansion.
The 2013 budget sees tax revenues growing 15 percent, while net oil revenues will rise 11.8 percent due to higher oil prices, however, the government will not use oil revenues to finance infrastructure projects.
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