This year’s budget had factored in economic dividends from the Expo 2020 world fair, a six-month event originally slated to begin in October but postponed for a year due to the COVID-19 pandemic.
The huge 2021 budget, which was approved by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, takes into account the exceptional economic conditions of the fiscal year 2020 and the repercussions of the pandemic on the global economy, the statement on Sheikh Mohammed the Dubai ruler’s website said.
Dubai is the financial capital, and tourism hub of the United Arab Emirates. Dubai as a tourism based economy suffered a huge blow following the outbreak of COVID-19 pandemic. The country with its diversified trade and tourism economy, was hit hard by a lockdown and suspension of flights earlier this year. As a result of the dreaded impact of the Covid-19 pandemic, the Dubai economy is expected to contract 6.2% in 2020 before growing 4% in 2021, supported by the continued recovery of economic activities, it said.
The public revenue forecast is based on ongoing operations in the emirate and does not rely on oil revenues, which account for 4% of the total projected revenues for the fiscal year 2021.
($1 = 3.6728 UAE dirham)
Note: Dubai is not only the tourism hub of the United Arab Emirates, it is also its economic hub centre for it attracts a lot of annual visitors, hence deserves the best power facilities to ensure 24/ power supply.
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