Dubai to raise 2016 spending by 12%

DUBAI: Dubai plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams ($12.6 billion), the government said on Sunday.

This is the second year in a row that the Gulf emirate will have a deficit-free budget since the 2009 global financial crisis, when it came close to defaulting because of a crash in the real estate market.