Dubai sets record spending target of $18 billion to support Expo 2020

Uncategorized Faizah Kamal 29-Dec-2019

The Dubai government will spend a record 66.4 billion dirhams ($18.08 billion) in 2020 to support the Expo 2020 event, state media said in a tweet on December 29.

Dubai also adopted a three-year budget cycle from 2020 to 2022, with a total expenditure of 196 billion dirhams ($53 billion), the Emirates News Agency (WAM) said in a separate tweet.

The figure for 2020 marks an increase over the 56.8 billion dirhams ($15.5 billion) in capital expenditure under the 2019 budget.

The government expects the global trade exhibition to generate billions of dirhams for the United Arab Emirates’ economy as it struggles with sluggish rates of growth amid a real estate slump, which has sent property prices to record lows.

The Expo will be held between October 2020 and April 2021.