Dubai spending plans unaffected by oil price slump - official

Thursday, 19 November 2015 07:38

The sustained slump in oil prices will not alter Dubai's spending or investment plans, according to a senior official. Chief executive of state-owned Investment Corporation of Dubai Mohammed al-Shaibani says there won't be a major shift in the government’s strategy, since oil makes up 2% or less of the emirate’s economy. Reports suggest the emirate is seeking more investment from the financial sector in its infrastructure projects, including those related to the Expo 2020 event. Dubai has planned a range of large projects- including a new airport and extension to its metro.

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