Dubai will cut its budget to $15.5 billion in 2021, the emirate said on Sunday, after a challenging year that struck its economy.Dubai on Sunday said it expects to cut its budget to $15.5 billion in 2021 after its economy was impacted by a plunge in tourism and other sectors amid the novel coronavirus pandemic. The emirate, one of the seven that make up the United Arab Emirates, had posted a record $18.1 billion budget for 2020. "The newly-announced budget takes into account the exceptional economic conditions of the fiscal year 2020 and the repercussions of the Covid-19 pandemic on the global economy," said a statement by the Dubai Media Office. Dubai foresees a deficit for the fifth yea
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