2006
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Oman sets $1.7bn 2006 deficit
Oman has forecast a $1.68bn deficit on projected revenues of $9.32bn and spending of $11bn for the 2006 budget. The actual 2005 deficit is expected to be lower than originally forecast, as higher oil prices during the year gave impetus to revenue figures.
Dubai economy grows 16%
Dubai's economy grew around 16% in 2005 and is estimated to hit $36.85bn, according to a statement from the Dubai Department of Economic Development. Director-General Mohamed Alabbar says the emirate's success is due economic diversification policies adopted in the 1980s. The non-oil GDP grew by 14.92% during the year, and is estimated bring in $34.8bn.
Istithmar close to Inchcape deal
Istithmar, an investment arm of the Dubai Government, is set to buy Inchcape Shipping Services in a deal worth $285m, according to the UK's Sunday Times. Inchcape refuels and supplies ships for customers such as the US Navy, the report said.
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