A key indicator of Dubai’s financial health is that the emirate's 2017 budget only runs a small deficit of AED2.5 billion, that is only 0.6 per cent of its gross domestic product, and is eminently manageable, according to a local newspaper The largest boost to confidence from the budget is that the total spend of AED47.3 billion is up 2.6 per cent compared to 2016, the Dubai-based Gulf News noted in an editorial today.

"Another indicator of financial health is the success the emirate has achieved in diversifying its revenue towards long-term, sustainable sources because the majority of government income comes from fees and customs duty, which comprise 16 per cent of revenue, while oil accounts for only 6 per cent," it said.

It is also important to note that spending on infrastructure has gone up by a lot more with a rise of 27 per cent, the English-language paper said. "The Government of Dubai has made an important commitment to the growth of the emirate with a 2017 budget that is committed to expansion and fostering the essential entrepreneurial thinking that allows the emirate’s economy to flourish and do well in the teeth of global competition."

Dubai, the paper said, has never based its economic success on the narrow thinking of protectionism that creates false walls behind which business may flourish in the face of the reality of global competition.

Even allowing for special new infrastructure for Expo 2020 is a substantial increase and shows the government’s long-term focus on creating the right environment for business and the residents of the emirate, the paper further noted, saying the importance of infrastructure spending is that it has an impact for many years and long after the current budget will have faded from memory, its impact will continue to be felt.

"Dubai is determined to promote a culture based on innovation and creativity, which is why it is good to see that 8 per cent of the total spend has gone towards performance development and asserting a culture of excellence, innovation and creativity," the Gulf News said.