The government of Dubai has established a new team to help cut government spending and develop new revenue streams.

The team, established by Sheikh Ahmed bin Saeed al-Maktoum, chairman of the Dubai Supreme Fiscal Committee, will draw up a financial plan covering 2011 to 2014 and will operate under the emirate’s Department of Finance.

A statement issued by the government said the establishment of the team was, “part of a series of financial reforms aimed at enhancing efficiency of government spending”.

The team will be headed by Jamal Hamed al-Marri, director of central accounts at the Department of Finance. It will also include representatives from Dubai Police, Department of Finance, Dubai Municipality, the Roads and Transport Authority (RTA), Dubai Customs, Dubai Health Authority and Dubai Airports Authority.

Dubai’s 2010 budget projects a deficit of AED6bn ($1.63bn), the second year in a row that the government budget has been higher than revenues. In a bid to cut the deficit, Dubai announced in March it plans to cut spending by 15 per cent, saving around $1bn.