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Dubai has emerged as the most expensive city to celebrate NYE 2016... and the most economical.

In a new study by Travelex, the emirate has pushed out the likes of Sydney, London and Paris to take the top spot for in expenses for biggest night of the year, costing over Dh2,000 per person.

That sum will get you a set meal-for-one, a bottle of bubbles, nightclub entry and a pint of refreshment, says the study.

However, several Dubai residents have countered back saying such is the case only if you attend one of the emirate’s high-end galas or NYE concerts with top acts including the likes of David Guetta.

Those who choose not to fork over large sums of cash and still celebrate NYE can do so for free, said one resident.

S Kripal said: "It's been three years now, my family and I have been attending the best Dubai NYE party and barely spend a fil for it. What can be bigger than the Burj Khalifa’s dazzling fireworks display?"

The Travelex study breaks down the expenses chart with a bottle of bubbly setting back the paying customer Dh1,200.

Another Dh480 is the average spent by one person on a set menu for the night, with Dh300 forked over for the entry ticket to a high-end party, explains the study; other miscellaneous account for the remaining amount.

The study further states partying in Sydney is considerably cheaper than last year because a single dirham now equates to approximately AU$3.72.

Compared to December 2014 the dirham is 15 per cent stronger against the Australian dollar, meaning those exchanging Dh5,000 today now pocket an extra AU$230.

Which is one of the reasons why Sydney has emerged as the second cheapest city to celebrate NYE at a total cost of Dh835, right behind The Hogmanay street party in Scotland’s capital, Edinburgh, which is at almost a third of the price of Dubai (Dh715).

However, the caveat here is simple: cut a ticket for either destination at today's airfares and the cost will more than triple to what the Dubai average would charge.

In the study, Amsterdam emerges in third place for a pocket friendly party this NYE with an overall cost of Dh935, followed by Berlin in at fourth place with Dh1,115.

Paris, New York and London round up the list ahead of Dubai with expenses amounting up to Dh1,145, Dh1,565 and Dh1,635.

Dubai has been grabbing headlines of late for its NYE offering with this new survey emerging on the heels of an online trends report conducted by travel portal Kayak.com that saw the emirate emerge as the top choice for holidaymakers to celebrate NYE.

In the previous report, Dubai beat contenders including Rio de Janeiro, Chicago and Barcelona to grab the top spot, with a 70 per cent year-on-year increase in flight searches for Dubai for the New Year break.

Over the past few years, Dubai has set Guinness World Records in celebrating the big event, with the 2014 occasion saw the city clinch title for the ‘World’s Largest LED-Illuminated Façade’ on Burj Khalifa, the world’s tallest building.

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