With the cost of some of the bigger fireworks displays, this might actually be cheaper as well.
Obviously, a place as rich as Dubai has proper fireworks, and with that kind of money they could have them all day every day if they wished. But places like Dubai and Monaco have their own kind of fireworks, the flame-spitting supercars which are an everyday part of the landscape there. Here to demonstrate, is a video of a Lamborghini Aventador shooting flames at the 2013 Dubai Grand Parade and they are some really impressive flames, even for a Lambo.
You might think that it's odd for a Lamborghini to draw such a large crowd in Dubai, as people there must be used to seeing them by now, so we have to assume that the crowd is there mainly for the parade. The Lambo is still mighty impressive.