UAE Ministry of Finance Fortifies Sustainable Public-Private Partnerships

UAE, 11 June, 2024 : The UAE Ministry of Finance is dedicated to enhancing public-private partnerships (PPPs), recognizing their pivotal role in the UAE's socio-economic development. Such collaborations not only foster sustainable economic growth but also ensure comprehensive prosperity for all members of society. Global experiences attest to the efficacy of partnership contracts, which increase efficiency, improve service quality, reduce costs, and optimize resource utilization through innovation.

Striving for integrated and effective strategies, the Ministry fosters cooperation and dialogue between the public and private sectors, aiming to bolster the national economy. This partnership model facilitates joint projects and service provisions across sectors like infrastructure, health, and transportation. It leverages the private sector's capital, knowledge, and expertise, enhancing resource availability, project timelines, and service affordability.

In line with these efforts, the Ministry recently announced Federal Decree-Law No. (12) of 2023, regulating federal public-private partnerships. This legislation sets clear guidelines, encouraging private sector involvement in developmental and strategic projects. It aims to boost investment in economic, social, and service initiatives, ensuring the efficient execution of government strategic projects.

To further streamline PPPs, the Ministry will issue a comprehensive guidebook, defining detailed provisions for partnership projects. This guide will govern project proposals, market studies, value-for-money evaluations, and project management, aligning with the provisions of Federal Decree-Law No. (12) of 2023.

The UAE Ministry of Finance's initiatives underscore its commitment to advancing sustainable development, realizing the UAE's visionary goals, and positioning the country as a global leader in financial and economic sectors.

Source : www.mof.gov.ae