In an effort to boost the contribution of the private sector to the advancement of the economy, the UAE has declared the introduction of a new public-private partnership (PPP) law.
According to His Highness Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, the PPP law was designed to coordinate collaborations between the two sectors by enabling the private sector to engage in tactical and infrastructure programs, enhancing investment in initiatives with strong economic and social principles, and elevating entrepreneurial endeavors to create opportunities and compete in local, regional, and international markets.
The government has always been involved in harnessing private investment to promote its expanding facilities, even if the more recent motivations underlying the growth of PPPs in Dubai are distinctive.
The PPP Law represents a significant improvement in the Emirate’s ability to implement PPP projects. Additionally, it will pave the path for the implementation of various initiatives that were inspired by the government’s aspiration to ramp up the involvement of the private sector in the growth of the nation’s economy.
To sum it up, the PPP Law is an evidence of the expanding prominence of the private sector in the UAE. Also, the law sends a message to Dubai’s private sector and to international companies considering establishing operations here that the Emirate is welcoming investors and, additionally, ready to modify its operational and financial business models for diverse initiatives.
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