The Ministry of Finance is committed to enhancing public-private partnerships and recognises the significant role that such collaboration plays in the socio-economic development of the UAE.
It also enhances sustainable economic development and achieves comprehensive prosperity for all members of society.
The Ministry of Finance is committed to enhancing Public-Private partnerships and recognises the significant role these collaborations play in the #UAE’s socio-economic development. As part of its continuous efforts to support the country’s initiatives to stimulate joint projects pic.twitter.com/pIgJUVsbls
— وزارة المالية | الإمارات (@MOFUAE) May 8, 2024
Global experiences demonstrate that partnership contracts with the private sector enhance efficiency, service quality, and resource utilization through innovation, thereby boosting competitiveness and stimulating the economy. The Ministry aims to foster cooperation between public and private sectors to improve governance frameworks and develop integrated strategies. This partnership model facilitates joint projects and service provision across various sectors, leveraging private sector capital, knowledge, and expertise to expand financial resources, accelerate project implementation, and minimize service costs.
The Ministry of Finance is dedicated to establishing a public-private partnership framework and legislative infrastructure to protect the rights of all parties through initiatives, measures, and awareness workshops.
In line with efforts to foster diverse industries, stimulate investment, and attract new investments, the Ministry recently introduced Federal Decree-Law No.12 of 2023, regulating federal public-private partnerships. This law provides a clear regulatory framework, encouraging private sector involvement in developmental and strategic projects, ensuring their success.
It aims to boost private sector participation in such projects and regulate partnerships between the federal public sector and the private sector, fostering investment in economic, social, and service projects. This supports efficient implementation of government strategic projects.
The UAE Ministry of Finance has intensified efforts this year to realize the leadership's vision, developing the financial and economic sector, advancing sustainable development, and positioning the UAE globally. To promote joint projects, the Ministry plans to issue a guidebook regulating public-private partnerships. This guide will outline detailed provisions governing project procedures, standards, proposal submission, clarification requests, market studies, value-for-money evaluations, project structuring, and management.
The guide highlights the Ministry's efforts in clarifying the roles and responsibilities of the relevant entities by documenting the procedures related to the partnership contracts and how to govern them, which are in line with the provisions of Federal Decree-Law No.12 of 2023.
News Source: Emirates News Agency
