A portfolio of public-private partnership (PPP) projects valued at US $10bn has been approved by Dubai’s Department of Finance (DoF). The projects aim to further enrich cooperation and generate new collaborations between sector stakeholders.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council approved the projects during the first meeting of The Executive Council of Dubai since its reconstitution, as part of a PPP strategy, WAM said in a report.
“The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, for Dubai to become a strong hub for global economic development and a platform for emerging sectors, enabled DOF to identify the best opportunities in the most active economic sectors and to create a portfolio worth AED40 billion of government projects that can be financed, implemented and operated according to the PPP model. Launching an abundant, strong portfolio of projects is a fundamental pillar of the Government’s PPP strategy, and we are ready to benefit from the success achieved in the previous stages of developing the PPP ecosystem and continue to innovate in financing vital government projects,” commented Abdulrahman Saleh Al Saleh, DOF Director-General.
The CPF programme for managing the PPP ecosystem performance within the Government of Dubai revolves around five strategic objectives – ensuring compliance with the Public-Private Partnership Law, policies and guidelines throughout the partnership lifecycle; encouraging government entities to adopt the PPP model; encouraging private sector participation in public sector projects; stimulating innovation in project financing, development and operation through private sector participation; and pushing towards the adoption of environment, social and governance practices in the PPP ecosystem.
“Over a three-year period, from 2024-2026, the new PPP projects portfolio will cover 10 fundamental economic sectors. The PPP strategy focuses on the continuous consolidation of the regulatory framework in the emirate. Therefore, DOF has built a comprehensive performance framework (CPF) programme to ensure accurate management of the PPP ecosystem performance,” concluded Arif Abdulrahman Ahli, Executive Director of the Planning and General Budget Sector at DOF.