The UAE approved a manual on Public-Private Partnerships, outlining a policy and procedural framework for designing, planning, and implementing projects, ensuring transparency and accountability between federal entities and private sector partners.
The document aims to motivate private sector participation in national projects, enhancing societal and economic benefits and to foster a robust framework for federal government entities to efficiently execute developmental and strategic projects, leveraging the financial, administrative, and technological prowess of the private sector.
The document also includes instructions on determining priorities for partnership projects between the federal government and private sector, studying and evaluating the proposed project after conducting a comprehensive analysis of it from various aspects, selecting partners, and procedures for submitting bids and offers to potential partners in the private sector.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE is progressing towards empowering and enhancing its path to sustainable economic growth. He said, “The UAE Ministry of Finance is keen on enhancing the partnership between the public and private sectors, recognising their significant role in the social and economic development of the UAE, thereby promoting sustainable economic growth and ensuring comprehensive prosperity for all members of society.”
Additionally, the Central Bank of the UAE has introduced the Sandbox Conditions Regulation to attract startups and global fintech companies. This regulation creates an innovative and competitive framework within which startups and established fintech companies can experiment with innovative financial products and services in a controlled setting.
The Public-Private Partnerships manual and the Sandbox Conditions regulation are crucial steps in the UAE’s strategy to integrate private sector expertise into public projects and stimulate the financial sector’s innovation.
