Abu Dhabi: The Ministry of Finance (MoF) in the United Arab Emirates is dedicated to enhancing public-private partnerships and acknowledges the noteworthy part that these partnerships play in the socio-economic advancement of the UAE.
Additionally, it promotes long-term economic growth and ensures everyone in society has complete prosperity. International experience has demonstrated that partnership agreements with the private sector can boost productivity and effectiveness, raise the standard and caliber of services, cut expenses, and make the best use of available resources by fostering innovation, boosting competitiveness, boosting the economy, and defending the rights of individuals.
The UAE Ministry of Finance strives to develop and manage integrated and effective strategies and works to enhance cooperation and dialogue between the public and private sectors due to the importance of this collaboration and its impact on various aspects of the national economy. It also works to improve governance frameworks to maintain the efficiency and flexibility of government work and develop its tools.
This partnership, between the public and private sectors, is a model aimed at enhancing cooperation and understanding between the federal public sector and the private sector to implement joint projects or provide services to the community in various fields such as infrastructure, health, education, energy, transportation, and others. This partnership helps to utilize the private sector’s capital, knowledge, and expertise in project management, which contributes to expanding the public sector’s available financial resources as a result of cooperation with the private sector, reducing the timeframes for project implementation, and minimizing the cost of services.
The UAE Ministry of Finance continues its efforts to establish a public-private partnership framework and to set up a legislative infrastructure that effectively contributes to protecting the rights of all parties. This is achieved through the implementation of several initiatives, measures, and awareness workshops.
Translating this approach and aiming to create the best conditions to encourage various industries in the UAE, stimulate investment, and attract more new investments, the Ministry of Finance recently announced the issuance of Federal Decree-Law No. (12) of 2023 on regulating the federal public-private partnerships. This law encourages the private sector to participate in developmental and strategic projects within a clear regulatory framework that ensures the success of efforts to build efficient and effective government strategic projects.
The law aims to encourage the private sector to participate in developmental and strategic projects and to regulate the partnership between the federal public sector and the private sector in the country. It aims to increase investment in economic, social, and service projects carried out by the federal public sector and enable the government to implement its strategic projects efficiently and effectively.
This year, the UAE Ministry of Finance has doubled its efforts to realize the visions of the UAE’s wise leadership in developing the financial and economic sector, advancing sustainable development, and achieving leading ranks for the UAE at all levels to enhance the country’s positioning.