Dubai AFP

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, has approved public-private partnership (PPP) projects worth AED 40 billion.

The portfolio of PPP projects was greenlit Thursday during the first meeting of the Executive Council of Dubai since its reconstitution.

The Department of Finance (DOF) of the Government of Dubai noted that the portfolio is part of the PPP strategy, featuring a wide variety of projects that will encourage new collaborations between the public and private sectors in the emirate.

DOF Director-General Abdulrahman Saleh Al Saleh credited Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for his strong and vibrant vision that made Dubai globally strong.

"This vision 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," Al Saleh was quoted as saying by WAM.

He noted that "launching an abundant, strong portfolio of projects is a fundamental pillar of the Government's PPP strategy," adding that the Dubai government is "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."

Al Saleh said that the Department of Finance has placed Dubai's PPP ecosystem to "become a global innovative destination for governments seeking to finance infrastructure and urban development projects."

He pointed out that the government has laid strong groundwork for establishing a complete and unified PPP system, explaining that the department is committed to bolstering these foundations and collaborating closely with government entities and private sector partners.

Arif Abdulrahman Ahli, Executive Director of the Planning and General Budget Sector at DOF, revealed that this approved amount will be spent in the span of three years, starting from 2024 to 2026, and it will cover 10 fundamental economic sectors.

"It will contribute to enhancing economic growth and infrastructure development in Dubai," Ahli said, adding that the "strategy focuses on the continuous consolidation of the regulatory framework in the emirate."

The department has built a Comprehensive Performance Framework (CPF) program to ensure accurate management of the PPP ecosystem performance.

The CPF program revolves around strategic objectives like ensuring compliance with the Public-Private Partnership Law, policies, and guidelines throughout the partnership lifecycle and encouraging government entities to adopt the PPP model.

Furthermore, it encourages private sector participation in public sector projects, stimulating innovation in project financing, development, and operation through private sector participation and pushing toward the adoption of environment, social, and governance practices in the PPP ecosystem.