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Author: Don Obrien

Dubai’s Department of Finance announces new PPP projects worth Dhs25bn


Dubai

On Sunday, the Government of Dubai’s Department of Finance (DoF) announced a new public-private partnership (PPP) project portfolio worth over Dhs25bn across several vital sectors.

It includes more than 30 projects in the infrastructure, public transportation and urban development sectors.

The latest projects were announced at the Dubai International PPP Conference being held at Expo 2020, thereby taking the value of both existing and newly announced PPP projects in Dubai to over Dhs65bn.

Abdulrahman Saleh Al Saleh, director general of DoF, said at the conference that the emirate’s government has begun to outline the features for the next stage of innovation in financing vital government projects within the PPP ecosystem. “PPP has become the next global innovative trend for governments around the world seeking to finance their infrastructure and urban development projects,” said Al Saleh.

He added, “DOF will continue to develop and consolidate these foundations in close cooperation with other government entities as well as private sector players who have the necessary capabilities and expertise and are keen to seize the opportunities Dubai has to offer.”

Meanwhile, Abdullah Al Basti, secretary-general of The Executive Council of Dubai, also noted the key reasons as to why the private sector was keen to partner with the public sector on vital projects.

“It is not a coincidence that the private sector has chosen to partner with Dubai. The emirate has topped global indices for creating the most attractive business destinations in the world. It offers a competitive environment that facilitates growth for both regional and global businesses; flights to markets that exceed 5 billion people; and ports that possess a network of shipping lines that connect to various parts of the globe, providing a qualitative logistical advantage. In fact, DP World owns and operates 93 ports, and owns 127 companies across 60 countries worldwide. These key features have all contributed to the emirate’s solid foundation and the reason for which Dubai was ranked amongst the safest cities in the world during the pandemic, and a global reference in reactive and proactive policies that pave the way for greater successes,” said Al Basti.

Al Basti said that projects like the Al Maktoum Bridge, which was established in the 1960s, as well as more recent initiatives like the Dubai Schools project are prime examples of successful PPP projects executed in the emirate.

The two-day Dubai International Public-Private Partnership Conference (DIPPPC) which will conclude on Monday, October 11, is the first conference hosted by the Government of Dubai in the field of PPP, and the first of its kind in the region, with the conference shedding light on global and regional opportunities and challenges facing infrastructure project financing and the role played by the PPP ecosystem in achieving sustainability in project financing.

“Dubai has set an example for the world in fostering productive partnerships between the public and private sectors to drive sustainable economic growth and the accelerated development of strategic sectors. The new portfolio of PPP projects seeks to further harness synergies between the two sectors to shape our future over the next 50-year phase in line with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai and Deputy Prime Minister and Minister of Finance.





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