The Government of Dubai's Department of Finance (DoF) has announced a large number of projects worth more than AED25 billion ($6.8 billion) under the public-private partnership (PPP) portfolio.

 

The projects will foster new partnerships between the Government of Dubai and the private sector in line with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to transform Dubai into a vital player in global economic development and one of the smartest and happiest cities in the world, said a Wam news agency report. 

 

The announcement was made in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, at the Dubai International Public-Private Partnership Conference (DIPPPC) being held at Expo 2020 Dubai.

 

With the announcement, the total value of both existing and newly announced PPP projects in Dubai has exceeded AED65 billion, it said.

 

Sheikh Maktoum said: "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 His Highness Sheikh Mohammed bin Rashid Al Maktoum. 

 

"Consistent with Dubai’s rising profile as a preferred global investment destination, the new projects provide private sector players with exceptional opportunities in vital sectors that are powering the long-term growth of the emirate. These projects will use innovative PPP mechanisms that create the ideal conditions for private sector companies to contribute to realising the vision for Dubai’s future," he said.

 

Department of Finance's PPP projects portfolio includes more than 30 significant projects in the infrastructure, public transportation and urban development sectors. 

 

Abdulrahman Saleh Al Saleh, Director-General of DoF, said the Government of Dubai 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," Al Saleh said.

 

"The government’s efforts led by DoF have helped create a solid foundation for building a comprehensive and integrated PPP system. 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," he added.

 

"The Dubai International Public-Private Partnership Conference represents a key initiative for generating new public-private partnerships that will help accelerate Dubai’s journey to the future. It paves the way for an exchange of ideas and insights between decision-makers in both public and private sectors and the exploration of new partnership opportunities. The event also promotes innovative financing methods for partnership projects among local and international investors," Al Saleh explained.