His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has approved a portfolio of public-private partnership (PPP) projects of the Dubai Government valued at AED 40 billion ($11 billion), during the first meeting of The Executive Council of Dubai since its reconstitution.
The Department of Finance (DOF) of the Government of Dubai announced the portfolio as part of its PPP strategy. Featuring a wide variety of projects, the new portfolio aims to further enrich cooperation and inspire new collaborations between the public and private sectors in the emirate.
HE Abdulrahman Saleh Al Saleh Director General Department of Finance, Dubai
“The ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is for Dubai to become a strong, vibrant hub for global economic development and a platform for emerging sectors. This vision enabled DOF to identify the best opportunities in the most active economic sectors and to create a portfolio worth $11 billion of government projects that can be financed, implemented and operated according to the PPP model.”
“Launching an abundant, strong portfolio of projects is a fundamental pillar of the Government’s PPP strategy, and we are 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,” H.E. Al Saleh added.
“DOF has well positioned Dubai’s PPP ecosystem to become a global innovative destination for governments seeking to finance infrastructure and urban development projects. The government efforts led by DOF have resulted in laying solid foundations for building a comprehensive and integrated system in PPP. We will continue strengthening these foundations and build on them in close cooperation with our partners from government entities and private sector companies, which have the capabilities and expertise and look forward to increasing the positive return on their business,” Al Saleh concluded.
Arif Abdulrahman Ahli, Executive Director of the Planning and General Budget Sector at DOF, said that, “Over a three-year period, from 2024-2026, the new PPP projects portfolio will cover ten fundamental economic sectors. It will contribute to enhancing economic growth and infrastructure development in Dubai. The PPP strategy focuses on the continuous consolidation of the regulatory framework in the emirate. Therefore, DOF has built a comprehensive performance framework (CPF) program to ensure accurate management of the PPP ecosystem performance.”
The CPF program for managing the PPP ecosystem performance within the Government of Dubai revolves around five strategic objectives, ensuring compliance with the Public-Private Partnership Law, policies and guidelines throughout the partnership lifecycle, encouraging government entities to adopt the PPP model, encouraging private sector participation in public sector projects, stimulating innovation in project financing, development and operation through private sector participation, and pushing towards the adoption of environment, social and governance practices in the PPP ecosystem.
“The CPF will eventually become a central guideline applied by all relevant government entities, with the aim of developing a corporate culture based on results, enhancing efficiency and simplifying the decision-making process, among other improvements, to positively impact project implementation and performance,” Ahli summed up.
The PPP ecosystem is gaining great importance in economic development and infrastructure development, said Muna Ahmad Abdulla, Director of the Capital Projects Division at DOF, affirming that partnership projects stimulate the economy and create job opportunities through private sector investments in government infrastructure projects.
“PPP projects improve the infrastructure and modern projects implemented in partnership with the private sector ensure the improvement of services provided to citizens and residents, as partnership with the private sector leads to improved efficiency and innovation in service delivery,” stated Muna Abdulla.
