Abdulrahman Saleh Al Saleh, director general of DOF, said that Dubai’s strategic initiative to promote Public Private Partnership (PPP) is expected to translate into multi-billion dirhams projects.
This is due to increased awareness about the benefits that can be achieved in infrastructure development projects through the PPP model is prompting the private sector to engage in projects and initiatives requiring billions of dirhams with the government within the next years.
The DOF allocated Dh1 billion for PPP projects last March, 2019 to attract private sector investments, reduce the burden on the budget and raise the government service quality. This move, part of the second package of economic growth initiatives by DOD, will secure the optimal utilization of Dubai’s PPP Law enacted in 2015.
Al Saleh said that the PPP business model has been proven successful in other countries that have been implementing it for a long time. “Alternative financing serves as a catalyst and a conduit for the attainment of additional strategic imperatives such as economic diversification, foreign direct investment, encouragement of local entrepreneurship and industry, and the pursuit of sustainable economic growth.”
In addition to that, for Dubai to be one of the world’s leading financial, touristic and commercial hub, it must deliver the infrastructure required to meet the needs of a growing population.