AbuDhabiPR.com, Online Press Release from Abu Dhabi and Al Ain
 
Government Sector(Government, Legal & Humanity)
Filter PR by
  
UAE Ministry of Finance Issues Public-Private Partnership Manual, Defines Priority Sectors for First Phase
 
UAE Ministry of Finance Issues Public-Private Partnership Manual, Defines Priority Sectors for First Phase
  • The manual encourages the participation of the private sector in creating developmental and strategic projects in line with best international standards.

Abu Dhabi, UAE: June 25, 2024 – The UAE Ministry of Finance today announced the UAE Cabinet’s approval of the Public-Private Partnership Manual. The manual aims to develop a policy and procedural framework to enable federal government entities to implement their developmental and strategic projects efficiently and effectively, and to enhance their benefit from the financial, administrative, and technological expertise of the private sector. It also encourages the private sector to proactively participate and contribute to supporting the UAE’s efforts to develop national and strategic projects to achieve the maximum possible benefit for society, the nation, the private sector, and the national economy.

This initiative falls within the Ministry’s efforts to create optimal conditions and support national efforts to stimulate investment in joint projects between federal entities and the private sector. The manual governs the operations and processes for designing, planning, and implementing projects, as well as provides a summary guideline for federal entities and private sector partners to follow in partnership projects, ensuring transparency and clarity for all concerned parties.

Defining Roles and Responsibilities

The manual defines the roles and responsibilities of relevant entities by documenting procedures related to public-private partnership contracts, their governance, including proposals from the private sector, market studies, value-for-money assessments, project structuring, and management, in compliance with Federal Decree-Law No. 12 of 2023 on regulating federal public-private partnerships.

It also includes instructions on determining priorities for partnership projects between the federal government and private sector, studying and evaluating the proposed project after conducting a comprehensive analysis of it from various aspects, selecting partners, and procedures for submitting bids and offers to potential partners in the private sector. By providing this specific framework for organising and implementing partnership projects between the public and private sectors, the manual unifies the mechanisms, standards, and conditions for implementing partnership projects.

Promoting Growth

His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE is progressing towards empowering and enhancing its path to sustainable economic growth. He said: “In a world where cooperation and integration between the public and private sectors are fundamental pillars for achieving the nation’s aspirations and strengthening its position, this cooperation aims to achieve better value in public spending.”

He added: “The UAE Ministry of Finance is keen on enhancing the partnership between the public and private sectors, recognising their significant role in the social and economic development of the UAE, thereby promoting sustainable economic growth and ensuring comprehensive prosperity for all members of society. Case studies around the world have shown that public-private partnerships enhance efficiency and effectiveness, improve service levels and quality, reduce costs, and optimally utilise resources through innovation, competition enhancement, economic stimulation, and safeguarding individual interests.”

His Excellency said: “This manual represents a practical step forward and an open invitation for active participation and positive contribution from the private sector in supporting the UAE’s efforts to develop major strategic projects and support the national economy.”

Priority Sectors in the First Phase

In collaboration with strategic partners, the UAE Ministry of Finance has identified priority sectors for the first phase of future partnership projects, including infrastructure, energy, healthcare, social services, and education.

The UAE Ministry of Finance aims to build and manage integrated and effective strategies and enhance cooperation and dialogue between the public and private sectors, given the importance of this collaboration and its impact on various aspects of economic activity. This effort also aims to enhance governance frameworks to maintain government efficiency and flexibility, and develop its relevant tools.

This step contributes to transferring knowledge and experience from the private sector to federal entities, training and qualifying federal employees in managing and operating projects, and implementing projects that provide added value in exchange for public funds.

Posted by : Abu Dhabi and Al Ain PR Network Editorial Team
Viewed 2094 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, June 26, 2024  7:04:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AbuDhabiPR.com.
Previous Story : US dollar-denominated 10-year USD 1.50 billion bond, maturin...
Next Story : ADFD chairs annual meeting of Arab Coordination Group in Vie...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Catrice Unveils the Spring/Summer 2024 Collection: Introducing Shine Bomb Lip Lacquer! [38131-Views]
POCO Sets New Standard with Global Launch of F-Series in Dubai [30869-Views]
Unleash Your Inner Royalty with "Call me Queen" Dramatic False Lash Effect Mascara by esse... [30543-Views]
Panasonic Announces FY24 Business Strategy For Sustained Growth in Middle East and Africa [27569-Views]
Hunger Hotspots Report: Famine Looms In Gaza While Risk Of Starvation Persists In Sudan, Haiti, Mali... [23838-Views]
Last-Minute Eid Shopping With Max Fashion's New Collection [23717-Views]
Ajmal Perfumes Unveils Eau D'Oud- A New Standard of Elegance and Luxury [23219-Views]
WFP News Video: WFP Warns Unprecedented Drought and Floods Causing Surge in Climate Related Hunger [22659-Views]
Urgent Call To Action To Address Historic El Niño Drought In Southern Africa [22494-Views]
Air Cargo Demand Continues Strong Growth into Q2 [21385-Views]
IATA SAF Registry [20079-Views]
Catrice's drops new summer favorites: Slim Eye Shadow Palettes and Kohl Kajal! [19295-Views]
Get Ready to have your Summer glow-up with essence Cosmetics' summer collection 2024 [18317-Views]
Amouage presents Rare Is The Rose, a poetic and cinematic tribute to the Omani Rock Rose [16872-Views]
Sudan is Facing an Unprecedented Hunger Catastrophe, Say UN Agency Chiefs [15645-Views]
Cigna Healthcare Names Leah Cotterill Middle East and Africa CEO, outside KSA [15336-Views]
WFP Response to new IPC Food Security Assessment on Gaza [12627-Views]
UAE Team Emirates confirm eight riders to take on Tour de France [12225-Views]
Beauty Meets Technology: CHATEAU BERGER Cosmetiques Unveils its Cutting-Edge Skincare Line in Dubai [11365-Views]
Living Proof® Brings Its Pioneering, Science-Backed Haircare Solutions To The Region [9569-Views]