The UAE Ministry of Finance (MoF) has hosted a workshop in collaboration with the The Word Bank Group (WBG) to discuss the importance of Public Private Partnerships (PPP).
The workshop was intended to introduce government entities to PPP, and new performance-based contracts, and is in line with the Ministry's strategy to draw on international experience and best practice.
The workshop introduced the new performance-based contracts which help in enhancing services and ensure that developers and contractors receive integrated projects according to the specified plan. The contracts involve a significant shift in the field of private-public partnerships for its key role in identifying the key elements and requirements of contracted projects, and monitoring frameworks for to ensure its quality and alignment with the objectives.
The sessions stressed the importance of including performance-based contracts when designing projects, accomplishing tasks according to the specified budget, and ensuring that contractors receive their fees according to the contracted projects.
Participants also reviewed the asset management system (AMS) is a systematic process which allows enables government entities to maintain, upgrade and operate assets, combining engineering principles with sound business practice and economic rationale, and providing tools to facilitate a more organised and flexible approach to making the decisions necessary to achieve the users' expectations.
HE Younis Haji Al Khoori, Undersecretary of MoF said: "The Ministry of Finance recognizes the importance of partnership between the private and public sectors to implement projects in efficient and effective manner due to the administrative and technical expertise of the private sector. This enhances productivity, improves services and allows for the exchange of information and expertise between the private and public sectors which will serve the UAE's economic, developmental and social objectives."
HE Al Khoori added: "Partnerships between the private and public sector is one of the Ministry's key priorities due to its positive impact when implementing and managing government projects, particularly infrastructure projects. This partnership offers the public sector the opportunity to achieve higher benefits for its projects and services which will, in return, achieve the best return on investment for government. It also supports the private sector and rationalises government expenditure in projects which will further drive the sustainable economy process in UAE and reflect the wise leadership's vision of 2021."
The workshop took place in the presence of the Ministry's leaders and employees, WBG delegation, and UAE government entities which included: the Ministry of Infrastructure Development (MoID), Municipality of Abu Dhabi City (ADM), Dubai Municipality (DM), and Roads and Transport Authority (RTA).