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The UAE needs a federal law to regulate public-private partnerships (PPPs) and ensure both parties achieve their objectives effectively, stated local officials on Monday.
Speaking during the UAE Public Policy Forum, organised to discuss the private sector's active role in shaping the UAE future and challenges facing PPPs, the UAE ministers and delegates called for such a law. They also stressed the need for a clear legal, policy and institutional framework to ensure PPPs achieve their objectives effectively and efficiently, for people's good.
While the UAE government achieved several successful projects through their partnerships with the private sector, there are still challenges ahead that need addressing, officials said.
Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, said the economy is sustained largely by the private sector.To ensure that projects drive the economy further and benefit both parties, a legal framework needs to be in place to guarantee commitment and transparency of contracts.
"The challenge is to open more fields for both parties, which will require a lot of effort. To be able as a government to benefit from the economic part, we need to contribute in diversifying the economy, which won't happen without the private sector," said Al Mansouri in a panel discussion addressing experts and delegates.
He added the International Monetary Fund (IMF) has been recommending a clear framework on PPPs in the UAE, noting that partnerships with the private sector need detailed studies, goal determination and transparency before projects are commenced. Hiring advisers who can guide and provide a clear roadmap for both parties is recommended.
In Dubai, specific laws were put to ensure transparency and modification of conditions on the contract, if needed.
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