UAE introduces New Federal Legislation for Public-private Partnerships

UAE introduces New Federal Legislation for Public-private Partnerships

The United Arab Emirates has introduced a new law to oversee public-private partnerships, which became effective on December 1, as reported by the state news agency. In addition to this federal law, individual Emirates, like Dubai, have their distinct regulations for managing PPPs.

This new federal law is designed to enhance private sector involvement in government-led developmental and strategic initiatives by encouraging more investment and the contribution of technical expertise and knowledge, according to the WAM announcement.

The legislation is applicable to any PPP project initiated by a federal body and financed wholly or in part by the private sector.

Comprising seven emirates at different stages of economic progress, with Abu Dhabi and Dubai being the leaders, the UAE is focusing on federal projects to promote growth in the less developed emirates. This approach is part of the country's strategy to reduce its dependence on oil and gas revenues.