DUBAI, 27th February, 2023 (WAM) — The Ministry of Finance (MoF) recently held a workshop to introduce the federal entities to the mechanisms of organising public-private partnerships.
The workshop discussed the procedures and mechanisms developed by the MoF based on Cabinet Resolution No. (3/8) of 2022 regarding the approval of issuing a Federal Law on regulating public-private partnerships.
More than 75 heads of departments and divisions in the federal entities with expertise in public-private partnership projects participated in the workshop, which previewed the frameworks and regulating procedures of such projects. Participants then shared their opinions and observations regarding these procedures, to ensure the success and efficacy of the new mechanism.
Younis Haji Al Khoori, Under-Secretary of MoF, emphasised the significance of the new mechanism in setting the needed procedures for partnership management and governance, and organising the relationships among stakeholders while clearly defining roles, responsibilities and frameworks for effective project evaluation. This helps in reducing costs, driving innovation within the public services’ framework, and stimulating the participation of the private sector in public projects by setting up a robust structure that benefits all the relevant partners.
l Khoori said, “The new mechanism enhances the efficiency of implementing government projects and improves the quality of services provided to the public. This, in turn, achieves a preferred return on investment in terms of public spending for the government as well as optimal utilisation of the available resources. The new mechanism also enhances the financing capacity of the federal government and identifies new opportunities for cooperation with the private sector to execute projects within the public-private partnerships concept.”
The ministry has reviewed and evaluated the public-private partnerships procedures and benchmarked the partnership governance. The MoF has also prepared the Public-Private Partnership Provisions and Procedure Manual, which outlines the provisions regulating partnership projects.
These provisions include the governance of procedures and criteria for offering partnership projects, including project proposals, request for clarification mechanisms, market analysis, assessing value for money, as well as project structuring and management.
The first day of the workshop focused on raising awareness about the new system for managing public-private partnerships, and the MoF reviewed the new manual and the public-private partnerships governance model and paths.
The second day sought to discuss the mechanism for using the resources provided by the new public-private partnership management system throughout the partnership projects’ life cycles. An introduction, a simulation that defines practical frameworks for using the manual, and an explanation of ways to identify and study opportunities served to explain the mechanism. This is in addition to clarifying means of assessing projects through quality studies and mechanisms for offering tenders, identifying partners, and managing contracts.
t the end of the workshop, participants from the federal entities shared their questions, observations, and opinions, given their pivotal and effective role in selecting, evaluating, and implementing public-private partnership projects.
Source: Antara News Agency