MoF organises workshop on private-public sector partnerships and performance-based contracts
The Ministry of Finance (MoF), in collaboration with The Word Bank Group (WBG), organised a workshop in the Ministry’s premises in Dubai on the importance of private-public sector partnerships (PPP) and adopting performance-based contracts between both sectors.
The workshop introduced the new performance-based contracts which help in enhancing the 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 Ministry of Finance recognises 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,” said HE Younis Haji Al Khoori, Undersecretary of MoF. “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).
The workshop discussed the need to include 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 which will achieve significant results and returns for the private and public sectors. articipants 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.