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DEI – United Arab Emirates: Law on public-private partnerships comes into force in Dubai

The law regulating public-private partnerships (PPP) will enter into force in the Emirate of Dubai on 18 November 2015. The aim is to encourage private investment to develop the Emirate; to date such investment has been limited to hybrid forms of PPP in the renewable energy field. The new law will not apply to projects in the water and energy sectors. It envisages flexibility in the types of contract concluded between public and private actors, with the possibility for investors to propose that the PPP model be applied.

Apart from some exceptional cases, a special purpose vehicle, in which the relevant public body holds a stake, will be set up to launch and control the PPP. Each Partnership will have a maximum duration of 30 years. Projects worth more than AED 200 million (49 million euro) will need to be approved by the Department of Finance, and those over AED 500 million by the Supreme Committee for Fiscal Policy.

More economic news, in Italian, from China.