UAE announced a new Public-Private Partnership (PPP) Law
In a breaking move, the UAE government has announced a new public-private partnership (PPP) law with the object to increase the role of the private sector in the economy. This new law was announced by the Prime Minister of UAE after a Cabinet meeting on Sunday. The new law aims to create boundless opportunities for the private sector to engage in various economic and social projects run by the government.
In the news article, we are going to discuss the highlights of this new law with the help of our best lawyers of UAE.
Highlights of new PPP law
In the opinion of our best lawyers of Dubai, the PPP law will provide a framework wherein both the private and public sectors will collaborate and participate in various projects to improve the quality of public services. This will further promote competitiveness in the local as well as in the international market. While announcing this law, the PM of UAE highlighted that UAE has overcome the severe effect of the pandemic, and this new law is an important step in this direction. Though the global market is low, UAE has regained its earlier strength.
Our best lawyers of UAE have pointed out that the foreign trade of UAE has exceeded AED 1 trillion in the first half of 2022. The economic growth is also evident from UAE’s strong standing (among top 10) in various global indices. The growth rate in the security, safety, and infrastructure sector is unmatchable.
With the pronouncement of this new PPP law, it is expected that some major tourism projects will be initiated to attract foreign exchange. There has been a significant rise of 12% in the revenue contribution by the tourism sector in the first half of 2022. Talking about actual figures, it was stated that the tourism sector recorded a revenue of AED 19 billion during the first half of the current year.
The new PPP law aims to foster economic growth with the participation of both the private and public sectors. Undoubtedly, this will not only improve the quality of service but the level of competition will also rise. For more information, you can contact one of our best lawyers of Dubai.
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