Dubai Municipality has launched a platform to promote investment opportunities for the private sector offered by the municipality, valued at approximately Dh576.3 million ($156.9 million).
The initiative will enable private sector investors to submit proposals for joint projects with Dubai Municipality, or to apply to take advantage of existing collaborative investment opportunities offered by the organisation, the Dubai Government Media Office said on Tuesday.
The online platform provides a “streamlined and transparent channel” for the evaluation and approval of proposals that will save time and hassle for investors, authorities said.
The move is aimed at enhancing awareness about investment opportunities available for the private sector and efficiently managing all aspects of the investment process, including proposal submission, evaluation of opportunities, approvals and signing of contracts, said Najib Mohammed Saleh, director of commercial affairs and investment department at Dubai Municipality.
“The platform is consistent with the municipality's belief that the private sector is a valuable partner in ensuring the best possible utilisation of its diverse assets," Mr Saleh said.
"The initiative supports our broader strategy to contribute to realising the goals of the Dubai Economic Agenda D33.”
The platform also provides investors with the tools needed to evaluate investment opportunities proposed by the municipality as well as to apply for them. Investors can also suggest new investments, he added.
It also enables the speedy renewal of contracts.
Dubai, which is seeking to cement its position as a global capital of the digital economy, recently launched the D33 plan.
The 10-year strategy aims to catapult Dubai into the world’s top cities by economic strength in the next 10 years and involves a programme to help 30 private companies to achieve unicorn status ― worth more than $1 billion.
Last July, the government restructured Dubai Municipality to create economic opportunities worth Dh10 billion. This included the launch of four new institutions dedicated to the environment, facilities management, building licensing and waste management.
The new platform features an electronic system that enables both domestic and foreign investors to monitor the implementation and documentation of the investment process.
“The easy-to-access platform seeks to provide opportunities for private sector investors, especially young entrepreneurs, to develop their projects and ideas and take advantage of the attractive investment avenues offered by the municipality,” the media office said.
“The platform will help the municipality raise its efficiency, efficiently utilise resources and maximise yields and revenues.”