The Dubai government's Department of Finance has set up a new public-private partnership unit.
The unit will encourage the development of projects and initiatives that can be funded by global infrastructure investors, and accompany a new Public-Private Partnership (PPP) strategic plan for 2019-21 which was approved by the DOF on September 18, according to a statement on state news agency WAM.
"DOF has established a dedicated PPP unit. We are also finalising the formulation of operating guidelines based on best practices across the PPP procurement life cycle and devising a uniform budgeting approach to managing PPP liabilities and managing aggregate fiscal exposure," Aref Abdulrahman Ahli, executive director of the planning and general budget sector at the DoF said.
Public-private partnerships are a method that allow governments to procure major infrastructure and social projects from project developers and investors who design, build and then manage facilities for periods of up to 30 years in return for revenue generated by users of the asset.
"We are continuously aspiring to enhance the financial sustainability of the public sector and provide a stimulus for economic growth in the emirate of Dubai. In line with these aspirations, DoF is placing a key focus on Public-Private Partnerships, PPPs, aiming to leverage local and international private sector expertise, efficiency, and innovation," said Abdulrahman Saleh Al Saleh, director-general of Dubai's Department of Finance. Mr Al Saleh expects the private sector will engage in projects and initiatives with the government worth tens of billions over the next few years, the statement said.
“A PPP unit is an essential part of a successful PPP programme," Sachin Kerur, head of Middle East at law firm Reed Smith said.
"Time and time again, it has been the case that when countries organise a wide-ranging and efficient unit, a PPP programme has better regulation, policy, delivery, financial hygiene and standardised processes.
Mr Kerur said that when the private sector suddenly becomes involved in providing services that were once the preserve of governments, it "can provoke misunderstanding and distrust".
"A PPP unit plays a valuable role in educating all stakeholders as to how the PPP procurement process best operates.”
Andrew Greaves, head of the Dubai office at Addleshaw Goddard, said that there has been tightening liquidity across the broader region when it comes to funding projects, but that the creation of a PPP unit would "give potential investors confidence in the market".
"What we need to see is the creation of a PPP unit which really focuses on those deals which will come to market and be categorised as bankable — i.e. there's a need for the particular facility or service line and it's capable of generating profitable revenue for the investors and the operators. Overall, it's a good development and hopefully it will stimulate some schemes in the region."
Peter Greatrex, a real estate partner at Clyde & Co in Dubai, added that PPP units allow governments to "centralise your expertise in managing the relationships with the private sector".
"These bodies allow the project to be developed in an environment that has specialised experts with legal and financing training that may not be present in the separate ministries or other government agencies," Mr Greatrex said.
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
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MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
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WORLD RECORD FEES FOR GOALKEEPERS
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5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
