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PPP model could help governments deliver infrastructure.

Governments in the GCC should do more

to adopt Public-Private Partnership (PPP) model for future infrastructure

spending, according to a round table hosted by the ICAEW.

The accountancy industry body held the round table event in

Dubai International Financial Centre last week, with speakers from leading

financial firms.

The PPP model could prove lucrative for the GCC public

sector, the panel said, although there is still a lack of awareness around PPP

and a need for a legal framework to manage it.

Use of the PPP model would mean GCC governments can save

valuable public finances and also enable them to attract more foreign

investment, create jobs and encourage the transfer of skills to the public sector.

Abu Dhabi was recognised for having a PPP model that has

delivered successful PPPs in energy, infrastructure and educational sectors.

Panellists included Brad Watson, Partner and Infrastructure

Advisory Lead, Middle East and Africa, EY; Sachin Karia, Partner, Allen and

Overy; Paul Norris, Senior Infrastructure Advisory, Abu Dhabi Department of

Finance; and Jeronimo Roura, Chief Executive Officer, MENA Infrastructure Fund.

The discussion was moderated by Tobias Thunander, Head of Debt Advisory

Services, UAE, KPMG.

Panellists agreed there is a lack of understanding about the

PPP concept in the region, which is largely considered to be purely a financial

tool.

Speakers explained that GCC governments have to appreciate that

the PPP model is a long-term partnership that brings to the public sector a

number of benefits including the transfer of expertise, innovation and

efficiency from the private sector. It also transfers many risks, that

typically have been borne solely by the public sector, to the private sector.

Panellists advised that in order to facilitate collaboration

between the public and private sectors, there is a need for a good 'Public

Procurement Law' which is transparent and sets out the processes to be followed

for all forms of public procurement.

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Publication:ITP.net
Date:May 26, 2017
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