Sheikh Mohammed 2

Sheikh Mohammed announces public private partnership new law

Sheikh Mohammed announces public private partnership new law

It is very great news, The UAE United Arab Emirates has announced a new law on public-private partnership (PPP) law in order to increase and help of the private sector role increase in the development of the economy.

This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting on Sunday.

Sheikh Mohammed 2

Sheikh Mohamed made a tweet from his Twitter account after the meeting, in which he said that “Our goal is to create opportunities to be involved in developmental, economic and social projects and to take forward and encourage the private sector. Along with this, he also said that partnerships have to be developed to improve the quality of public services.

The basic objective of the PPP law is to quickly organize partnerships between the two sectors, encourage the private sector to participate in development and strategic projects, increase investment in projects of economic and social value, and promote local, regional and global To enhance the competitiveness of projects in the markets.

In tweets, Sheikh Mohamed also sheds more light on how the UAE has overcome the effects of the COVID-19 pandemic.

He said the country’s economic growth has been higher than before the pandemic. Global trade has not yet regained its former strength, with the UAE’s foreign trade also exceeding Dh1 trillion in the first half of 2022, compared to Dh840 billion during pre-pandemic levels.

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Sheikh Mohamed said: “The number of global indices topped by the UAE increased from 121 to 156 indicators. We are ranked in the top 10 out of 432 global indicators, up from 314 pre-pandemic. We are in safety and security, fundamentals. First in the world in terms of framework, flexibility of rules, and more.”

Tourism sector revenues cross Dh19 billion

The Cabinet reviewed the achievements of the tourism sector in the first half of the year 2022 which showed an increase in tourism’s contribution to the national economy by 12 per cent. The number of hotel guests establishments increased by 42 per cent with a total of 12 million guests, compared to 6.2 per cent before the Covid-19 pandemic. The total revenues of the sector amounted to Dh19 billion, during the first half of 2022.

“We expect a strong tourism performance in this winter season,” Sheikh Mohammed said.

The Cabinet also reviewed the UAE’s significant growth in economic and trade indicators, as the Constant Price GDP growth rate for the first quarter of 2022 reached 8.4 per cent, with a total of Dh399 billion, compared to Dh368 billion in the same period of 2021.

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