Macquarie Capital Middle East supports the adoption of new Dubai PPP Law
Macquarie Capital Middle East, the corporate advisory and capital markets arm of Macquarie Group announced its support for the new public-private partnership (“PPP”) law, Law No. 22 of 2015 in Dubai, which was officially introduced on 19 November 2015.
The law facilitates Dubai government entities’ access to private funds to develop infrastructure projects in the Emirate with the potential to apply the model to a number of asset classes. The move is seen as a positive step to encourage private sector financing and is expected to play a significant role in the future development of Dubai’s infrastructure.
Macquarie Capital Middle East has a long standing track record of advising on projects adopting a PPP model since establishing a permanent presence in the United Arab Emirates in 2005. Over the past decade Macquarie has been involved in a number of pathfinder projects as a financial advisor. Notable transactions include the Muharraq STP and Sewage Conveyance PPP in Bahrain and ADWEA ISTP 1 PPP in Abu Dhabi as well as more recently advising several government-owned developers on the procurement of critical infrastructure through adoption of PPP principles.
Wissam Moukahal, Executive Chairman at Macquarie Capital Middle East said: “this is an exciting development for Dubai and will play an important role in boosting investment in the local infrastructure sector. Utilising PPP procurement models has globally been found to improve the quality and quantity of infrastructure delivery and as financial advisors with a keen interest in the sector we look forward to the pipeline of projects adopting the new law. The move by Dubai is certainly a positive shift in the momentum in terms of accessing private sector expertise and capital by regional governments.”
“Macquarie has been operating in the Middle East since 2005 and offers comprehensive advisory solutions, commodities and financial markets services to clients from its offices in Abu Dhabi Global Market. It has advised on transactions locally worth more than $US8 billion, which includes the implementation and execution of projects based on the PPP delivery model.” He added.