UAE Issues New Federal Law

The Emirates News Agency reported today, Thursday, that "the UAE has issued a new law that came into effect on December 1, to regulate the partnership between the public and private sectors." The law aims to encourage the private sector to participate in development and strategic projects by increasing investment, and it also aims to transfer knowledge and expertise from the private sector to federal entities. The provisions of the law apply to any partnership project, fully or partially funded by the private sector, proposed by a federal entity. Each emirate, like Dubai, has its own frameworks governing public-private partnerships. The UAE consists of seven emirates at different stages of economic development, primarily led by Abu Dhabi and Dubai. The government is working on developing federal projects to enhance development in the smaller emirates, as the country seeks to diversify its income sources away from oil and gas.