According to Dubai Electricity and Water Authority (#DEWA), the utilities sector of Dubai has drawn investments worth around 40 billion UAE dirhams ($11 billion) from public-private partnership.
The #PPP law will help large-scale investments and open more opportunities for private investments in the United Arab Emirates.
With major construction projects and plans, Dubai seeks to ease the path with the public-private process. In a statement, Dubai utility said that the investments will be made through the Independent Power Producer (#IPP) model.
The IPP model will serve Dubai’s goals in developing solar power projects, while implementing a sustainable economy based on diversity and expertise. With investments worth about 50 billion dirhams ($13.6) billion, the Mohammed bin Rashid Al Maktoum Solar Park has aimed a capacity of 5,000 megawatts by the year 2030.
In a statement, DEWA CEO and MD Saeed Mohammed Al Tayer said that DEWA’s achievements include the lowest global solar prices five times in a row with the aid of the IPP model.
The shift towards various forms of public-private partnership models to develop utility projects in Dubai is gaining ground and aims at cutting capital expenditure.