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    In association with 

    www.ihs.com

    www.abudhabichamber.ae

    Policy Brief 

    Reference Guide for PublicPrivate Partnerships in Abu Dhabi

    January 2016Issue 03-18122015

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    Reference Guide for Public Private Partnerships in Abu Dhabi

    January 20162

    Policy Brief 

    ContentsContext and importance of the problem 3

    Critique of policy options 5

    Policy recommendations 6  Appendix “Value for money” as a conceptto assess P3 feasibility 7

    Case studies 7

    Cover image: IHS/Shutterstock/Mezzotint

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    Abu Dhabi Chamber of Commerce & Industry,

    P.O. Box 662, Abu Dhabi, U.A.E.

    Ohan S Balian, Ph.D.

    Chief Economist – Abu Dhabi Chamber

    of Commerce & Industry

    [email protected]

    www.abudhabichamber.ae

    +971 2 617 7470

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    Executive summary At rst glance, public-private partnerships (P3s) are

    a smart way for governments to hit several birds

    with one stone: support innovative technologies and

    increase efciency, foster the private-sector role

    and overcome market entry barriers, and nally—

    and by no means least of all—help governments to

    overcome scal constraints. Having been conceived

    in its modern form several decades ago, P3s have

    therefore attracted attention from Middle Eastern

    governments in recent years. The recent past

    signals that they are not as straightforward to

    implement as many had hoped. In fact, P3s are

    not particularly good at saving scal expenses, but

    can potentially play a role in promoting the private

    sector. This can be especially true in the context of

    the resource-rich Middle Eastern economies with a

    dominant public sector that has latent antagonism

    toward the private sector over level playing elds

    and market entry barriers. A set of key rules,

    which are explained in the policy brief, is critically

    important for successful P3s, though. These

    include a strong legal framework, pragmatism,

    and exibility on both sides and the critical and

    honest assessment of the economic and nancial

    feasibility of a P3 format relative to other formats

    and ownership structures.

    Context and importance of theproblemP3s have attracted particular attention as a policy

    tool in Abu Dhabi recently. They are regarded

    as potent instruments to nurture private-sector

    participation and overcome potential nancing

    shortages. However, to forestall potential policyfailure, it is important to take key rules about the

    implementation and execution of P3s into account.

    This policy brief explains the historical and regional

    context and the key rules to follow for a successful

    P3 project.

    P3s as vehicles for large-scale projects tend to have

    their own business cycles. There have been recent

    “boom” times, but also times of “stagnation” or even

    “recession.” Likewise, proponents of the idea have

    sometimes been overoptimistic, while skeptics

    dismissed the idea as too complex or even as a

    waste of public resources for private gain.

    The concept has been particularly attractive for

    governments that have sought additional resourcesto develop large-scale projects with long lead times

    or long amortization periods. Often, the concept has

    also been thought of as a tool to nurture private-

    sector activities in areas public-sector players

    usually dominated.

     At least three factors have contributed to the rise of

    P3s for public infrastructure and facilities, especially

    since the 1980s, as alternatives for project delivery

    and nance:

    • Liberalization and privatization of public services

    with the ostensible goal of increasing efciency

    Partnerships or joint ventures between governmentsin the Abu Dhabi and private sector companies havea long history

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    in asset management and service delivery by

    applying market mechanisms;

    • The lack of up-front public funding for capital

    construction and renovation; and

    • Demand by pension funds and other nancial

    management companies for long-term, income-

    generating investments.

    For the Middle East region and Abu Dhabi,

    the concept of P3s is relatively new. However,

    partnerships or joint ventures between governments

    in the Middle East and private-sector companies have

    a long history with regard to oil and gas production; in

    fact, the emergence of the industry in the countries of

    the Gulf Cooperation Council (GCC) was founded on

    a partnership between governments and the private

    sector. Outside oil and gas, though, the complex

    legal framework, which is needed for P3s, combined

    with prevailing budget surpluses did not entice

    policymakers to more openly embrace P3s.

    The desire to diversify economies away from

    natural resources has changed the situation. Closer

    cooperation between the public and the private

    sector has been driven by two key motivating factors.

    First, P3s can introduce products, processes,

    technologies, and innovation through private-sector

    participation, which the public sector alone wouldnot be capable of introducing and administering.

    Second, P3s can be a smart approach to overcome

    antagonism between potential competitors from the

    public sector on the one hand and the private sector

    on the other. With that, P3s can support not only

    private-sector participation in the economy, but also

    help to diversify the economy.

    Moreover, with hydrocarbon revenues dwindling,

    GCC governments have been incentivized to look for

    alternative ways to nance projects and share risks.

    Their interest has accelerated legislation processes

    in several countries, such as Kuwait, Qatar, Oman,

    and the emirate of Dubai, to either upgrade existing

    rules or devise legal systems to govern P3s.

     Agencies to administer P3s have been created.

    The government usually identies and denes

    requirements for infrastructure, while the private

    sector’s role focuses on turning ideas and plans into

    reality. This has been the case for centuries. In that

    broadest sense, nearly all government infrastructure

    and facilities construction projects could be labelled

    as P3s. P3s in a modern sense, though, expand theprivate sector’s role beyond the mere execution of

    a project. P3s tilt the balance in terms of ownership,

    risk-taking, and nancing toward the private sector.

     A narrower and more practicable denition of P3s

    (according to the World Bank) is the following:

    “A long term contractual arrangement between a

    public entity or authority and a private entity for

    providing a public asset or service in which the

    private party bears signicant risk and management

    responsibility.”

    P3s can be controversial in that they may involve

    private-sector provision of services considered by

    some to be public goods. In other words, citizens

    are often outraged that goods or services, whose

    provision is regarded as (nearly) universally

    available, are provided by private-sector players,

    with prices based on prot maximization rather than

    the ability to pay or the needs of the consumersusing those goods or services.

    Many of these issues can be overcome, however,

    by developing P3s that align the objectives of

    the public sector, private owners and operators,

    stakeholders, and nanciers. This alignment

    involves implementing the right P3 procurement,

    contract, project delivery, funding, and nance

    strategies to t the requirements of a given project.

    Desire to diversify economies away from naturalresources

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    Critique of policy optionsSimply, P3s facilitate a more efcient way to plan,

    nance, and execute projects in some areas,

    especially in the infrastructure segment, where the

    government lacks the ability to pick the most efcient

    technology and to carry out the project at least cost,

    as well as the ability or willingness to take all risk on

    its shoulders. P3s thus offer an important tool for

     Abu Dhabi’s public agencies and authorities charged

    with delivering public assets and services.

     A 2008 US Government Accountability Ofce

    study outlined in detail the various advantages

    and detractors or trade-offs of employing P3s for

    infrastructure investment. From the private sector’s

    perspective, P3s can generate long-term, stable,

    and potentially high returns on investment.

    From the public sector’s perspective, key advantages

    and trade-offs are highlighted in Table 1.

     A good P3 program will align the private entity’s

    market-driven goals and objectives to maximize

    the advantages and minimize trade-offs towards

    the public goals and objectives. The public goals

    and objectives of a given project or service will

    vary. Fortunately, there is a wide range of P3

    types that varies based on the amount of rights,

    risks, and responsibilities transferred to the private

    partner. Table 2  illustrates this range of methods in

    approximate increasing order of scope transferred

    to the private entity.

    Several key elements must be considered in

    structuring the optimal P3 for a given project:

    •Integration: Generally speaking, integratingmore tasks in a P3 provides the private entity with

    nancial incentives for life-cycle-cost minimization.

    The public-sector yields greater control over the

    asset or service to achieve these savings.

    • Finance and funding sources: More private

    participation in nance and the securing of

    funding more directly from users (e.g., tolls

    and user fees) inject greater market discipline

    in investment decision-making and operating

    efciencies.

    • Risk: There are numerous risks in the

    development and operation of a public asset

    or service*4. Many are more easily controlled

    by either the public or private party. For some

    risks, such as various types of risk related to

    commercial performance, control will be less

    clear or fragmented and should be factored into

    the optimal P3 structure.

    Table 1

     Advantages Trade-offs and related chal lenge for policymakers

     A source of up-front nance for new construction or monetizat ion of

    existing assets to nance improvements

    Potentially higher costs and price charges to government, users, and

    the public depending on market conditions and contract design—

    Transfer of various types of risks whose costs can be better managed

    by the private sector 

    Loss of public control over an asset or service for a period of time—

    establish legal system that governs

    Injecting a more entrepreneurial spirit, such as openness for new

    technologies and innovation, in project and life-cycle management

    Transfers of risks whose nature is unclear at the point of decision-

    making—nding the right balance for sharing risks and rewards from

    changing circumstances, market conditions, and technologies.

    Improving asset efciency and investment decision-making by

    introducing market mechanisms (e.g., introducing pricing)

    Potential abuse of market power, equity, and coordination of public and

    private objectives—establish rules to ensure quality of service

    Sources: IHS and US Government Accountability Ofce (GAO), 2008; the latter’s report on highway P3s offers a detailed assessment of the benets and trade-offs:http://www.gao.gov/asset s/280/272041.pdf © 2016 IHS

    Controversies on P3s need to be addressed head-

    on and in a smart way

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    Policy recommendationsThe following ve general policy recommendations

    can be distilled:

    • P3 should be part of Abu Dhabi’s development

    toolbox.

    •P3s serve project success as to better execute,save costs, and share risks with private-sector

    players, but not under all circumstances.

    • P3s should not be used with the (sole) purpose of

    nding alternative funding for projects initiated by

    the government.

    • P3s should also not be used for the (sole)

    purpose of nurturing private-sector activities and

    entrepreneurship.

    • Successful P3s require a careful and politically

    smart selection of suitable projects, “buy-in,” and

    “ownership” of the project on behalf of key public-

    and private-sector stakeholders.

    The rst steps toward a successful P3

    framework include creating the authority for P3s

    and developing internal expertise to identify

    opportunities and tender, negotiate, and manage

    the projects. From a more practical perspective,

    the Brookings Institution has analyzed nine factors

    leading to successful P3 programs*5:

    • Create a strong legal framework at the state (or

    appropriate national or metropolitan) level

    • Prioritize projects based on quantiable public goals

    • Pick politically smart projects

    • Understand what the private sector needs

    • Find the right revenue stream

    • Create a clear and transparent process

    • Build an empowered team (i.e., with the skills

    and expertise to competently procure and

    administer P3s)

    Table 2P3 method Financing Funding Features and variants

    Operations & Maintenance (O&M) Government Fixed fee • Can have performance payments and

    bonuses

    Design-Build (DB) Government Fixed fee • Shifts design & construction risk

    • Design-build with warranty shifts risks into

    operations phase

    • Construction Manager at Risk is a variant

    between DB and traditional procurement

    Design-Build-Operate-Maintain

    (DBOM)

    Government Typically, availability and/or

    performance payments

    • Shifts operating risks to support life-cycle

    cost management

    • Other variants: Build-Operate-Transfer

    (BOT) and Build-Transfer-Operate (BTO)

    • Can shift some commercial risk by tying

    funding to user fees

    Design-Build-Finance-Operate-

    Maintain (DBFOM)

    Public, Private, or Mixed User fees (direct or subsidized),

    availability, and/ or performance

    payments

    • User-fee and demand-based subsidies (e.g.,

    “shadow tolls”) shift some or all commercial

    risk

    • Design-Build-Finance (DBF) is a variant

    shifting nance risk but not long-term O&M

    Concession/ Long-Term Lease Private User fees (typically direct) • Private partner essentially assumes

    temporary ownership of the asset

    • User-fee remuneration shifts signicantcommercial risks to the private sector 

    Sources: US Department of Transportation*1, US Transportation Research Board*2, Barchan Foundation*3  © 2016 IHS

    What happens if…? is an important question to ask

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    • Actively engage with stakeholders

    • Monitor and learn from the partnership

     

    Not all policy recommendations that apply to

    modern Western economies apply in the same

    way to resource-rich Middle Eastern economies.

    Circumstances, the role of the public sector, and

    the relationship between the public and the private

    sector are certainly different in several aspects.

    Therefore, and since governments in GCC countries,

    and Abu Dhabi in particular, are looking for ways topromote private-sector activity, P3s offer a viable

    way to accomplish that in the special circumstances

    of the region. Still, promoting private-sector activity

    cannot be the sole purpose; P3s should also be

    nancially and economically more attractive than

    other options. A critical and honest assessment

    of the P3 option relative to other options should

    therefore be part of the decision-making process.

    Appendix

    “Value for money” as a conceptto assess P3 feasibility At the P3 project level, Value for Money (VfM) is a

    key concept and analytical framework. Her Majesty’s

    Treasury (HMT) has rigorously employed this concept

    and analytical tool as part of the United Kingdom’s

    extensive Private Finance Initiative (PFI). HMT

    denes VfM as “the optimum combination of whole-

    of-life costs and quality (or tness for purpose) of the

    good or service to meet the user’s requirement.” VfMis generally calculated by the sponsoring agency (or

    specialized P3 unit) by estimating the whole-life costs

    of a project under a P3 method and comparing these

    with estimates for the public sector (referred to as

    the “Public Sector Comparator,” or PSC). A project

    estimated to offer savings over the PSC suggests a

    potentially viable P3*6.

    Case studiesSuccessful large-scale P3 projects in the GCC

    and the broader Middle East region are relatively

    rare. One landmark project has been the Prince

    Mohammad bin Abdulaziz International Airport in

    Medina, Saudi Arabia. A Turkish-Saudi consortium

    carried out the project on time (by June 2015) and

    within budget constraints.

    Other projects, such as the Mafraq Ghuweifat

    Highway in Abu Dhabi or the Abu Dhabi AirportMideld Terminal Complex, were originally conceived

    on a P3 basis, but were turned later into a more

    traditional form related to engineering, procurement,

    and construction (EPC) contracts, which usually

    focus on the construction phase of the project and

    do not include long-term services and operational

    costs covering the entire life cycle of a project.

    There are numerous examples of P3s throughout

    the world that have efciently delivered high-

    quality projects, with numerous public benets and

    reasonable returns to private investors.

    Virginia Interstate 495 expresslanesOne example, which worked particularly well, was

    the building of express lanes in the US state of

    Virginia on the Washington, DC, beltway’s 14-mile

    stretch between the I-95 interchange and the Dulles

    access/toll road.

     Alleviating trafc along this corridor in the traditional

    manner by building new lanes would have been

    expensive, politically toxic, and require the state to

    relocate at least 350 private residences. After nearly

    20 years of intermittent planning work, the Virginia

    Department of Transportation (VDOT) received an

    unsolicited proposal to create special dynamically

    tolled lanes along the highway from Fluor Daniel, a

    large private-sector construction rm.

    The proposed high-occupancy/toll (HOT)

    lanes would incorporate both new monitoring

    technologies and advanced price-setting algorithms

    ‘Value for money’ as a concept to decide on whether

    to use P3 or not

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    that maximize trafc ow and revenue, while

    reducing congestion. Tolls would vary depending

    on real-time congestion conditions (i.e., drivers pay

    higher tolls when the road is heavily congested, and

    vice versa). Furthermore, they would not require

    the expansion of the existing highway as the lanes

    would be added to the center median.

    VDOT maintains a dedicated internal P3 unit, the

    Ofce of Transportation Public-Private Partnerships

    (OTP3). Under the guidance of OTP3, Virginiawas able to develop a P3 with Fluor to launch the

    managed-lane project in November 2012.

    In this case, VDOT used its robust P3 process to

    shift the planning and design risk of developing a

    complex and creative trafc project to the private

    sector, while gaining the ability to use a trafc

    management model that was beyond its internal

    expertise and technical capacity. Early on, revenue

    from the HOT lanes has not met projections, but

    because of the P3 structure, the state gained a

    technologically advanced system that delivered a

    50% increase in capacity along the corridor without

    bearing the demand risk for revenue shortfalls.

    (Content adapted from The Brookings Institution

     publication “Private Capital, Public Good” edited by

    Patrick Sabol and Robert Puentes, December 2014.

    The pdf le can be found here: http://www.brookings.

    edu/research/reports2/2014/12/17-infrastructure-

     public-private-partnerships-sabol-puentes)

    Sources consulted orrecommended•

    *1 The US Department of Transportation’s Ofce

    of Innovative Program Delivery has outlined the

    various task combinations, which are generally

    applicable to all types of P3 projects

    (https://www.fhwa.dot.gov/ipd/p3/dened/)

    •*2 The Transportation Research Board (TRB) of the

    US National Academies has published detailed

    analysis on the various types of P3s, and the rights,

    responsibilities, and risks therein: http://onlinepubs.

    trb.org/onlinepubs/nchrp/nchrp_syn_391.pdf

    •*3 Researchers at MIT developed a two-

    dimensional tool for conceptualizing the relative

    degrees of public versus private responsibilities

    integration and sources of nance and funding,

    respectively. Summaries of this research and

    international case studies can be found here:

    http://www.barchanfoundation.com/

    •*4 Infrastructure Australia provides a detailed guide

    on the types of risk in infrastructure P3s http: // 

    infrastructureaustralia.gov.au/policy-publications/ 

     public-private-partnerships/national-ppp-policy-guidelines.aspx  

    •*5 The Brookings Institution publication “Private

    Capital, Public Good” outlines best practices,

    and can be found here: http://www.brookings.

    edu/research/reports2/2014/12/17-infrastructure-

     public-private-partnerships-sabol-puentes 

    •*6 Her Majesty’s Treasury publishes guidance

    for evaluating P3s and calculating VfM, such

    as: (https://www.gov.uk/government/uploads/ 

    system/uploads/attachment_data/le/252858/ 

    vfm_assessmentguidance061006opt.pdf)

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    ا  اوا .ون اطع  ت ذا اث 

    ودرات ا ادو ن ل ذا اراط:

     http://www.barchanfoundation.com/ 

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    reports2/2014/12/17-infrastructure-public-

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    (https://www.gov.uk/government/uploads/ 

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    vfm_assessmentguidance061006opt.pdf)

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     وصنا بي

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    في بوظبي

     

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     وصنا بي

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    في بوظبي

     

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