The partnership between the public and private sectors is an important tool for developing infrastructure, improving the quality of its services, constructing public facilities, and raising rates of economic growth.
The importance of this partnership is that the public and private sectors share responsibilities and risks, thereby contributing to enhancing prosperity.
Through this partnership, it is possible to integrate the financial capabilities of the public sector with the administrative capabilities and experiences of the private sector to achieve efficiency and continuity in providing public services such as transportation, water, sanitation and health care.
The public-private partnership involves a number of complications, which include substantial engagement with government authorities and private entities.
It also involves financial complications and laws different from those that affect traditional real estate projects, and is committed to a general agenda, general needs and specific facilities.
As a result of all these factors, participation in these projects requires different practices from those required by traditional private development, according to "Urban land".
Establishing a common vision and goals
Gathering the development team
Participation in the pre-development stage
Building relationships
Make a fair deal
Evaluation of financial and societal benefits
Structuring the partnership
Sharing risks and rewards
Documenting and monitoring deals