RIYADH: Private sector investment as well as collaboration and dialogue with governments can help tackle global challenges such as equal access to education and building sustainable economies, a forum in Riyadh has heard.
The discussion at the first Future of Education, Science and Culture forum explored how private-public partnerships can aid international development and cooperation. Panelists cited examples of success as well as lessons learned.
Ziad-Alexandre Hayek, the president of the World Association of PPP Units and Professions, said: “Countries that have adopted and implemented public-private partnerships correctly have been successful. They can be of tremendous help for governments and for improving services and reducing costs.”
The talk, titled “Accessing Private Finance — Exploring Collaboration and PPPs” heard such deals were crucial to widening access to education, science and culture.
Professor Maria Chiara Malaguti, president of the International Institute for the Unification of Private Law, said that PPP deals must be of benefit to all but also tailored to local conditions.
“We always need international standards,” she said. “But these need to be adapted to the region and to the country.”
She added that private sector firms must be included in trying to improve sustainability as development goals were “made by the market.”
Dr. Abdulaziz Al-Suwailem, the CEO of Saudi Authority for Intellectual Property, said that enabling public and private sectors to speak in a common “language” helps to tackle global challenges.
He said that many Arab governments were working with the private sector to boost cybersecurity and address the rise of artificial intelligence.
Hayek agreed, saying: “Whether it is related to e-government, improving the environment (or) living standards in those countries, using AI is going to become extremely important.
“Governments cannot do this on their own. They are not able to accommodate the speed of change. So using the private sector is very important.”
The term private-public partnership is used to describe deals between government and a private business which commits skills or capital to a public-sector project for long-term profit.
