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The concept of a Public-Private Partnership (PPP) is not new for developing countries, although many initiatives are being contemplated for potential implementation. This paper evaluates the crucial success factor for the effective execution of PPP projects and it also investigates the appropriate distribution of the risks involved in PPP projects. Quartile analysis of features has been made after a detailed literature review for risk identification. The risk severity analysis is done using a quartile assessment. The data is collected from various contractors working on PPP projects in Pakistan. The comparative analysis has been conducted using available research work on PPP in developing countries. A risk severity rank model is created using 47 key risks in PPP projects for developing countries. Finally, the top risks identified by this research are compared with the previous studies conducted in China, India and Egypt. It is concluded that inflation, revenue risk from end-user, foreign exchange fluctuation, political situation, law and order, and corruption are the major risks in developing countries for better management of PPP projects. Most of the PPP projects are public-oriented. The society of any city is directly affected by most PPP projects. This paper presents the identified key risks of PPP projects in developing countries which are mostly financial and public-oriented. This work will support the PPP concept significance, meeting United Nations Sustainable Development Goal (SDG) 8 and 11. Recent countries’ political and economic circumstances and sustainability have transformed PPP ventures into a successful way to support the governments to …