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In Dubai, a new company called Parkin has been established to oversee all parking operations.
Heikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, enacted a law on Wednesday to establish a 99-year public joint stock company (PJSC).
In addition to creating, planning, designing, and operating public and private parking spaces, Parkin will hold financial, administrative, and legal autonomy.
Permits will also be issued by it.
For the handover of duties, the Roads and Transport Authority (RTA) and Parkin will finalize a franchise agreement.
A resolution for the formation of the board of directors was issued by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai’s Executive Council. Ahmed Hashem Bahrozyan will serve as chair, while Ahmed Hassan Mahboub will serve as vice chairman. The Board includes Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri.
Strategic plans and policies will be approved by the Board, financial, administrative, technical, and procurement regulations will be issued, assets will be managed, its organizational structure will be approved, and contracts and agreements signed by the company will be validated.
A percentage of the shares that can be transferred to third parties by means of public or private subscription will be determined by the Executive Council of Dubai, which owns all the company’s shares. Its liability is limited to its paid-up capital, and its shareholders’ liabilities are limited to the nominal value of their shares.
When the shares of a company are offered for subscription, the Government of Dubai must own at least 60 percent of the capital of the company.
In accordance with the law, the articles of association of the company must be approved by the Chairman of the Executive Council of Dubai.
The law also allows certain employees to be transferred from RTA to Parkin PJSC without compromising their rights, through a decision issued by the RTA’s Chairman.
A copy of the law will be published in the official gazette on the date of its issuance.
