Operations pertaining to parking spaces will be managed by a newly established company in Dubai. In order to carry out its duties, the public joint stock company (PJSC) known as "Parkin" will have the financial, administrative, and legal independence necessary. The company will be in operation for 99 years, with an additional 99 years to come.
The Honorable The law creating Parkin was issued by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and the UAE's vice president and prime minister.
Company Responsibilities:
The job of developing, organizing, designing, running, and overseeing public parking spaces falls to Parkin PJSC. In addition, it is in charge of granting permits to people so they can subscribe to, use, and manage public parking as well as reserve parking spots. The business will invest in associated commercial endeavors and create, design, and oversee private parking areas.
The Roads and Transport Authority (RTA) is required by law to assign some or all of its duties regarding private and public parking, as well as the granting of applicable permits. A franchise agreement that will be finalized between the RTA and Parkin PJSC will facilitate this transfer of responsibilities.
The company's articles of association will govern the determination of its issued and paid-up capital. The Government of Dubai owns all of the company's shares. The percentage of shares that can be transferred to third parties through public or private subscription is set by the Executive Council of Dubai. The paid-up capital of the company is the extent of its liability, and the nominal value of the shares held by its shareholders is the extent of their responsibility. The law allows people to subscribe publicly or privately for shares in the company.
When the company's shares are put up for subscription, the Government of Dubai's ownership stake cannot be less than 60% of the total capital.
By virtue of a decision made by the chairman of the authority, the law permits the transfer of specific employees from the RTA to Parkin without compromising their rights.
Concurrently, a resolution was issued by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and the Chairman of the Executive Council of Dubai, establishing the Parkin board of directors.
Ahmed Hashem Bahrozyan will serve as the board's chairman, and Ahmed Hassan Mahboub as vice-chairman.
The resolution lays out the board's powers and duties, which include approving the company's strategic plans and policies, issuing financial, administrative, technical, and procurement regulations, managing the company's assets, approving its organizational structure, and verifying contracts and agreements that the company has signed.
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