In a significant development for Dubai's urban infrastructure, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE, has issued Law No. (30) of 2023, establishing 'Parkin' as a public joint stock company (PJSC). This newly formed company is designated to oversee parking operations across Dubai, streamlining and enhancing the management of parking spaces in the city.
Under the provisions of the law, 'Parkin' PJSC will operate with financial, administrative, and legal autonomy to effectively carry out its responsibilities. The company is granted a duration of 99 years, commencing from the date of its registration, and this period is subject to renewal for a similar term.
The core responsibilities of 'Parkin' PJSC encompass the creation, planning, designing, operation, and management of public parking spaces in adherence to the relevant legislations. Additionally, the company is entrusted with issuing permits to individuals, allowing them to subscribe to public parking, utilize and operate it, and reserve parking spaces in accordance with the terms stipulated in franchise contracts. Furthermore, 'Parkin' PJSC will play a pivotal role in establishing, designing, and managing private parking spaces, along with engaging in investment activities related to its core functions.
To ensure effective governance, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has issued Executive Council Resolution No. (121) of 2023, forming the Board of Directors of 'Parkin' PJSC. Ahmed Hashem Bahrozyan will serve as the Chairman, with Ahmed Hassan Mahboub as Vice Chairman. The Board includes other esteemed members: Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri.
The Board of Directors will be responsible for approving strategic plans and policies, issuing regulations, managing assets, endorsing organizational structures, and validating contracts and agreements.
Furthermore, Law No. (30) of 2023 authorizes the Roads and Transport Authority (RTA) to delegate certain or all of its responsibilities related to public and private parking, along with the issuance of relevant permits, to 'Parkin' PJSC through a franchise agreement.
The issued and paid-up capital of 'Parkin' PJSC will be determined according to its articles of association, with full ownership by the Government of Dubai. The Executive Council of Dubai holds the authority to determine the percentage of shares that may be transferred to third parties. Individuals are allowed to own shares in the company through public or private subscription, but the ownership percentage of the Government of Dubai must not fall below 60% of the company's capital during subscription.
The Law allows for the transfer of certain employees from RTA to 'Parkin' PJSC, maintaining their rights as determined by a decision issued by the RTA’s Chairman.
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