A newly established corporation in Dubai will manage parking spot operations. The “Parkin” public joint stock company (PJSC) will be able to carry out its duties with financial, administrative, and legal independence. The firm has a 99-year term that will be extended for another 99 years.
The Honorable Law No. (30) of 2023 was issued by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and ruler of Dubai. It established the “Parkin” firm, a public joint stock company (PJSC) that would manage parking space operations in Dubai.
The Government of Dubai will own the entire company, according to a news release issued by the Dubai Media Office.
What are the responsibilities of the company?
According to the law, Parkin PJSC will be responsible for developing, organizing, planning, constructing, running, and overseeing public parking areas in accordance with the laws that govern them. In accordance with the provisions of the franchise agreement, Parkin PJSC will also be in charge of granting licenses to individuals, allowing them to subscribe to, use, and manage public parking as well as reserve parking spaces.
The Roads and Transport Authority (RTA) is required by law to assign some or all of its duties for 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.
Ownership and company’s share in Parkin
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 issued and paid-up capital of the company will be determined in accordance with its articles of association. The Government of Dubai owns every share in the corporation. The Executive Council of Dubai determines the percentage of shares that can be subscribed for by the public or privately.
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.
Who is the board of directors
The Executive Council of Dubai, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, established the Parkin PJSC Board of Directors with Executive Council Resolution No. (121) of 2023.
Ahmed Hassan Mahboub has been appointed Vice Chairman of the Board, and Ahmed Hashem Bahrozyan will preside over it. Mona Mohammad Bajman, Al Anoud Thabit Al Ameri, Alawi Ali Al Sheikh, Muna Abdulrahman Al Osaimi, and Nasser Hamad Abu Shehab are among the other members of the board.
The resolution will be published in the Official Gazette and will take effect on the day of issuance.
The resolution outlines the powers and duties of the Board of Directors, including approving the company’s strategic plans and policies, issuing rules for the company’s finances, administration, technology, and procurement, managing its assets, approving the organization’s organizational structure, and verifying contracts and agreements the company has signed.
By virtue of a decision made by the chairman of the authority, the law permits the transfer of certain personnel from the RTA to Parkin without jeopardizing their rights.
Concurrently, a decision 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.