DUBAI (WAM)

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (30) of 2023 establishing ‘Parkin’ company, a public joint stock company (PJSC) that will oversee operations related to parking spaces in Dubai.

Parkin PJSC will be tasked with creating, planning, designing, operating and managing public parking spaces. It will have financial, administrative and legal autonomy to fulfil its responsibilities. Its duration is set at 99 years, commencing from the date of its registration, and can be renewed for a similar period.

Parkin is also responsible for issuing permits to individuals, enabling them to subscribe to public parking, utilise and operate it, and to reserve parking spaces.

The company is also entrusted with the establishment, design and management of private parking spaces, as well as investment in related business activities, among other responsibilities.

Meanwhile, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, issued Executive Council Resolution No. (121) of 2023, forming the Board of Directors of Parkin PJSC.

The Board will be chaired by Ahmed Hashem Bahrozyan, while Ahmed Hassan Mahboub will serve as Vice Chairman.

Other members of the Board include Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri. The resolution is effective from the date of its issuance and will be published in the Official Gazette.

The law also mandates the Roads and Transport Authority to delegate certain or all of its responsibilities related to public and private parking, as well as the issuance of relevant permits, to the new company.

The company’s issued and paid-up capital shall be determined in accordance with its articles of association, and all its shares will be fully owned by the Government of Dubai. The Executive Council of Dubai has the authority to determine the percentage of shares that may be transferred to third parties through public or private subscription.

The law permits individuals to own shares in the company through public or private subscription, adding that the ownership percentage of the Government of Dubai must not fall below 60 per cent of the company's capital when its shares are offered for subscription.