HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has issued law No. (30) of 2023, establishing ‘Parkin’ PJSC, a public joint stock company. This newly formed entity will oversee parking operations across Dubai with financial, administrative, and legal autonomy.
The company’s duration is 99 years, commencing from the date of its registration, and will be renewed for a similar period, the Dubai Media Office said in a release on Wednesday.
What is Parkin?
Under the law, Parkin PJSC is mandated to create, plan, design, operate, and manage public parking spaces in compliance with relevant regulations. The company will issue permits for individuals to subscribe to public parking, operate it, and reserve spaces as per franchise contract terms. Additionally, it will manage private parking spaces and engage in related business activities.
Law No. (30) of 2023 authorises the Roads and Transport Authority (RTA) to delegate its parking-related responsibilities, as outlined in Executive Council Resolution No. (5) of 2016 and existing regulations to Parkin PJSC through a franchise agreement.
The company’s shares are wholly owned by the Dubai Government, with the Executive Council having the authority to determine the percentage of shares available for transfer to third parties through subscription. Shareholders’ liability is limited to the nominal value of their shares, and the Government of Dubai must retain ownership of at least 60% of the company’s capital when shares are offered for subscription.
Who are its board members?
HH 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 Parkin PJSC’s Board of Directors. Ahmed Hashem Bahrozyan will chair the Board, with Ahmed Hassan Mahboub as Vice Chairman, and other members, including Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al-Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri.
The Resolution defines the Board’s responsibilities, including approval of strategic plans, policies, financial, administrative, and technical regulations, management of assets, organisational structure, and validation of contracts.
The law stipulates that the company’s articles of association will be approved by the Chairman of The Executive Council of Dubai, and it allows for the transfer of certain RTA employees to Parkin PJSC without compromising their rights.
Moreover, the law nullifies any conflicting legislation and is effective from its issuance, to be published in the Official Gazette.
