There will be a new parking company in Dubai that will oversee parking operations. The public joint stock company (PJSC) called ‘Parkin’ will have financial, administrative and legal autonomy to fulfil its responsibilities. Its duration is 99 years, which will be renewed for a similar period.
A law establishing Parkin was issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Responsibility of the company
Parkin PJSC is responsible for creating, planning, designing, operating, and managing public parking spaces. It is also responsible for issuing permits to individuals, enabling them to subscribe to public parking, utilise and operate it, and to reserve parking spaces. As well as investing in related business activities, the company will establish, design, and manage private parking spaces.
In accordance with law, the Roads and Transport Authority (RTA) may delegate some or all of its responsibilities regarding public and private parking. A franchise agreement between the RTA and Parkin PJSC will facilitate the handover of duties.
Shares and ownership of a company
According to its articles of association, the company's issued and paid-up capital will be determined. All the company’s shares are fully owned by the Government of Dubai. Dubai's Executive Council determines the percentage of shares that may be transferred to third parties through public or private subscriptions. The company's liability is limited to its paid-up capital, while the responsibility of its shareholders is limited to the nominal value of the shares they own. Through public or private subscriptions, individuals can own shares in the company.
During the offer of shares, the Government of Dubai cannot own less than 60 percent of the company's capital.
Employee transfers
By a decision issued by the authority's chairman, certain employees can be transferred from the RTA to Parkin without compromising their rights.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, issued a resolution forming Parkin's board of directors.
Ahmed Hashem Bahrozyan will chair the board, while Ahmed Hassan Mahboub will serve as vice chair.
In addition to defining the board's responsibilities and authority, the resolution also stipulates that the board approves strategic plans and policies for the company, issues financial, administrative, technical, and procurement regulations, manages the company's assets, approves its organisational structure, and validates contracts and agreements that the company has signed.