Page 198 - SALIK PR REPORT JANUARY 2024

1/4/24, 1:19 PM Dubai sets up new company to oversee parking
The new company will have financial, administrative and legal autonomy to fulfil its
responsibilities for 99 years, beginning from the date of its registration. It will be renewed for a
similar period.

The law permits people to own shares in Parkin through public or private subscription although
the ownership percentage of the Dubai government “must not fall below 60 per cent” of the
company's capital when its shares are offered.

“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,” it said.

It did not specify when or what percentage of shares the government plans to sell.

Under the new law, the Roads and Transport Authority will delegate responsibilities related to
public and private parking, as well as the issuance of permits.

This handover of duties is to be reached by a franchise agreement to be finalised between the
authority and Parkin, according to the statement.

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

It will also establish, design and management of private parking spaces, as well as investment in
related business activities, among other responsibilities.

The board of the new company will be chaired by Ahmed Bahrozyan, while Ahmed Mahboub will
serve as vice chairman. Other members of the board include Muna Al Osaimi, Nasser Abu
Shehab, Alawi Al Sheikh, Mona Bajman, and Al Anoud Al Ameri.

Dubai toll operator Salik was established as a public joint stock company in June 2022, ahead of
its initial public offering that September.

The company raised Dh3.73 billion from its IPO, which was more than 49 times oversubscribed
across all tranches, with total gross demand at Dh184.2 billion.

The Dubai government sold more than 1.867 billion shares in the company, or 24.9 per cent, at
Dh2 a share. The government retained a 75.1 per cent stake after the sale of the stake.

Dubai announced plans in November 2021 to list 10 state-owned
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Dubai establishes Salik as public companies to increase the size of its financial market to Dh3
joint stock company before trillion, as well as set up a Dh2 billion marketmaker fund to
potential IPO encourage the listing of more private companies from sectors such
as energy, logistics and retail.
Dubai sets up new fund to oversee
government investments Four of the announced 10 state-owned enterprises listed on Dubai
Financial Market in 2022.

The first was the listing of Dubai Electricity and Water Authority, which raised $6.1 billion after its
offering size was more than doubled to 8.5 billion shares in response to strong investor demand.

State-owned Tecom and Empower collectively raised $2.2 billion in June and November 2022,
respectively.

https://www.thenationalnews.com/business/economy/2024/01/03/dubai-sets-up-new-company-to-oversee-parking/ 2/3