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Dubai sets up new company to oversee parking
Story by Babu Das Augustine • 23h
Dubai has set up a company to oversee car park operations in the emirate under a
law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
Parkin, a public joint stock company, will have the job of creating, planning, designing,
operating and managing public parking spaces, the Dubai Media Office said on
Wednesday.
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.
https://www.msn.com/en-ae/money/news/dubai-sets-up-new-company-parkin-to-oversee-parking/ar-
AA1moG4c
