New company established to manage, operate advertising sites in Dubai
New law issued to create Mada Media Company, a private joint-stock company
Dubai: A new company will be set up to manage, develop, and operate advertising sites in Dubai, with Dubai's Roads and Transport Authority (RTA) and Dubai Municipality delegating all or part of their advertising-related functions and permit issuance.
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 a new law pertaining to the creation of Mada Media Company, a private joint-stock company (PJSC).
According to the law, the newly launched company is tasked with managing, developing, and operating advertising sites, in addition to investing in advertising technologies, and conducting related research, while also ensuring regulatory compliance. It also allows the company to form partnerships, own assets, and sign contracts with third parties to achieve its objectives within and outside the emirate.
Sheikh Hamdan also issued decision forming the Board of Directors of Mada Media, chaired by His Excellency Mattar Mohammed Al Tayer, with Hussein Mohammed Al Banna serving as Vice Chairman. Members of the board include: Wissam AlAbbas Hussain Lootah, Mariam Obaid Al Muhairi, Mohammed Yousef Al Mudharreb, Ahmad Hassan Mahboub, Moaza Saeed Al Marri, Shehab Hamad Bu Shehab, and Saeed Mohammed Al Marri. This decision is effective from the date of its issuance and will be published in the Official Gazette.
As per the law, Dubai's Roads and Transport Authority (RTA) and Dubai Municipality, under the concession agreement, are empowered to delegate all or part of their advertising-related functions and permit issuance to Mada Media, as outlined in the law. The delegation of such functions aims to support the company in fulfilling its set objectives.
Concession agreement
Furthermore, RTA and Dubai Municipality, in coordination with the Dubai Investment Fund and other relevant entities, will transfer their advertising-related assets, rights, and obligations to the company, including system access. Government entities will facilitate the transfer and registration of these assets to the company or its subsidiaries in accordance with the concession agreement and applicable provisions.
The law also outlines the mechanisms for subscription and ownership of the company’s shares, the powers of its Board of Directors, and the human and financial resources it may draw upon.
The company’s shares may be offered for public subscription in ratios set by the Chairman of The Executive Council of Dubai.