Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Law No. (30) of 2023 establishing ‘Parkin’ company, a public joint stock company (PJSC) that will oversee operations related to parking spaces in Dubai.
A press release from the Dubai Media Office added that the company will be fully owned by the Government of Dubai.
What will Parkin do?
The law states that Parkin PJSC will be tasked with creating, planning, designing, operating, and managing public parking spaces per legislations regulating them. Parkin PJSC will also be responsible for issuing permits to individuals, enabling them to subscribe to public parking, utilise and operate it, and to reserve parking spaces under the terms of the franchise contract.
Moreover, the company is entrusted with the establishment, design and management of private parking spaces, as well as investment in related business activities, among other responsibilities.
RTA and Parkin
Law No. (30) of 2023 mandates the RTA to delegate certain or all of its responsibilities related to public and private parking, as well as the issuance of relevant permits as outlined in Executive Council Resolution No. (5) of 2016 and existing regulations in the emirate.
This handover of duties is to be facilitated by a franchise agreement to be finalised between RTA and Parkin PJSC.
Paid public parking is majorly divided into Zones such as A, B. C, D, E, G, H, I- the rates for these zones are based on the areas and timings also differ from zone to zone. Parking fees can be paid at the meters (coins, cards or Nol cards) or via text messages/WhatsApp.
Fully owned by the government
All the company’s shares are fully owned by the Government of Dubai - the issued and paid-up capital for these shares will be determined later. The release said that the law provides the opportunity for the company to transfer ownership of shares, with the approval of the Executive Council of Dubai, through public or private subscription.
However, the law added that the ownership percentage of the Government of Dubai must not fall below 60 per cent of the company's capital when its shares are offered for subscription.
Board of directors
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 the Board of Directors of Parkin PJSC.
The Board will be chaired by Ahmed Hashem Bahrozyan, while Ahmed Hassan Mahboub will serve as Vice Chairman. Other members of the Board include: Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri.
The resolution is effective from the date of its issuance and will be published in the Official Gazette.
The resolution defines the authority and responsibilities of the Board of Directors, among which are the approval of the company's strategic plans and policies, the issuance of financial, administrative, technical, and procurement regulations for the company, the management of its assets, the approval of its organisational structure and the validation of contracts and agreements signed by the company.
