Dubai announces the launch of new firm to manage public, private parking spaces

His Highness Sheikh Mohammed bin Rashid Al Maktoum, who is also the ruler of Dubai and the vice president and prime minister, has made great progress.

He gave his blessing to the formation of "Parkin," a public joint stock corporation (PJSC) boasting 99 years of financial, administrative, and legal independence.

Empowering 'Parkin' PJSC with Vital Parking Responsibilities

The role of 'Parkin' PJSC extends to the comprehensive transformation of Dubai's parking landscape. It is entrusted with crafting, planning, and overseeing both public and private parking spaces. The company will issue permits, manage subscriptions, and facilitate reservations for individuals. Moreover, 'Parkin' will take charge of designing and supervising private parking areas while also exploring investment prospects in related business ventures.

Delegated Responsibilities from RTA for Streamlined Operations

The law directs the Roads and Transport Authority (RTA) to delegate its parking-related duties and permit issuance to 'Parkin' PJSC through a strategic franchise agreement. This collaborative effort aims to enhance the efficiency and effectiveness of parking services in Dubai.

Ownership Structure and Seamless Employee Transfers

While the Executive Council determines transferable shares through public or private subscriptions, it is important to note that the complete ownership of 'Parkin' PJSC rests with the Government of Dubai. The security provided by the paid-up capital ensures that shareholder obligations are tied to it. The legislation also allows individuals to acquire shares. In cases of public share sales, the government of Dubai maintains a minimum 60% stake.

Employee transfers from the RTA to 'Parkin' PJSC are facilitated without compromising the rights of the transferred personnel. This ensures a smooth transition of expertise to support 'Parkin' in achieving its parking management objectives.

Strategic Oversight and Board of Directors

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, officially announced the formation of the board of directors for 'Parkin.' Ahmed Hashem Bahrozyan chairs the board, which is responsible for a variety of critical tasks like approving strategic plans, issuing regulations, managing assets, overseeing organizational structure, and validating contracts and agreements.

'Parkin' PJSC emerges as a transformative initiative, promising an improved parking experience and optimized urban mobility for residents and visitors in Dubai.

Read also: Sharjah government confirms $11.1bn budget spending plan 2024

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