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New Dubai law: Parkin PJSC to replace RTA in managing parking operations and permits

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a law establishing a new company that will oversee Dubai’s parking operations. Under the new law, Parkin PJSC will be tasked with creating, planning, designing, operating and managing public parking spaces in accordance with legislations regulating them. The law also mandates the Roads and Transport Authority (RTA) to delegate all its responsibilities related to public and private parking, as well as permits, to Parkin PJSC. The handover of duties is to be facilitated by a franchise agreement to be finalised between RTA and Parkin PJSC. Parkin PJSC is also responsible for issuing permits to individuals, enabling them to subscribe to public parking, utilise and operate it, and to reserve parking spaces. 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. Parkin PJSC will have financial, administrative and legal autonomy to fulfil its responsibilities. The company’s duration is 99 years, and will be renewed for a similar period. Meanwhile, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued an Executive Council Resolution 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. Asa public joint stock company, Parkin’s issued and paid-up capital shall be determined in accordance with its articles of association. All the company’s shares are fully owned by the Government of Dubai. 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. The company's liability is limited to its paid-up capital, and the responsibility of its shareholders is limited to the nominal value of the shares they own. The law permits individuals to own shares in the company through public or private subscription. The ownership percentage of the Government of Dubai must not fall below 60 percent of the company's capital when its shares are offered for subscription. ICA/Expat Media
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