Sheikh Mohammed announces new company for Dubai advertising sites
Currently, RTA and Dubai Municipality can hitherto delegate all or some of the advertising related activity and granting of permits to Mada Media Company.
A law regarding the formation of a corporation has been issued with a purpose to run and operate advertising sites in Dubai.
Under the law, a new company which has been incorporated under the name of Mada Media Company Private Joint Stock Company develops and manages and operates advertising sites. It also has the mandate of developing new ad technologies, undertaking advertising related research, and performing the advertising business all while adhering to strict ad regulations.
The law has been promulgated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, who is the Vice President and Prime Minister of the United Arab Emirates and the ruler of Dubai.
According to the law, Dubai Roads and Transport Authority (RTA) and Dubai Municipality are allowed to outsource any or all the advertising operational activities and the permit issuance functions to the Mada Media.
Additionally, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and the Deputy Prime Minister and Minister of Defense of UAE has issued a decision regarding the establishment of the Board of Directors of Mada Media, where Mattar Mohammed Al Tayer is the chairman of the board and Hussein Mohammed Al Banna is the Vice Chairman.
Concession agreement
As per the alignment shared between RTA and Dubai Municipality with Dubai Investment Fund et al, assets, rights, obligations related to advertising and system access will be assigned to the company also.
The relevant government organizations will lend support in transferring and registering such assets on the company or its subsidiaries as may be provided for under the concession agreement and applicable laws.
It details the processes for application and acquisition for the membership shares of the company, the powers that shall be vested in the Board of Directors of the company, and the human capacity and financial resources that such a company may possess.
The shares of the company are subject to public offering for subscription by authority in particular ratios subject to guiding provision by The Chairman Of The Executive Council Of Dubai.
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