Dubai Launches 'Parkin' PJSC for Comprehensive Parking Solutions
Dubai has introduced a new public joint stock company (PJSC) named 'Parkin' to oversee the management of both public and private parking spaces in the city. Established with financial, administrative, and legal autonomy, Parkin PJSC is mandated to handle the creation, planning, design, operation, and management of public parking spaces. Additionally, the company will issue permits to individuals, enabling them to subscribe to public parking, utilize and operate it, and reserve parking spaces. Parkin PJSC will also be responsible for establishing, designing, and managing private parking spaces, as well as investing in related business activities.
The initiative was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The PJSC will operate under a 99-year duration, subject to renewal for a similar period. The establishment of Parkin is part of Dubai's broader efforts to enhance and streamline parking space management in the city.
According to the law issued by Sheikh Mohammed, the Roads and Transport Authority (RTA) will delegate certain or all of its responsibilities related to public and private parking, along with the issuance of relevant permits, to Parkin PJSC. This delegation of duties will be facilitated through a franchise agreement between the RTA and the newly established PJSC.
The ownership structure of Parkin PJSC is detailed in the law, with the Government of Dubai holding full ownership of all company shares. 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. While the liability of the company is limited to its paid-up capital, shareholders' responsibility is confined to the nominal value of the shares they own. The law allows 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% of the company's capital when its shares are offered for subscription.
In terms of employee transfers, the law permits the transfer of certain employees from the RTA to Parkin through a decision issued by the authority’s chairman, without compromising their rights.
Simultaneously, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued a resolution forming the board of directors of Parkin. Ahmed Hashem Bahrozyan will serve as the chairman, and Ahmed Hassan Mahboub will be the vice-chairman. The board's responsibilities include approving the company's strategic plans and policies, issuing financial, administrative, technical, and procurement regulations, managing its assets, approving its organizational structure, and validating contracts and agreements signed by the company.
This move is expected to enhance the efficiency and organization of parking management in Dubai, ensuring a more systematic and well-regulated approach to both public and private parking spaces.
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By- Sahiba Suri
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