Dubai unveils new company for managing public and private parking areas
'Parkin,' a public joint stock company (PJSC) charged with revamping Dubai's parking system, has been unveiled.
Dubai Establishes 'Parkin' to Transform Parking Management
The United Arab Emirates' Vice President and Prime Minister, as well as the ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, have ordered that the 99-year-old PJSC be granted financial, administrative, and legal independence.
Company Responsibilities Unveiled
'Parkin' PJSC assumes a pivotal role in creating, planning, and managing both public and private parking spaces. It will issue permits, facilitate subscriptions, and manage reservations for individuals. Additionally, the company will delve into designing and overseeing private parking areas while exploring investment opportunities in related business ventures.
Delegated Authority from RTA
The law mandates the Roads and Transport Authority (RTA) to delegate its parking-related responsibilities, along with permit issuance, to 'Parkin' PJSC through a strategic franchise agreement. This collaborative effort aims to streamline and enhance the efficiency of parking services in the emirate.
Ownership Structure and Employee Transfers
The Executive Council decides on the transferable shares by public or private subscription, although the complete ownership of 'Parkin' PJSC is by the Government of Dubai. The paid-up capital provides security to shareholders by tying the obligation to it. While the legislation does allow people to acquire shares, it is important to note that when shares are publicly sold, the government of Dubai maintains at least a 60% stake.
Employee transfers from the RTA to 'Parkin' PJSC are facilitated without compromising the rights of the transferred personnel. This move ensures a seamless transition of expertise to support 'Parkin' in fulfilling its parking management objectives.
Board of Directors and Strategic Oversight
A decision was issued by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum of Dubai, who is also Chairman of The Executive Council of Dubai, creating the board of directors for 'Parkin.' The board, which Ahmed Hashem Bahrozyan serves as chair of, performs important duties like approving strategic plans, issuing regulations, managing assets, monitoring organizational structures, and validating contracts and agreements.
Dubai's 'Parkin' PJSC emerges as a transformative initiative, promising enhanced parking services and optimized urban mobility for residents and visitors alike.
