Dubai Sets Up New Company to Manage Public and Private Parking

Dubai has set up a new company called, ‘Parkin’, to oversee parking spaces in the Emirate. The company has been established under the law issued by His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Furthermore, the company has been granted financial, administrative, and legal autonomy, is set to operate for an initial duration of 99 years, extendable for a similar period.

The primary responsibilities of Parkin PJSC include creating, planning, designing, operating, and managing public parking spaces. Additionally, it will issue permits to individuals for subscribing to public parking, utilizing and operating it, and reserving parking spaces. The company is also authorized to establish, design, and manage private parking spaces, along with investments in related business activities.

To facilitate the transfer of responsibilities, the Roads and Transport Authority (RTA) will delegate certain or all of its duties related to public and private parking, including permit issuance, to Parkin PJSC. This delegation will be formalized through a franchise agreement between RTA and Parkin PJSC.

The company’s issued and paid-up capital will be determined by its articles of association, and all shares are fully owned by the Government of Dubai. The Executive Council of Dubai has the authority to decide the percentage of shares that may be transferred to third parties. The ownership percentage of the Government of Dubai must not fall below 60% when shares are offered for subscription.

The law allows the transfer of specific employees from the RTA to Parkin without compromising their rights, facilitated by a decision from the authority’s chairman. Additionally, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has formed the board of directors of Parkin. Ahmed Hashem Bahrozyan will chair the board, and Ahmed Hassan Mahboub will serve as vice-chairman.

The board’s responsibilities include approving strategic plans and policies, issuing financial, administrative, technical, and procurement regulations, managing assets, approving the organizational structure, and validating contracts and agreements signed by the company. The formation of Parkin signifies a significant step in enhancing parking management and services in Dubai.