A set up of a new company has been launched in Dubai to oversee the complete operation of the parking spaces. The PJSC or Public Joint Stock Company named ‘Parkin’ will have legal, financial, and administrative autonomy due to the fulfillment of responsibilities. The duration of this company is set for 99 years as of now, which will be renewed right after the compilation of this period. 

The law, Law No. (30) of 2023 has been issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice President of the United Arab Emirates, and the Ruler of Dubai in terms of the establishment of the company named Parkin.

“The purpose of Parkin includes establishing, planning, designing, developing, managing and supervising public parking lots, implementing the legislation regulating them, managing, creating, developing and designing private parking lots,” Dubai Media Office tweeted. 

Responsibilities of the Company

The Public Joint Stock Company (PJSC), Parkin is designed with features like Planning, designing, creating, operating, and managing processes of the dedicative spaces for public parking. The company will be equally responsible for issuing parking permits to the individual, and letting them enable and subscribe to the public parking areas. The individuals can equally utilise and operate it with ease, and reserve the parking slots too. This new company will design, establish, and also manage the private spaces of parking. Additionally, it will allow individuals to invest in various business activities related to this field.

The Roads and Transport Authority (RTA) of Dubai is authorised by this law to delegate some particular or all of the assigned responsibilities in terms of private and public parking, additionally the insurance of suitable permits. The dedicated duties will be facilitated and handed over through an agreement by a franchise and that will be finalised between The Roads and Transport Authority (RTA) and Parkin Public Joint Stock Company.

Company Ownership & Shares

The issued and published capital of the company will be committed to the accordance with the objectives of the association. All the shares of this company are owned completely by the government of Dubai. Equally, the executive council of Dubai has the officialdom to determine the percentage of the shares that may get transferred to other third parties through a private or public subscription. The liability of this company is bound to the paid-up capital, whereas the responsibility of the stockholders of this company is minimal to the official value of the shares they are granted. The law equally permits the individual to own a share in this company through any valid private or public subscription.

The percentage of the ownership for the Government of Dubai must not fall under 60 percent of the capital of this company at the time it is offered the share for the subscription.

Transfer of Employment

The law permits the transfer of a few employees from the Roads and Transport Authority to Prakin. Regarding the transfer of the employees, a decision has been issued by the chairman of the authority, without compromising and interrupting any rights of them.

Alongside, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has issued a resolution setting up the board of directions of Parkin.

The board of this authority will be chaired by Ahmed Hashem Bahrozyan and  Ahmed Hassan Mahboub will be served the position of vice chairman.

The other members of the board of Parkin include Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri.

The resolution clarifies the responsibilities and authority of the board, which are included in the approved strategic plan of the company, and other major policies. The confirmation of regulations like administrative, financial, procurement, and technical facts of the company, the management of their assets, the approved structure of the organisation, and the agreements and validation of contracts signed by the newly launched company, Parkin.

This is one groundbreaking initiative that aligns with a commitment to enhancing the urban infrastructure of the city, ensuring effective management of parking resources, and equally streamlining the regulatory processes for the benefit of the residents and visitors of Dubai.