Parkin - the new company set up in Dubai will oversee operations related to parking spaces

Parking spot operations will be managed by a recently established company in Dubai. The public joint stock company (PJSC) known as "Parkin", in order to carry out its duties, will have the financial, administrative, and legal independence necessary. The firm will be in operation for 99 years, which will be renewed for a similar period. The law to establish Parkin was issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Developing, organising, designing, running, and overseeing public parking spaces falls to Parkin PJSC. In addition, it oversees granting licences to people so they can subscribe to, use, and manage public parking and reserve parking spots. The business will invest in associated commercial endeavours and create, develop, and oversee private parking areas.

The Roads and Transport Authority (RTA) is required by law to assign some or all its duties for private and public parking, as well as the granting of applicable permits. A franchise agreement that will be concluded between the RTA and Parkin PJSC will allow this transfer of responsibilities.

The company's articles of organisation will govern the determination of its issued and paid-up capital. The Government of Dubai owns all the company's shares. The percentage of shares that can be transferred to other parties through public or private subscription is set by the Executive Council of Dubai. The paid-up capital of the firm is the extent of its obligation, and the nominal value of the shares held by its shareholders is the extent of their responsibility. The law allows anyone to subscribe publicly or privately for shares in the corporation.

When the company's shares are up for subscription, the Government of Dubai's ownership perccentage cannot be less than 60% of the total capital. The law permits the transfer of certain personnel from the RTA to Parkin, by a decision made by the chairman of the authority, without jeopardising their rights.

The board of directors of Parkin was formed by a resolution issued by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council of Dubai. Ahmed Hashem Bahrozyan will serve as the board's chairman, and Ahmed Hassan Mahboub as vice-chairman.

The resolution lays out the board's powers and duties, which include approving the company's strategic plans and policies, issuing financial, administrative, technical, and procurement regulations, managing the company's assets, approving its organisational structure, and verifying contracts and agreements that the company has signed.