Dubai to Launch New Company to Oversee Parking Spaces
- Publish date: Wednesday، 03 January 2024 | Last update: Tuesday، 10 December 2024
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Vice President of the UAE and the Ruler of Dubai Sheikh Mohammed bin Rashid has issued a new law for Dubai to set up a new company to manage operations related to parking spaces in the emirate.
The company will be a public joint stock company named Parkin, which will create and manage operations of public parking spaces.
Parkin will have the legal, administrative, and financial autonomy to fulfil its responsibilities for 99 years, commencing from the date of its registration.
Parkin's Shares
The law will allow people in the UAE to own shares in the new company through public or private subscriptions.
The ownership percentage of the Dubai government must not fall below 60 percent of the new company's capital when its shares are offered.
What Happens to Dubai's RTA?
Dubai's Roads and Transport Authority (RTA) will delegate the responsibilities related to public and private parking and the issuance of relevant permits.
The handover of responsibilities will be agreed on through a franchise agreement between the RTA and Parkin.
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