In Dubai, a new firm has been established to manage the operations that are associated with parking spaces. In order to fulfill its obligations, the public joint stock company (PJSC) that will be known as "Parkin" will have complete autonomy in terms of its finances, administration, and legal system. Currently, the term of the firm is fixed at 99 years, and it will be renewed for a period of time that is comparable.
It is His Majesty Parkin was established by a law that was issued by Sheikh Mohammed bin Rashid Al Maktoum, who is also the Vice President and Prime Minister of the United Arab Emirates and the Ruler of Dubai.
Accountabilities of the employer
Public parking spots are the responsibility of Parkin PJSC, which is responsible for their creation, planning, design, operation, and management. Additionally, it is accountable for the issuance of permits to persons, which grants them the ability to subscribe to public parking, utilize and operate it, and reserve parking spaces. In addition to engaging in economic activities that are related to parking, the company will also build, design, and manage private parking spaces.
The Roads and Transport Authority (RTA) is required by law to outsource some or all of its functions pertaining to public and private parking, as well as the issue of licenses that are pertinent to these matters. A franchise agreement that is currently in the process of being finalized between the RTA and Parkin PJSC will make this handover of responsibility easier to accomplish.
Ownership and shares of the company
The articles of association of the company shall be relied upon to ascertain the amount of capital that has been issued and paid up by the firm. The Government of Dubai owns each and every share of the corporation in its entirety. There is a percentage of shares that can be transferred to third parties by public or private subscription, and the Executive Council of Dubai has the ability to decide what that percentage is. The liability of the firm is restricted to the amount of its paid-up capital, but the responsibility of its shareholders is restricted to the quantity of the nominal value of the shares that they own. According to the law, individuals are permitted to acquire shares in the corporation through either public or private subscription schemes.
At the time when the firm's shares are being made available for subscription, the ownership percentage of the Government of Dubai must not be lower than sixty percent of the total capital of the company.
Transferring of staff members
It is permissible under the legislation for some employees to be transferred from the RTA to Parkin through a decision that is issued by the chairman of the authority. This transfer does not compromise the employees' rights.
While this was going on, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued a decision that established the board of directors of Parkin.
When it comes to the board, Ahmed Hashem Bahrozyan will serve as the chairperson, and Ahmed Hassan Mahboub will take on the role of vice-chairman.
The resolution outlines the authority and responsibilities of the board, which include the approval of the strategic plans and policies of the company, the issuance of regulations for the company in the areas of finance, administration, technology, and procurement, the management of the company's assets, the approval of the company's organizational structure, and the validation of contracts and agreements that have been signed by the company.
