Infrastructure

Dubai launches new entity to oversee parking operations

By Pramod Kumar

January 4, 2024, 4:40 AM

Parkin will offer a 25 percent stake on the Dubai Financial Market, which is the emirate’s first privatisation deal this year

Dubai has set up a new company to oversee operations related to parking spaces in the emirate.

Parkin, a public joint stock company set up following the issuance of a law by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will have financial, administrative and legal autonomy to fulfil its responsibilities.

The company’s duration stands at 99 years, starting from its registration date with renewal for a similar period.

Parkin will create, plan, design, operate and manage public parking spaces. It will also be responsible for issuing permits to individuals, enabling them to subscribe to public parking and reserve parking spaces under a franchise contract.

Ahmed Hashem Bahrozyan will chair the company board, while Ahmed Hassan Mahboub will be vice chairman.

As per the new law, the Road and Transport Authority will delegate certain or all of its public and private parking responsibilities through a franchise agreement to be finalised with Parkin.

The Dubai government will wholly own Parkin. However, the emirate’s executive council will be able to determine the percentage of shares that may be transferred to third parties through public or private subscriptions.

The ownership percentage of the government will, however, not drop below 60 percent when its shares are offered for subscription.