Dubai sets up new company for parking spaces management
DUBAI
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In his capacity as Dubai ruler, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued a law establishing a new company, Parkin, that will oversee operations related to parking spaces in the emirate.
As per the law, the newly established company will have financial, administrative and legal autonomy to fulfil its responsibilities, reported Wam.
The company's duration is set at 99 years, commencing from the date of its registration, and will be renewed for a similar period, it stated.
The law states that Parkin will be tasked with creating, planning, designing, operating and managing public parking spaces in accordance with legislations regulating them.
It is also responsible for issuing permits to individuals, enabling them to subscribe to public parking, utilise and operate it, and to reserve parking spaces in accordance with the terms of the franchise contract, said the report.
Moreover, the company is entrusted with the establishment, design and management of private parking spaces, as well as investment in related business activities, among other responsibilities, it added.
Meanwhile, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, issued a resolution forming the board of directors of Parkin, reported Wam.
The board will be chaired by Ahmed Hashem Bahrozyan, while Ahmed Hassan Mahboub will serve as Vice Chairman.
The other members of the board include: Muna Abdulrahman Al Osaimi, Nasser Hamad Abu Shehab, Alawi Ali Al Sheikh, Mona Mohammad Bajman, and Al Anoud Thabit Al Ameri, it added.
