Team Blitz India
Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, has enacted a new law to establish Parkin, a company dedicated to overseeing the development, management, and investments in both public and private parking spaces within the emirate.
The Dubai Media Office tweeted about the purpose of Parkin, stating it will be responsible for establishing, planning, designing, developing, managing, and supervising public parking lots. Additionally, Parkin will play a role in implementing legislation regulating these spaces, as well as managing, creating, developing, and designing private parking lots.
Parkin’s responsibilities will extend to investing in parking lots and handling commercial activities associated with them. Notably, the law specifies that the Government of Dubai must maintain ownership of at least 60% of the company’s capital when shares are offered for an initial public offering (IPO).
The law also grants authority to the Dubai Road and Transport Authority (RTA) to delegate some or all of its responsibilities concerning public and private parking to Parkin. It further permits the transfer of certain employees from RTA to Parkin, with their rights safeguarded, through a decision made by the RTA’s Chairman.
The board of Parkin is set to be chaired by Ahmed Hashem Bahrozyan, with Ahmed Hassan Mahboub serving as Vice Chairman. This move signals Dubai’s commitment to efficient urban planning and management of parking facilities, aligning with the emirate’s broader vision for sustainable and well-organised urban development.
