Dubai has established a new public joint stock company, Parkin, to oversee car park operations in the emirate.
The company, created under a law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, will have autonomy in creating, planning, designing, operating, and managing public parking spaces. Parkin will operate with financial, administrative, and legal autonomy for a 99-year term, with the possibility of renewal.
The law allows public or private subscription for ownership shares in Parkin, though the Dubai government must retain a minimum of 60% ownership when shares are offered.
The Roads and Transport Authority will delegate responsibilities related to parking through a franchise agreement with Parkin. The new company will handle permits, subscriptions, and management of public and private parking spaces, among other responsibilities.
The board of Parkin will be chaired by Ahmed Bahrozyan, with Ahmed Mahboub serving as vice chairman.