Dubai has introduced a new public joint stock company (PJSC) named ‘Parkin’ to oversee operations related to public and private parking spaces. Established for a duration of 99 years, the company, with financial and legal autonomy, will be responsible for creating, planning, designing, operating, and managing public parking spaces.
It will also issue permits to individuals for subscribing to public parking, operating it, and reserving spaces. The Roads and Transport Authority (RTA) will delegate certain responsibilities through a franchise agreement with Parkin PJSC.
The company’s shares are fully owned by the Government of Dubai, allowing individuals to own shares through public or private subscription. The ownership percentage of the government must not fall below 60 percent.
A resolution by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has formed the board of directors, chaired by Ahmed Hashem Bahrozyan. The board will oversee strategic plans, policies, asset management, organizational structure, and contract validations for Parkin.