Dubai has set up a company to oversee car park operations in the emirate under a law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
Parkin, a public joint stock company, will have the job of creating, planning, designing, operating and managing public parking spaces, the Dubai Media Office said on Wednesday.
The new company will have financial, administrative and legal autonomy to fulfil its responsibilities for 99 years, beginning from the date of its registration. It will be renewed for a similar period.
The law permits people to own shares in Parkin through public or private subscription although the ownership percentage of the Dubai government “must not fall below 60 per cent” of the company's capital when its shares are offered.
“The Executive Council of Dubai has the authority to determine the percentage of shares that may be transferred to third parties through public or private subscription,” it said.
It did not specify when or what percentage of shares the government plans to sell.
Under the new law, the Roads and Transport Authority will delegate responsibilities related to public and private parking, as well as the issuance of permits.
This handover of duties is to be reached by a franchise agreement to be finalised between the authority and Parkin, according to the statement.
Parkin will be responsible for issuing permits to individuals, enabling them to subscribe to public parking, utilise and operate it, and to reserve parking spaces.
It will also establish, design and management of private parking spaces, as well as investment in related business activities, among other responsibilities.
The board of the new company will be chaired by Ahmed Bahrozyan, while Ahmed Mahboub will serve as vice chairman. Other members of the board include Muna Al Osaimi, Nasser Abu Shehab, Alawi Al Sheikh, Mona Bajman, and Al Anoud Al Ameri.
Dubai toll operator Salik was established as a public joint stock company in June 2022, ahead of its initial public offering that September.
The company raised Dh3.73 billion from its IPO, which was more than 49 times oversubscribed across all tranches, with total gross demand at Dh184.2 billion.
The Dubai government sold more than 1.867 billion shares in the company, or 24.9 per cent, at Dh2 a share. The government retained a 75.1 per cent stake after the sale of the stake.
Dubai announced plans in November 2021 to list 10 state-owned companies to increase the size of its financial market to Dh3 trillion, as well as set up a Dh2 billion marketmaker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
Four of the announced 10 state-owned enterprises listed on Dubai Financial Market in 2022.
The first was the listing of Dubai Electricity and Water Authority, which raised $6.1 billion after its offering size was more than doubled to 8.5 billion shares in response to strong investor demand.
State-owned Tecom and Empower collectively raised $2.2 billion in June and November 2022, respectively.
Last year, the fifth state-backed entity, Dubai Taxi Company, raised Dh1.2 billion from its IPO in December after selling 624.75 million shares, equivalent to 24.99 per cent of the company's total issued share capital.
The UAE markets have been recording strong listing activity amid increasing investor interest and a public mandate aimed at supporting IPOs to boost liquidity in local bourses.
There were a total of 29 IPOs with total proceeds of $5.8 billion in the first nine months of the year in the Mena region, with all the listing activity taking place in the GCC, consultancy EY said in its third quarter report.
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• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
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• Met Donald Trump at the White House and received his backing.
Killing of Qassem Suleimani
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Mohammed bin Zayed Majlis
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UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
KILLING OF QASSEM SULEIMANI
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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The Gentlemen
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Stars: Colin Farrell, Hugh Grant
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Specs%20
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Torque: 700Nm
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