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.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
DUNE%3A%20PART%20TWO
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Racecard
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani