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.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
Killing of Qassem Suleimani
Killing of Qassem Suleimani
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
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
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
KLOPP%20AT%20LIVERPOOL
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AT%20A%20GLANCE
%3Cp%3E%3Cstrong%3EWindfall%3C%2Fstrong%3E%0D%3Cbr%3EAn%20%E2%80%9Cenergy%20profits%20levy%E2%80%9D%20to%20raise%20around%20%C2%A35bn%20in%20a%20year.%20The%20temporary%20one-off%20tax%20will%20hit%20oil%20and%20gas%20firms%20by%2025%20per%20cent%20on%20extraordinary%20profits.%20An%2080%20per%20cent%20investment%20allowance%20should%20calm%20Conservative%20nerves%20that%20the%20move%20will%20dent%20North%20Sea%20firms%E2%80%99%20investment%20to%20save%20them%2091p%20for%20every%20%C2%A31%20they%20spend.%0D%3Cbr%3E%3Cstrong%3EA%20universal%20grant%3C%2Fstrong%3E%0D%3Cbr%3EEnergy%20bills%20discount%2C%20which%20was%20effectively%20a%20%C2%A3200%20loan%2C%20has%20doubled%20to%20a%20%C2%A3400%20discount%20on%20bills%20for%20all%20households%20from%20October%20that%20will%20not%20need%20to%20be%20paid%20back.%0D%3Cbr%3E%3Cstrong%3ETargeted%20measures%3C%2Fstrong%3E%0D%3Cbr%3EMore%20than%20eight%20million%20of%20the%20lowest%20income%20households%20will%20receive%20a%20%C2%A3650%20one-off%20payment.%20It%20will%20apply%20to%20households%20on%20Universal%20Credit%2C%20Tax%20Credits%2C%20Pension%20Credit%20and%20legacy%20benefits.%0D%3Cbr%3ESeparate%20one-off%20payments%20of%20%C2%A3300%20will%20go%20to%20pensioners%20and%20%C2%A3150%20for%20those%20receiving%20disability%20benefits.%3C%2Fp%3E%0A
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
