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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, may God protect him, in his capacity as Ruler of the Emirate of Dubai, issued the “Parkin” Company Establishment Law No. (30) of 2023, which stipulates that it is a public joint-stock company with legal personality, financial and administrative independence and the legal capacity to carry out its activities and achieve its objectives in accordance with the provisions of its founding law, its articles of association and the legislation in force in the Emirate of Dubai.
The law provides that the term of the company is 99 years, starting from the date of its registration in the commercial register in accordance with the legislation in force in the Emirate of Dubai, and is automatically extended for a similar period in accordance with the company’s articles of association provided that this law as of comes into force on the date of its adoption and publication in the Official Journal.
The Company’s purposes include the establishment, planning, design, development, management and supervision of public parking spaces and the implementation of the laws governing them, including Executive Council Resolution No. (5) of 2016 on the regulation of vehicle parking in the Emirate of Dubai and their changes. in accordance with the concession agreement and approval concluded with the Dubai Roads and Transport Authority. For persons who are allowed to participate in, use, operate and reserve public parking spaces, in accordance with the regulations of the Dubai Roads and Transport Authority in accordance with the concession agreement concluded with the company “Parkin”, in addition to the management, construction, development and design private parking spaces, investing in these and related commercial activities, as well as concluding contracts with the relevant authorities regarding these parking spaces in the Emirate of Dubai and abroad, as well as carrying out studies and research relating to public or private situations and providing advice in this regard – and consulting services.
board
In addition, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, issued Executive Council Resolution No. (121) of 2023 to form the board of directors of “Parkin” companies under the leadership of Ahmed Hashem Bahrozyan and with the following members: Ahmed Hassan. Mahboob as Vice President, Mona Abdul Rahman Al-Osaimi, Nasser Hamad Bushahab, Professor Dr. Alawi Ali Al-Sheikh, Mona Muhammad Bajman and Al-Anoud Thabet Al-Amiri.
The decision is effective from the date of its issuance and is published in the Official Journal.
The law establishes the powers and powers of the company’s board of directors, in particular the approval of the company’s strategic plans and policies, the adoption of the company’s financial, administrative, technical and purchasing regulations, the management of its assets, the approval of its organizational structure and the approval of contracts and agreements concluded by the company.
Outsourcing rights and obligations
Law No. (30) of 2023 stipulates that the Roads and Transport Authority in Dubai must outsource all or part of its powers related to public and private parking and issue the relevant permits, as set out in Resolution No. (5) of the Executive Council established 2016 on the regulation of parking of vehicles in the Emirate of Dubai and its amendments. And the legislation in force in the emirate in a manner that allows the company to achieve the objectives for which it was established, in accordance with a concession agreement concluded by the Authority with “Parkin” companies.
The Roads and Transport Authority may allow Parkin to transfer the concession granted to it subject to the conditions and controls established by the Authority. The Authority, in turn, coordinates with the Finance Department to determine the rights, assets, resources, materials and moral assets, privileges, obligations, guarantees and liens belonging to it to be transferred to the company.
According to the law, ownership of all assets, funds, rights, privileges, obligations, guarantees and pledges are transferred and registered in the name of the company “Parkin” or in the name of any other company owned or affiliated with the relevant government authorities in the Emirate of Dubai must take the necessary actions at the request of the company to complete the transfer and registration process.
The company’s capital
Law No. (30) of 2023 stipulates that the issued and paid-up capital of the company is determined in accordance with the company’s articles of association and that all shares of the company must be wholly owned by the Government of Dubai and the Executive Council of the Emirate set a percentage of shares whose ownership may be transferred to others by public or private subscription. The company’s liability is limited to its paid-up capital and the liability of its shareholders to the value of the nominal shares they own.
The law allows the ownership of company shares by natural and legal persons in the event that the shares are offered for public or private subscription. The ownership share of the Government of Dubai must not be less than (60%) of the capital of the company in which case its shares are offered for public subscription.
Powers of the company
The law establishes the powers of the company “Parkin” to achieve its objectives, including: entering into contracts with third parties and establishing companies wholly or partially owned by the company, or participating in companies related to its objectives in Dubai and abroad, and to be the owner, possession, use, rental and leasing of land, real estate, vehicles, equipment and necessary machinery as well as their sale, as the company has the right to use its resources in all commercial, financial , service or industrial sectors to invest and invest and to raise funds in accordance with current legislation.
The powers of the company “Parkin”, as established by the law, also include the granting of usufruct rights or other material rights over the assets and funds owned by the company to any legal person or company that contributes to the field of activity of the company , and imposing fees and fines in accordance with Executive Board Resolution No. (5) of 2016 on the regulation of vehicle parking. In the Emirate of Dubai.
Primary law
Law No. (3) of 2023 stipulates that the Articles of Association of the company “Parkin” must be approved by the Chairman of the Executive Council of the Emirate of Dubai.
The law specifies the points that must be included in the company’s articles of association, in particular the mechanism for increasing and decreasing the company’s capital, determining the number of shares into which the company’s capital is divided, the nominal value of each share and the formation of the Share capital general meeting, which determines its powers, the company’s budget, its financial year and the mechanism for distributing profits and losses. and other fundamental regulatory issues, while the same law authorizes the Chairman of the Executive Board to amend the Articles of Association in the event that the company’s shares are put up for subscription Tobe offered.
Collaboration with the company
The law obliges all government authorities to cooperate fully with the company to enable it to achieve its objectives and exercise the powers delegated to it in accordance with the legislation in force in the emirate.
Any text in another legislation will be repealed insofar as it contradicts the provisions of Law No. (30) of 2023, which comes into force from the date of its publication and is published in the Official Gazette.
• Hamdan bin Mohammed decides to form the company’s board of directors under the leadership of Ahmed Hashem Bahrozyan.
• The company’s main objectives are to create, plan, design, develop, manage and monitor public parking spaces.
• The company’s shares are wholly owned by the Government of Dubai. The Executive Board may determine the percentage of shares whose ownership may be transferred to others.
• The possibility of ownership of the Company’s shares by private or legal persons when their shares are offered for public subscription, provided that the ownership of the Government of Dubai represents not less than 60% of the Company’s capital.
the human sources
The Law permits the transfer of some employees working for the Roads and Transport Authority in Dubai at the time of entry into force of this Law to the company “Parkin”, and these will be determined in accordance with a decision of the Director General and the Chairman of the Board of Directors of the Roads and Transport Authority, without prejudice to their acquired rights. The Company’s employees are subject to a special system of personnel matters, which is approved by the Board of Directors of the Company and does not conflict with the laws in force in the Emirate of Dubai.
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