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Parkin to manage your parking ahead of potential IPO: A new company, Parkin, will be set up to manage parking space operations in Dubai, after ruler Sheikh Mohammed bin Rashid Al Maktoum issued a new law for the company’s establishment, Sharjah 24 reports.
What will the company do? The Road and Transport Authority (RTA) plans to delegate its parking responsibilities to Parkin, including design and management of public and private parking spaces and issuing parking permits, according to the law (pdf).
The details: The decision comes a few months after the RTA said it plans to IPO its taxi and parking assets back in July, appointing Rothschild & Co to strategically review its businesses, Reuters reported at the time. The Executive Council of Dubai, which can decide to offer up a stake in the company through an IPO or a private placement, has yet to specify the size of any potential share sale. The law stipulates that the Dubai government must own at least 60% of the company.
Background: The RTA listed Dubai Taxi on the DFM in December and raised AED 1.2 bn on the back of heavy investor appetite, with orders covering the transaction 130x.
