Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE, has issued Law No. (21) of 2023, pertaining to the reformation of the Dubai Taxi Company.
The new law now recognises Dubai Taxi Company as a public joint-stock company named ‘Dubai Taxi Company (PJSC).’
This change grants the company financial and administrative independence, allowing it to pursue its activities and objectives, an official statement by the office of Sheikh Mohammed said.
Dubai Ruler issues law, Crown Prince Sheikh Hamdan approves resolutions for DTC’s transformation
The law, effective immediately, mandates the revision of the term ‘Dubai Taxi Corporation’ in existing laws of the emirate, replacing it with ‘Dubai Taxi Company (PJSC).’
The revised legislation outlines the company’s 99-year duration, automatically renewable for a similar period as per the Company’s Articles of Association.
Among the objectives of ‘Dubai Taxi Company (PJSC)’ are providing transportation services using taxis in compliance with existing regulations, offering specialised transportation through self-driving vehicles and flying taxis, leasing vehicles with or without drivers, and facilitating qualified drivers for transportation services.
The company will also engage in leasing bikes for cargo transportation companies and pursue other purposes outlined in its articles.
To ensure the smooth functioning of the company, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, approved the Council’s Resolution No. (93) of 2023.
This resolution encompasses the Company’s Articles of Association, bylaws, and regulations.
It sets the stage for an Initial Public Offering (IPO) by floating the company’s shares, adhering to ratios established by The Executive Council of Dubai.
Moreover, Sheikh Hamdan issued Executive Council Resolution No. (92) of 2023, forming the Board of Directors of ‘Dubai Taxi Company (PJSC).’
The board is chaired by Abdul Mohsin Ibrahim Younis, with Ahmed Ali Al Kaabi serving as Vice Chairman.
Other board members include Shehab Hamad Abu Shehab, Youssef Ahmed bin Ghalaita, Dr. Hanan Sulaiman Al Suwaidi, Abdulla Mohammed bin Damithan, and Issa Abdullah bin Natouf.
Dubai Taxi: New transport regulations
Regarding the provision of passenger transport services, ‘Dubai Taxi Company (PJSC)’ will operate in areas and locations specified by current legislation in the emirate or as determined by a resolution from the Chairman of The Executive Council of Dubai.
The company is also permitted to outsource passenger transportation services through contractual agreements with interested companies and entities, while adhering to the provisions of the law and prevailing regulations.
The newly issued law annuls Executive Council Resolution No. (48) of 2016 pertaining to Dubai Taxi Corporation and any other legislation that contradicts it.
However, decisions and regulations issued to implement Resolution No. (48) of 2016 will remain in effect until new decisions and bylaws are issued to replace them.
The two resolutions and the law have been effective since their issuance and will be published in the Official Gazette.
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