A law pertaining to the creation of a company has been issued to manage and operate advertising sites in Dubai.
According to the law, the newly launched company, Mada Media Company, a private joint-stock company (PJSC), is tasked with managing, developing, and operating advertising sites. It is also responsible for investing in advertising technologies, and conducting related research, while also ensuring regulatory compliance.
The law has been issued by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, Vice President and Prime Minister of the UAE.
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According to the law, Dubai’s Roads and Transport Authority (RTA) and Dubai Municipality can delegate all or part of their advertising-related functions and permit issuance to Mada Media.
Further, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, issued a decision forming the Board of Directors of Mada Media, chaired by Mattar Mohammed Al Tayer, with Hussein Mohammed Al Banna serving as Vice Chairman.
Concession agreement
RTA and Dubai Municipality, in coordination with the Dubai Investment Fund and other relevant entities, will transfer their advertising-related assets, rights, and obligations to the company, including system access.
Government entities will facilitate the transfer and registration of these assets to the company or its subsidiaries in accordance with the concession agreement and applicable provisions.
The law also outlines the mechanisms for subscription and ownership of the company’s shares, the powers of its Board of Directors, and the human and financial resources it may draw upon.
The company’s shares may be offered for public subscription in ratios set by the Chairman of The Executive Council of Dubai.