Dubai [UAE], September 12 (ANI/WAM): In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued law No. (20) of 2024 pertaining to the creation of Mada Media Company, a private joint-stock company (PJSC), to manage and operate advertising sites in Dubai.
According to the law, the newly launched company is tasked with managing, developing, and operating advertising sites, in addition to investing in advertising technologies, and conducting related research, while also ensuring regulatory compliance.
It also allows the company to form partnerships, own assets, and sign contracts with third parties to achieve its objectives within and outside the emirate.
The law designates the Commissioner General for the Infrastructure, Urban Planning, and Well-Being Pillar to oversee the company's operations and ensure it meets its objectives, with the Articles of Association defining its responsibilities and powers.
Furthermore, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence and Chairman of The Executive Council of Dubai, issued Decision No. (79) of 2024 approving the "Articles of Association of Mada Media (PJSC)", including its rules and provisions.
Sheikh Hamdan also issued Decision No. (80) of 2024 forming the Board of Directors of Mada Media, chaired by Mattar Mohammed Al Tayer, with Hussein Mohammed Al Banna serving as Vice Chairman. Members of the Board include: Wissam AlAbbas Hussain Lootah, Mariam Obaid Al Muhairi, Mohammed Yousef Al Mudharreb, Ahmad Hassan Mahboub, Moaza Saeed Al Marri, Shehab Hamad Bu Shehab, and Saeed Mohammed Al Marri.
This decision is effective from the date of its issuance and will be published in the Official Gazette.
As per the law, Dubai's Roads and Transport Authority (RTA) and Dubai Municipality, under the concession agreement, are empowered to delegate all or part of their advertising-related functions and permit issuance to Mada Media, as outlined in the law. The delegation of such functions aims to support the company in fulfilling its set objectives.
Furthermore, 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. (ANI/WAM)
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