A regulation governing the establishment of businesses to oversee and run advertising sites in Dubai has been passed recently. This legislation has been approved by Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s prime minister, vice president, and ruler of Dubai.
The newly established Mada Media corporation, a private joint-stock corporation (PJSC), is entrusted by law with managing, creating, and running advertising sites. In addition, it has to make sure that regulations are followed, invest in advertising technologies, and carry out relevant research. The Roads and Transport Authority (RTA) of Dubai and the Dubai Municipality may assign all or a portion of their advertising-related duties including system access and permit issuance to Mada Media, in accordance with the law.
In compliance with the concession agreement and other applicable laws, government agencies will assist the company or its subsidiaries with the transfer and registration of these assets.
In addition, an announcement was made by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and UAE Minister of Defense, establishing the Mada Media Board of Directors. Accordingly, Mattar Mohammed Al Tayer will serve as the chairman of the board, while Hussein Mohammed Al Banna will serve as vice chairman.
The Chairman of Dubai’s Executive Council may decide the ratios at which the company’s shares are made available for public subscription. However, the law also specifies the shares of ownership and subscription, the authority of the Board of Directors, and the resources that the company may utilize.
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