His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, issued Law No (21) of 2023 on Sunday, modifying the legal status of Dubai Taxi Corporation to Dubai Taxi Company PJSC.
This alteration grants the company the status of a public joint-stock company, providing it with financial and administrative autonomy and enabling it to initiate an initial public offering (IPO). This move aligns with the Dubai government’s 2021 decision to list 10 government and state-owned companies on the Dubai Financial Market, with the aim of increasing the total volume of its stock markets to AED 3T.
Crown Prince Hamdan Establishes Board for Dubai Taxi Company
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Executive Council Resolution No (92) of 2023, establishing the Board of Directors of Dubai Taxi Company under the chairmanship of Abdul Mohsin Ibrahim Younis. Both resolutions take effect from their date of issuance, and the company’s registration is set for a duration of 99 years based on the law.
As outlined in the law, Dubai Taxi Company will provide transportation services using taxis, specialized transportation through self-driving vehicles, and flying taxi services, according to Gulf Business.
The company is authorized to offer passenger transport services in specific areas designated by law, and it has the ability to outsource passenger transportation services through contracts with third parties.