Dubai will get a new company to manage and operate advertising sites after His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued a new law in his capacity as the Ruler of Dubai.
Mada Media Company, a private joint-stock company (PJSC), will manage, develop and operate advertising sites, in addition to investing in advertising technologies. It will also conduct related research, while also ensuring regulatory compliance.
The law also allows the company to form partnerships, own assets, and sign contracts with third parties to achieve its objectives within and outside the emirate.
Board of directors
Mattar Mohammed Al Tayer will chair the board of directors, 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.
Early partnerships
As per the law, Dubai’s Roads and Transport Authority (RTA) and Dubai Municipality, under the concession agreement, can delegate all or part of their advertising-related functions and permit issuance to Mada Media.
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.
IPO on the cards?
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.
Read: Delivery Hero plans Talabat IPO on Dubai Financial Market in Q4 2024
The company’s shares may be offered for public subscription in ratios set by the chairman of the Executive Council of Dubai.
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 his responsibilities and powers.
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