A new law has been enacted to oversee the establishment and operation of a company dedicated to managing advertising sites in Dubai. This law mandates that the recently established Mada Media Company, a private joint-stock company (PJSC), is responsible for managing, developing, and operating these advertising sites. Additionally, the company is tasked with investing in advertising technologies, conducting relevant research, and ensuring compliance with regulatory standards.
The law was issued by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, Vice President, and Prime Minister of the UAE. According to the legislation, Dubai's Roads and Transport Authority (RTA) and Dubai Municipality are authorized to delegate all or part of their advertising-related functions and permit issuance to Mada Media.
Furthermore, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, has issued a decision to form the Board of Directors of Mada Media, with Mattar Mohammed Al Tayer as Chairman and Hussein Mohammed Al Banna as Vice Chairman.
Under the concession agreement, RTA and Dubai Municipality, in collaboration 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 details 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 utilize. The company’s shares may be offered for public subscription in ratios determined by the Chairman of The Executive Council of Dubai.
