Dubai road toll operator Salik to be established as public joint stock company

Dubai road toll operator Salik to be established as public joint stock company

It will now have legal, financial and administrative autonomy to carry out its activities; Dubai Government owns all the shares of Salik Company PJSC

Published: Wed 15 Jun 2022, 5:15 PM Last updated: Wed 15 Jun 2022, 6:07 PM

The Dubai government on Wednesday announced new structure for road-toll collection operator Salik by establishing it as a public joint stock company.

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued Law No. (12) of 2022 establishing Salik as a public joint stock company that will have legal, financial and administrative autonomy to carry out its activities and achieve its objectives.

Dubai Government owns all the shares of Salik Company PJSC, according to the new law.

“The Executive Council of Dubai is authorised to determine the percentage of shares that can be offered for subscription either through an initial public offering (IPO) or private placement. If the company’s shares are offered for subscription in a public offering or private placement, the Dubai government should own shares worth a minimum of 60 per cent of the company’s capital,” according to a statement issued by the Dubai Media Office on Wednesday.

99-year term