The new law regulating the market of a taxi in Dubai shall turn back increase in the volume of investment in a private sector.
Its Highness the sheikh Muhammad bin Rasheed Al Maktoum, the prime minister - the minister, the vice-president of the UAE and the governor of Dubai, approved the Law No. (9) 2016 which from now on will replace Transport corporation of Dubai (Dubai Transport Corporation) with Corporation of the Taxi (Dubai Taxi Corporation).
Its Highness the sheikh Hamdan bin Muhammad bin Rasheed Al Maktoum, the crown prince of Dubai, issued the resolution of Executive Council No. (48) 2016 which allocates Dubai Taxi Corporation with the status of autonomous public institution from the financial and administrative point of view.
According to the new resolution, Dubai Taxi Corporation will develop passenger transport sector, relying on the strategy of development for Dubai.
The corporation will also have an opportunity to own, use and lease the earth, and also to establish own gas stations for servicing of cars.
The authorized capital of corporation constituted 100 million dirhams ($27 million). It can be increased according to the solution of the board of directors of Transportation Directorate.
Dubai Taxi Corporation will be able to sign franchasing agreements, contracts for management of transport, and also operation and maintenance with specialized agencies as inside, and outside the UAE, and also to provide consultations.
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