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Our approach to corporate governance

What is corporate governance?

Corporate governance is a system of rules, practices and processes by which a company is directed and controlled. An effective and transparent corporate governance framework is integral to the success of our business and the realisation of our goals. It ensures that Parkin is supervised and managed responsibly with a focus on long-term value creation, helping to foster the confidence of all our stakeholders, including investors, customers, suppliers and employees.

Our approach

As a Dubai Financial Market listed company, Parkin is committed to maintaining the highest standards of corporate governance, complying with all legal and regulatory requirements applicable to public joint stock companies, as set out in the SCA Governance Code.

Meet the Board

Guided by our vision and values, Parkin's Board of Directors is committed to acting in the best interests of the Company and its shareholders, supporting the management team and maximising long-term value. The Board is the principal decision-making body for all matters that are significant to the Company with overall responsibility for corporate governance. Among other matters, the Board is accountable to shareholders for the company's strategy, operational progress, financial reporting and performance, compliance, sustainability and risk management.

Our diverse Board of seven Independent Non-executive Directors meets at least every three months and its distinguished members bring a proven track record of success across a broad range of relevant experiences and industry sectors to Parkin. Each Director is appointed for an initial term of three years and may serve any number of consecutive terms.

Meet the Board

Mr Ahmed Hashem Bahrozyan

Chairman, Independent

Mr Bahrozyan is the Chief Executive Officer of the Public Transport Agency, part of the Roads and Transport Authority (RTA), which is responsible for a comprehensive range of public transportation services across the Emirate of Dubai, including buses, taxis, labour transport and limousines. Having joined the RTA in 2005 as Deputy Director of the Information Technology Department, he advanced to become the Director of the IT Department before being promoted to Director of the Development and Corporate Performance Department, collaborating closely with all RTA agencies to drive public infrastructure initiatives in line with Dubai's mobility goals.

Mr Bahrozyan has held a number of high-profile appointments at the RTA including Chief Executive Officer of the Licensing Agency, Chairman of the Joint Committee for Services Development and Digital Transformation, Chairman of the Supreme Committee for the Operation and Launch of Self-driving Taxis and Head of the Emergency and Crisis Management Team.

Mr Bahrozyan holds a bachelor's degree in Management Information Systems from the University of Colorado, USA.

Meet the Board

Eng. Ahmed Hasan Mahboub

Vice-Chairman, Independent

Eng. Mahboub is an Emirati leader and engineer with over 20 years of experience in senior executive management positions within the Dubai government, public and private sectors. He is currently an Executive Director at the RTA's Vehicle Licensing Department.

Eng. Mahboub has led a range of engineering, technical and organisational projects during his career, including as part of the RTA's parking department and committees responsible for digital transformation strategy. His impactful contribution has resulted in numerous government excellence awards, including the Hamdan Bin Mohammed Program for Smart Government, the prestigious Dubai Government Excellence Program and more than 20 other national and international awards.

In addition to a bachelor's degree in Engineering, Eng. Mahboub has successfully completed the Mohammed bin Rashid Program for Leadership Development as well as the UAE CEO and Government Leaders Program.

Meet the Board

Eng. Muna Abdulrahman Al Osaimi

Director, Independent

Eng. Al Osaimi is a seasoned business leader specialising in strategic planning, business strategy and policy for organisations, with strong experience and focus on planning in the transportation sector.

With almost two decades of experience, Eng. Al Osaimi is an active member of the Dubai Urban Planning Coordination Committee. She possesses a wide-ranging skillset, excelling in strategic, urban and transportation planning; policy development, project portfolio management, statistical analysis and guideline formulation. She is a core member in the design, development and delivery of key multi-billion transport infrastructure projects such as Dubai Metro and Dubai Tram.

Muna holds a bachelor's degree in Architectural Engineering from the United Arab Emirates University.

Meet the Board

Eng. Nasser Hamad Abushahab

Director, Independent

Eng. Abushahab brings a wealth of relevant, practical experience to the Board with a career spanning more than 27 years.

Nasser's deep knowledge and understanding of the transportation sector stems from his wide-ranging experience at the RTA. In addition to being appointed CEO of Strategy and Corporate Governance, Eng. Abushahab chairs various high-profile RTA committees responsible for transport integration, sustainability, repair and maintenance, strategy, crisis management and enterprise command and control. He was also recently appointed as CEO of Planning and Corporate Governance at Dubai Municipality, supervising urban planning procedures and operations across the Emirate.

Eng. Abushahab has received multiple awards in recognition of his professional achievements, including the highly prestigious medal of His Highness Sheikh Mohammed bin Rashid Al Maktoum for Outstanding National Achievement.

Nasser graduated with a bachelor's degree in Architectural Engineering from UAE University and holds a master's in Urban Planning from the American University of Sharjah.

Meet the Board

Prof. Alawi Alsheikh Ali

Director, Independent

Prof. Alsheikh Ali is an Emirati physician-scientist and Prof. of Cardiovascular Medicine. He currently serves as Deputy CEO and Chief Academic Officer of the Dubai Academic Health Corporation and Provost of the Mohammed Bin Rashid University of Medicine and Health Sciences, where he was previously the Founding Dean of the College of Medicine. Previously, Prof. Alsheikh Ali served as Deputy Director General of the Dubai Health Authority and Chair of the Cardiac Sciences Institute at Sheikh Khalifa Medical City in Abu Dhabi.

Prof. Alsheikh Ali holds a bachelor's degree in biology from the Massachusetts Institute of Technology, a master's in applied physiology from Boston University, a master's in clinical research, and a doctorate in medicine from Tufts University. His research has led to more than 200 peer-reviewed publications in leading journals. He is a member of the Emirates Scientists Council.

Meet the Board

Ms. Mona Mohammad Bajman

Director, Independent

Ms. Bajman is a seasoned professional with 24 years of experience. Most of her career has been spent serving the Government of Dubai in a variety of budgeting, accounting, and finance related roles.

As a long-standing Director at Dubai's Department of Finance, Ms. Bajman has led the function across a number of important roles pertaining to budgeting, public revenue management and accounts, with a focus on improving government revenues, reducing expenditure, preparing the annual government budget and guiding various departments. In her current role as Director of the Subsidies Budget Division, Ms. Bajman has continued to leverage her extensive budgeting and finance experience to effectively manage the government's annual budget, overseeing strategic planning for all government entities.

Having committed her career to public service, Ms. Bajman's contribution has led to several distinguished awards, including the Sharjah Award in Public Finance most recently.

Ms. Bajman received her bachelor's degree in Business Administration from Dubai Women's College and is an active member of the Emirates Association for Accountants and Auditors.

Meet the Board

Ms. Alunood Thabit Alameri

Director, Independent

A seasoned Emirati legal professional, Ms. Alameri has served as the Senior Legal Officer and Head of General Security and Public Health and Safety at the Supreme Legislation Committee in Dubai. Previously, she was the RTA's Chief Legal Officer.

Through her extensive legal experience, Ms. Alameri has accumulated a wealth of knowledge in both the public and private sectors. Her capabilities include shaping legal frameworks and contributing significantly to the legislative environment in Dubai. As Head of General Security, Public Health and Safety at the Supreme Legislation Committee in Dubai, Ms. Alameri managed and guided teams across a variety of legislative projects. In collaboration with key governing bodies, she led the drafting and implementation of their respective legislations, while actively contributing to the review and amendment of local legislation to enhance operational efficiencies.

In her previous role as RTA's Chief Legal Officer, Ms. Alameri actively supported legal affairs across the agency's divisions, including the development and implementation of legal initiatives. Her legal advice and opinions are highly sought-after and have played a pivotal role in transportation regulations and policies across the Emirate.

Ms. Alameri holds a bachelor's degree in law from the University of Sharjah.

Board Committees

The Board is assisted by two permanent committees to which it delegates matters as appropriate - an Audit Committee and a Nomination and Remuneration Committee. Each Committee has full terms of reference that have been approved by the Board and are reviewed annually. Should the need arise, and subject to the Company's Articles of Association, the Board may set up additional committees as appropriate.

In accordance with the Governance Rules, the Company's Chairman is not permitted to be a member of either the Audit Committee or the Nomination and Remuneration Committee.

Audit Committee

Purpose

The Audit Committee assists the Board in discharging its governance responsibilities in respect of accounting policies, financial reporting and disclosure, audit (internal and external), internal controls and risk management.

Meeting frequency

The Committee will meet at least four times a year.

Membership

The Committee is comprised of three Independent Non-executive Directors and is chaired by Eng. Nasser Hamad Abushahab.

Its other members are Ms. Mona Mohammad Bajman and Eng. Muna Abdulrahman Al Osaimi. All members of the Committee are independent of the Company's Senior Management and are financially proficient.

Nomination and Remuneration Committee

Purpose

The Nomination and Remuneration Committee assists the Board in setting and overseeing the composition of the Board and Leadership Team, ensuring an optimum mix of independence, knowledge, skills and experience are present at all times. In addition to nomination and selection, the Committee also takes an active role in succession planning (Board and Leadership Team) as well as providing direction on company-wide remuneration strategy, policy and practices, including executive remuneration.

Meeting frequency

The Committee must meet at least once a year and otherwise from time to time based on the Company's requirements.

Membership

The Committee is comprised of three Independent Non-executive Directors and is chaired by Eng. Nasser Hamad Abushahab.

The Committee consists of three Independent Non-executive Directors and is chaired by Eng. Ahmed Hasan Mahboub. Its other members are Prof. Alawi Alsheikh Ali and Ms. Alunood Thabit Alameri.

Meet the Leadership Team

Collectively, the Parkin Leadership Team possess decades of unique and highly relevant experience in the infrastructure and transport sectors in Dubai. Reporting to the CEO, the Leadership Team is responsible for managing all aspects of the complex day-to-day execution of the Company's operations, strategy and vision as the leader in parking solutions across the Emirate.

Meet the Leadership Team

Eng. Mohamed Abdulla Al Ali

Chief Executive Officer

Eng. Al Ali is responsible for spearheading the growth strategy for Dubai's largest paid parking provider. With a proactive, forward-thinking approach that focuses on delivering growth in line with the urbanisation and social development goals of the Emirate, Eng. Al Ali brings over 21 years of experience in project management related to public transport, infrastructure and sustainability. Having initially joining the RTA in 2007, Eng. Al Ali has held a variety of management roles, including Director of Public Transport Projects, Director of Planning and Business Development, Director of Strategic Planning and Director of Knowledge and Innovation.

He has in-depth knowledge of the public transport and infrastructure sectors with broad project management experience and an effective leadership style. Eng. Al Ali has managed the strategic development and implementation of multi-billion-dirham public transport and infrastructure projects, delivering on complex public transport requirements for high-profile global events including Expo 2020 and COP 28. His efforts have received international recognition, including the World Transport Conference (UITP) Award and the Global Sustainability Leadership Award.

Eng. Al Ali holds a bachelor's degree in Civil Engineering from the Higher College of Technology, Dubai, and a master's in Engineering Management from the American University of Sharjah. He is a member of the International Association of Public Transport (UITP).

Meet the Leadership Team

Mr. Khattab Abu Qaoud

Chief Financial Officer

Mr. Abu Qaoud has a 20-year proven track record of financial leadership, underpinned by a unique blend of financial acumen, strategic insight, and a commitment to fostering fiscal responsibility.

With a strong, technical finance background, Mr. Abu Qaoud has consistently demonstrated his financial experience in driving organisational profitability and executing multi-billion-dollar projects within the infrastructure and project finance space (including PPP). His expertise extends to managerial and financial accounting, financial planning, modelling and valuation, fund raising and infrastructure project finance, with additional experience in converting state owned companies into successful listed businesses.

Mr. Abu Qaoud has worked at the RTA since 2013, taking lead finance roles in key projects, including rail expansion in the Emirate of Dubai and the IPO of road toll operator, Salik Company PJSC.

Mr. Abu Qaoud holds bachelor's degree in Banking and Finance from the Applied Science University, an MBA from Chifley Business School and a Diploma in IFRS from the Association of Chartered Certified Accountants (ACCA). He is a Certified Management Accountant (CMA).

Meet the Leadership Team

Eng. Osama Hashim Alsafi

Chief Operating Officer

Eng. Alsafi brings over 25 years of experience to the Chief Operating Officer role with a proven track record of driving operational excellence, fostering innovation and achieving sustainable growth.

He began his career at the Dubai Municipality Planning Department, holding a number of senior, high-profile positions, including Head of the Legislation Planning and Statistics Department, Head of Qualification and Building Studies Division, Head of the Structural Inspection Department. His most recent role, with the RTA, saw him lead a team of over 500 staff, as Director of the Parking Department.

Eng. Alsafi holds a higher diploma in Urban Planning form the American University of Sharjah, a bachelor's degree in Architecture from UAE University, a master's in Urban Design from the University of Sydney and an executive diploma in Digital Leadership from Mohammed Bin Rashid University. He is a member of UAE Society of Engineering.

Meet the Leadership Team

Eng. Ahmed Abdulla Alzaabi

Director of Technology

Eng. Alzaabi has more than 20 years of experience in the fields of Information Traffic Systems and Parking Systems Operations within the RTA.

During his career, Eng. Alzaabi has overseen the successful development and implementation of a multi-channel, paperless parking payments and enforcement system. This includes mobile (mParking), Unified Card Payment (NOL), Parking Fines System (PFS) and P&D Parking Machine Central Management (PCMS). His achievements in these areas have received multiple awards, including Best Technical Project. Additionally, Eng. Alzaabi has valuable, relevant experience in relation to managed parking system operations and maintenance of parking payment infrastructure.

As Parkin's Director of Technology, he will continue to play a leading role in the ongoing development and deployment of state-of-the-art digital payment solutions and intelligent parking management systems.

Eng. Alzaabi holds a bachelor's degree in Electrical Engineering from California State University, a certificate in Global Business from Harvard Business School and has successfully completed the Leadership Program at Ashridge Business School.

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