UAE Vice President and Prime Minister and Dubai ruler HH Sheikh Mohammed bin Rashid Al Maktoum has issued a new law replacing Dubai Transport Corporation with Dubai Taxi Corporation and granting the firm greater autonomy.
Under the new resolution, Dubai Taxi Corporation will be considered a public institution and granted financial and administrative autonomy with an initial share capital set at Dhs100m ($27.2m) and increasable by the Roads and Transport Authority.
It can now access credit and loans required for its operations and sign franchising agreements, transport management contracts and operation maintenance contracts with specialised agencies both inside and outside the UAE.
The corporation is also authorised to own, use and rent land, properties and equipment to conduct its activities, including maintenance workshops and the establishment of its own petrol stations.
Read: Dubai Taxi Corporation profit and passenger numbers up
State news agency WAM said these new powers are aimed to enable the corporation to develop an integrated transport system of taxis and specialised transportation within and outside the country.
It is also hoped to develop international standards in road transport for passengers and good and boost private sector involvement and investment in the sector.
“Both the law and resolution are effective from the date of issuance and will be published in the Official Gazette,” according to WAM.
The changes come following an initiative by Sheikh Mohammed to make 25 per cent of all transportation trips in Dubai smart and driverless by 2030.