Sheikh Mohammed Issues Law Establishing 'Mada Media Company' To Manage, Operate Advertising Sites In Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, has issued law No. (20) of 2024 to establish Mada Media Company. This private joint-stock company (PJSC) will manage and operate advertising sites in Dubai. The new entity will also focus on investing in advertising technologies and conducting related research while ensuring regulatory compliance.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, has approved the "Articles of Association of Mada Media (PJSC)" through Decision No. (79) of 2024. This decision includes the rules and provisions governing the company.

Sheikh Hamdan also issued Decision No. (80) of 2024 to form the Board of Directors for Mada Media. Mattar Mohammed Al Tayer will chair the board, with Hussein Mohammed Al Banna as Vice Chairman. Other board members include Wissam AlAbbas Hussain Lootah, Mariam Obaid Al Muhairi, Mohammed Yousef Al Mudharreb, Ahmad Hassan Mahboub, Moaza Saeed Al Marri, Shehab Hamad Bu Shehab, and Saeed Mohammed Al Marri.

The Commissioner General for the Infrastructure, Urban Planning, and Well-Being Pillar is designated to oversee Mada Media’s operations. The Articles of Association outline his responsibilities and powers to ensure the company meets its objectives.

Dubai's Roads and Transport Authority (RTA) and Dubai Municipality are empowered by law to delegate their advertising-related functions to Mada Media under a concession agreement. This delegation aims to support the company in achieving its goals.

Additionally, RTA and Dubai Municipality will transfer their advertising-related assets, rights, and obligations to Mada Media in coordination with the Dubai Investment Fund and other relevant entities. Government entities will facilitate this transfer according to the concession agreement and applicable provisions.

The law outlines mechanisms for subscription and ownership of Mada Media’s shares. The company's shares may be offered for public subscription in ratios determined by the Chairman of The Executive Council of Dubai.

This decision is effective from its issuance date and will be published in the Official Gazette.

Mada Media is also permitted to form partnerships, own assets, and sign contracts with third parties both within and outside Dubai to achieve its objectives.

With inputs from WAM