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Sharjah transport corporation formed
SHARJAH — His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, has issued Law No. 4 for 2006, setting up the Sharjah Public Transport Corporation.
To be known as Sharjah Transport, it will be the key regulator and provider of public transport in the emirate.
Under the law, Sharjah Transport will have a capital of Dh10 million to be fully paid by the Government of Sharjah.
“The capital can be increased by a resolution from the Ruler of Sharjah or through an IPO under which priority will be given to taxi owners whose licences were withdrawn by the corporation,” the law states.
The corporation will enjoy legal character and competence necessary to assume its duties. With financial and administrative independence, the corporation will run its own business on commercial basis. The 29-article law gives the corporation the right to lay down regulatory policy of the public transport sector.
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