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22 June 2024

Parkin Expands its Private Developer Portfolio Adding c.7,500 New Spaces Across 6 Communities in Dubai

Published
By E247

Parkin Company PJSC (“Parkin” or the “Company”), the largest provider of paid public parking facilities and services across Dubai, announces that it has entered into an agreement with a private developer for the exclusive provision of parking services at new six key locations in the Emirate of Dubai.

Key Highlights

 • As part of the Company’s targeted growth strategy, c.7,500 new private developer-owned parking spaces are being added to Parkin’s portfolio across six new communities in Dubai

• Taking into account the newly announced partnership, the Company’s total developer-owned parking will amount to c.17,500 spaces

• Subject to light civil works, operation, management and enforcement is expected to be fully phased in by the end of July 2024


Eng. Mohamed Abdulla Al Ali, CEO of Parkin, commented:

“Following our record-breaking IPO, this new private developer agreement is testament to the considerable efforts of the senior management team in progressing our growth strategy. While our developer-owned parking segment currently accounts for less than 10% of total revenues, paid parking in private developer areas represents a significant growth opportunity for Parkin and offers the chance to showcase our operational excellence, technological know-how and enforcement capability our business is renowned for.

As such, I am very pleased to collaborate with our partner on this critical project, with close to 7,500 spaces across six communities in the heart of Dubai set to benefit from our expertise as an effective parking solutions provider, enhancing the quality of urban life and enabling seamless mobility. As the clear market leader in developer-owned parking operations, we will continue to leverage our unique operational capabilities to seek out similarly attractive partnership opportunities in the future.”


Under the terms of the new agreement, Parkin will operate and manage a total of 7,456 new developer-owned parking spaces for a contractual period of four years. Subject to some light civil works, including the installation of parking meters, signage, road markings and bollards, as may be necessary, it is currently envisaged that the operation, management and enforcement of the new developer-owned parking spaces will be fully phased in by the end of next month.

The new developer-owned parking locations are situated across six key communities in Dubai, to be operational from 08:00am to 10:00pm, Monday to Saturday. In operating and managing the new spaces, Parkin has the exclusive right to issue fines in the event of non-compliance with applicable parking laws and regulations. The tariffs for the new locations are as follows:

Hourly Tariff

Tariff

Location

# of Parking Spaces

½

1

2

3

4

5

24

Zone A

Arjan

435

2 AED

4 AED

8 AED

12 AED

16 AED

-

-

Jaddaf Waterfront

283

Al Sufouh Gardens

125

ZoneB

Arjan

887

-

3 AED

6 AED

9 AED

12 AED

15 AED

20 AED

DLRC

1,768

Majan

2,140

Liwan 1&2

1,706

Al Sufouh Gardens

112

Total New Spaces

7,456

 

As was previously disclosed by the Company, the number of developer-owned parking spaces operated and managed during H1 2024 was expected to decrease from c.17,800 to c.10,000. This is due to a change in the terms of an agreement with a developer in the Al Sufouh area, where off-street spaces previously operated and managed by Parkin are being redistributed by the developer for the benefit of its own commercial tenants. However, thanks to the strategic partnership announced today, the additional new parking capacity serves to maintain the number of developer-owned spaces at similar levels to year end 2023.