Exclusive Parking Agreement Secured for Six New Locations in Dubai

Parkin Company PJSC, the largest provider of paid public parking facilities and services across Dubai, has recently signed an agreement with a private developer for the exclusive provision of parking services at six new key locations in the Emirate of Dubai.

In line with the Company’s growth strategy, approximately 7,500 new parking spaces owned by private developers will be added to Parkin’s portfolio across six new communities in Dubai. This partnership will bring the total developer-owned parking spaces managed by Parkin to around 17,500. The operation, management, and enforcement of these new spaces are expected to be fully phased in by the end of July 2024.

CEO of Parkin, Eng. Mohamed Abdulla Al Ali, has expressed the significance of this new agreement in advancing their growth strategy. While developer-owned parking currently contributes less than 10% to revenue, it presents a significant growth opportunity for the company. The aim of the partnership is to enhance urban life by providing effective parking solutions in key areas of Dubai.

Under the terms of the agreement, Parkin will manage a total of 7,456 new developer-owned parking spaces for a period of four years. Following some light civil works, such as the installation of parking equipment and signage, the operation, management, and enforcement of the new spaces will be fully implemented by the end of the next month.

The new parking locations will operate from 08:00 am to 10:00 pm, Monday to Saturday, across six key communities in Dubai. Parkin will have the exclusive right to issue fines for non-compliance with parking laws and regulations. The hourly tariffs for the new locations vary based on the zone and range from 2 AED to 20 AED.

Despite a decrease in the number of parking spaces operated and managed during the first half of 2024, Parkin has managed to maintain the total number of developer-owned spaces at a similar level to the previous year, thanks to this new strategic partnership.

The additional parking capacity provided by this agreement will play a crucial role in meeting the parking demands in Dubai’s key areas and improving the overall parking experience for residents and visitors alike.