Residents in six key neighbourhoods in Dubai will soon have more paid parking spaces but will have to pay higher fees for the premium spots. After a successful IPO, Parkin Company has secured a deal to operate and manage over 7,000 parking spaces across Dubai.
Under the four-year agreement, Parkin will oversee the operation, management, and enforcement of the parking spaces of a total of 7,456, with exclusive rights to issue fines for non-compliance with parking regulations.
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The implementation process will involve some civil work such as installing parking meters, signage, road markings, and bollards as needed. The full operation, management, and enforcement of these spaces are expected to be completed by the end of next month.
The new developer-owned parking locations will be operational from 8am to 10pm, Monday to Saturday. The tariffs for the new locations are as follows:
Eng Mohamed Abdulla Al Ali, CEO of Parkin, highlights this agreement as a crucial step in the company’s growth strategy, emphasising the potential for revenue growth and the opportunity to demonstrate operational excellence and technological prowess.
He said: “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 previously announced, Parkin anticipated a decrease in the number of developer-owned parking spaces managed during the first half of 2024, from approximately 17,800 to around 10,000. This reduction was due to the change in the terms of agreement with a developer in the Al Sufouh area, where off-street spaces previously managed by Parkin are being reallocated by the developer to cater to its commercial tenants.
However, with the introduction of the new partnership announced today, the additional new parking capacity serves to maintain the number of developer-owned spaces at similar levels to year end 2023.