Dubai residents in six key neighborhoods will soon see an increase in paid parking spaces, accompanied by higher fees for premium spots. Parkin Company, following a successful IPO, has secured a four-year deal to operate and manage over 7,000 parking spaces across Dubai, reports Khaleej Times.
Under the agreement, Parkin will oversee 7,456 parking spaces, with exclusive rights to issue fines for non-compliance with parking regulations. The implementation process will involve civil works such as installing parking meters, signage, road markings, and bollards. Full operation, management, and enforcement of these spaces are expected to be completed by the end of next month.
The new parking locations will be operational from 8 am to 10 pm, Monday to Saturday. The tariffs for these spots are yet to be disclosed.
Eng Mohamed Abdulla Al Ali, CEO of Parkin, emphasized the significance of this agreement for the company’s growth. “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,” he said.
Previously, Parkin anticipated a reduction in the number of developer-owned parking spaces managed during the first half of 2024, from approximately 17,800 to around 10,000, due to changes in agreement terms with a developer in the Al Sufouh area. However, with the new partnership, the additional parking capacity maintains the number of developer-owned spaces at similar levels to the end of 2023.
The expansion of paid parking spaces is seen as a crucial step in Parkin’s growth strategy, enhancing their revenue potential and allowing them to demonstrate their operational and technological capabilities.