Parkin and AWQAF Dubai to Develop Multi-Storey Parking Facility

Parkin, the largest provider of paid public parking facilities and services in Dubai, has signed a Memorandum of Understanding with Dubai Endowments and Minors’ Trust Foundation (AWQAF Dubai), the Dubai endowment authority, for developing a new multi-storey car park (MSCP) in Al Sabkha, Dubai.

Parkin will oversee project implementation, operation and management and the development could commence as soon as H2 of 2025, subject to planning consent and will be completed in two years. The venture is expected to generate $54.45 million for AWQAF Dubai over a period of 25 years as well as an accretive return profile for Parkin once operational, which would increase over the duration of the venture, Parkin said in a regulatory filing with Dubai Financial Market (DFM) on Tuesday.

Under the agreement, AWQAF Dubai will provide the financial backing for the development of the asset, while Parkin will leverage its market-leading expertise to manage, operate and maintain the barrier-less smart parking facility.

Cutting Edge Technology

The new MSCP will occupy approximately 175,000 sq. ft. of space, with 350 parking spaces across seven floors. A further 9,600 sq. ft. will be dedicated to retail space on the ground floor, driving additional ancillary revenues. The MSCP will offer cutting-edge parking technology and premium services helping to maximise the return on investment for AWQAF Dubai.

Parkin’s existing public parking portfolio includes a number of MSCPs, strategically located in some of the most densely populated areas of the Emirate, close to commercial offices, retail outlets, hotels and public transport hubs, effectively capturing local parking demand. MSCPs operate around the clock throughout the year, with charges applicable at all times.

This initiative builds upon AWQAF Dubai’s commendable experience of financing and successfully executing real estate projects, including shopping malls, residential properties, retail spaces and mosques. In line with previous partnerships, this collaboration aligns with Dubai’s vision for diversified and sustainable endowment growth, contributing to both economic prosperity and community well-being.

Diversifying Investments

Sustainable Parkin CEO Mohamed Abdulla Al Ali said that their smart, sustainable parking solutions will diversify endowment investments, enhancing returns, while supporting the city’s societal and economic development. As one pillar of our diversified growth platform, we remain committed to leveraging our unrivalled expertise and technology to explore further partnership opportunities in this expanding sector.

AWQAF Dubai Secretary General Ali Mohammed Al Mutawa said that through their partnership with Parkin, they aim to develop impactful infrastructure projects that strengthen AWQAF Dubai’s efforts to diversify endowment investments, supporting Dubai’s broader strategy for sustainable development as well as reflecting our dedication to social responsibility and community progress.