Parkin Expands Private Developer Portfolio, Adds 7,456 New Parking Spaces in Dubai
- Business Deals Infrastructure Regional
Global Business Magazine- 4 minutes read
Parkin Company, the largest provider of paid public parking facilities and services across Dubai, on Thursday said that it has entered into an agreement with a private developer for the exclusive provision of parking services at new six key locations in Dubai.
As part of Parkin’s targeted growth strategy, around 7,500 new private developer-owned parking spaces are being added to Parkin’s portfolio across the above said in Dubai, Parkin said in a disclosure with Dubai Financial Market (DFM) this morning.
Taking into account the newly announced partnership, the Company’s total developer-owned parking will amount to 17,500 sites. Subject to light civil works, operation, management and enforcement is expected to be fully phased in by the end of July 2024
Parkin CEO Mohamed Abdulla Al Ali said that following their record-breaking IPO, this new private developer agreement is testament to the considerable efforts of the senior management team in progressing the company’s growth strategy.
While Parkin’s 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 the company and offers the chance to showcase its operational excellence, technological know-how and enforcement capability their business is renowned for, he said.
“As such, I am 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,” he added.
Contract for Four Years
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, will be operational from 8 am till 10 pm Monday to Saturday. In operating and managing the new spaces, Parkin has the exclusive right to issue fines in the event of noncompliance with applicable parking laws and regulations. The parking locations are Arjan, Jaddaf waterfront, Al Sufouh Gardens, DLRC, Majan and Liwan 1&2.
As disclosed by Parkin previously, the number of developer-owned parking spaces operated and managed during H1 2024 was expected to decrease from 17,800 to 10,000, 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 on Thursday, the additional new parking capacity serves to maintain the number of developer-owned spaces at similar levels to year end 2023.
