Parkin Company PJSC (“Parkin” or the “Company”), the largest provider of paid public parking facilities and services across Dubai, announces that it has entered into an agreement with a private developer for the exclusive provision of parking services at new six key locations in the Emirate of Dubai.
Key Highlights
• As part of the Company’s targeted growth strategy, c.7,500 new private developer-owned parking spaces are being added to Parkin’s portfolio across six new communities in Dubai
• Taking into account the newly announced partnership, the Company’s total developer-owned parking will amount to c.17,500 spaces
• Subject to light civil works, operation, management and enforcement is expected to be fully phased in by the end of July 2024
Eng. Mohamed Abdulla Al Ali, CEO of Parkin, celebrates a new private developer agreement, emphasizing its importance in advancing their growth strategy. Although developer-owned parking currently contributes less than 10% to revenue, it presents a significant growth opportunity. The partnership aims to improve urban life by providing effective parking solutions in Dubai's key areas.
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 are situated across six key communities in Dubai, to be operational from 08:00am to 10:00pm, Monday to Saturday. In operating and managing the new spaces, Parkin has the exclusive right to issue fines in the event of non-compliance with applicable parking laws and regulations. The tariffs for the new locations are as follows:
Hourly Tariff | |||||||||||
Tariff | Location | # of Parking Spaces | ½ | 1 | 2 | 3 | 4 | 5 | 24 | ||
Zone A | Arjan | 435 | 2 AED | 4 AED | 8 AED | 12 AED | 16 AED | - | - | ||
Jaddaf Waterfront | 283 | ||||||||||
Al Sufouh Gardens | 125 | ||||||||||
ZoneB | Arjan | 887 | - | 3 AED | 6 AED | 9 AED | 12 AED | 15 AED | 20 AED | ||
DLRC | 1,768 | ||||||||||
Majan | 2,140 | ||||||||||
Liwan 1&2 | 1,706 | ||||||||||
Al Sufouh Gardens | 112 | ||||||||||
Total New Spaces | 7,456 | ||||||||||
As was previously disclosed by the Company, the number of developer-owned parking spaces operated and managed during H1 2024 was expected to decrease from c.17,800 to c.10,000. This is 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 today, the additional new parking capacity serves to maintain the number of developer-owned spaces at similar levels to year end 2023.
News Source: Dubai Media Office
