Residents in six key neighborhoods in Dubai will soon see an increase in paid parking spaces, albeit with higher fees for premium spots. This development follows Parkin Company’s successful IPO and a new agreement to manage over 7,000 parking spaces across the city.
Under the four-year contract, Parkin will oversee the operation, management, and enforcement of 7,456 parking spaces. The company also gains exclusive rights to issue fines for non-compliance with parking regulations. The process will involve installing parking meters, signage, road markings, and bollards where necessary. The full operation is expected to be up and running by the end of next month.
Eng Mohamed Abdulla Al Ali, CEO of Parkin, described the agreement as a crucial step in the company’s growth strategy. “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. This deal allows us to showcase our operational excellence, technological know-how, and enforcement capability,” he said.
Earlier this year, Parkin announced a reduction in the number of developer-owned parking spaces managed during the first half of 2024. The number decreased from approximately 17,800 to around 10,000 due to changes in terms with a developer in the Al Sufouh area, reallocating off-street spaces to its commercial tenants.
However, the new partnership helps maintain the number of developer-owned spaces at levels similar to the end of 2023. This ensures that Parkin continues to play a significant role in Dubai’s parking management landscape.
Residents should prepare for the new changes and anticipate the installation of new parking infrastructure soon. The move is expected to ease parking challenges in busy neighborhoods while providing Parkin with an opportunity for revenue growth and operational expansion.
