Parkin's Dubai Parking Expansion
Parkin, the public joint stock company responsible for managing public parking spaces in Dubai, is embarking on a significant expansion strategy to extend its services to privately owned developments such as shopping malls, airports, and other high-traffic facilities. Led by Chairman Ahmed Hashem Bahrozyan, the company aims to leverage its expertise and technology to compete for parking services in these private establishments.
Established as a PJSC in January, Parkin holds a 49-year concession agreement with Dubai's Roads and Transport Authority (RTA) to oversee all existing and new public parking facilities in the city. Currently operating approximately 179,000 paid public parking spaces, Parkin also manages around 18,000 parking spaces across seven contracts with private developers. With substantial potential for expansion in existing and developing areas, Parkin is poised to play a pivotal role in Dubai's urban mobility landscape.
However, Bahrozyan emphasized that the decision to implement paid parking services in shopping malls or hypermarkets remains at the discretion of the property developers. While Parkin seeks to compete for parking contracts in these private developments, the ultimate choice between paid or free parking lies with the management of the respective establishments.
In response to questions, Parkin CEO Mohammed Al Ali affirmed the company's proactive approach in exploring opportunities to enhance agreements with private developers. Al Ali highlighted Parkin's dominance in managing a significant portion of Dubai's parking operations, affirming the feasibility of expanding services to shopping malls given its extensive experience and infrastructure.
Al Ali also emphasized Parkin's commitment to innovation and digitalization in parking management. With 90% of transactions conducted digitally, Parkin offers multiple payment channels including parking meters, RTA App, QR codes, WhatsApp, seasonal parking cards, SMS, ApplePay, and card payments. The company also employs digital surveillance and smart parking inspection technologies, along with AI tools to estimate parking availability for electric vehicle customers and People of Determination.
Moreover, Parkin has mechanisms in place to address inflation impacts, with a formal process for tariff adjustments every two years to reflect cumulative inflation effects. Any proposed tariff changes require approval from Dubai's Executive Council to ensure alignment with social objectives and investor protection.
In summary, Parkin's expansion into privately owned developments marks a significant milestone in Dubai's parking management landscape. With its commitment to innovation, digitalization, and seamless mobility solutions, Parkin aims to enhance the parking experience and contribute to Dubai's ambitious growth plans for decades to come.
By: Sahiba Suri
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