6 new areas to get paid parking spaces with higher fees by July

parking spaces in Dubai

Residents in six key neighborhoods in Dubai will soon experience an expansion in the availability of paid parking spaces. However, this convenience comes with a price, as higher fees will be enforced for premium spots. Following a successful initial public offering (IPO), Parkin Company has sealed a deal to manage and operate over 7,000 parking spaces across Dubai.

Under the terms of a four-year agreement, Parkin will assume responsibility for overseeing the operation, management, and enforcement of a total of 7,456 parking spaces. Additionally, the company will be granted exclusive rights to issue fines for violations of parking regulations.

The implementation process will entail various civil works, including the installation of parking meters, signage, road markings, and bollards as deemed necessary. The comprehensive operation, management, and enforcement of these spaces are slated for completion by the conclusion of next month.

The new developer-owned parking locations will be accessible from 8 AM to 10 PM, Monday through Saturday. The tariffs for these new locations have been outlined as follows:

Mohamed Abdulla Al Ali, CEO of Parkin, regards this agreement as a pivotal stride in the company's growth strategy. He emphasizes the potential for revenue expansion and underscores the opportunity to demonstrate operational excellence and technological proficiency.

Al Ali remarked, "While our developer-owned parking segment presently constitutes less than 10% of total revenues, paid parking in private developer areas presents a substantial growth prospect for Parkin. It provides us with the opportunity to showcase our operational proficiency, technological prowess, and enforcement capability, qualities for which our business is renowned."

As previously disclosed, Parkin had projected a reduction in the number of developer-owned parking spaces managed during the first half of 2024. This decrease, from approximately 17,800 to around 10,000 spaces, was attributed to a modification in the terms of agreement with a developer in the Al Sufouh area. In this case, off-street spaces previously managed by Parkin were reallocated by the developer to accommodate its commercial tenants.

However, with the announcement of the new partnership, the introduction of additional parking capacity serves to maintain the number of developer-owned spaces at levels similar to those observed at the end of 2023.