Dubai – Mubasher: Parkin Company has entered into an agreement with a private developer to offer parking services at new six key locations in the Emirate of Dubai, according to a press release.
In line with the company’s targeted growth strategy, Parkin’s portfolio will include nearly 7,500 new private developer-owned parking spaces.
Following the deal, the company’s total developer-owned parking will stand at nearly 17,500 spaces. It is expected to be fully phased in by the end of July 2024.
Mohamed Abdulla Al Ali, CEO of Parkin, commented: “Following our record-breaking IPO, this new private developer agreement is a testament to the considerable efforts of the senior management team in progressing our 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 for Parkin and offers the chance to showcase our operational excellence, technological know-how and enforcement capability our business is renowned for,” Al Ali continued.
He underlined: “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.”
Under the agreement, Parkin will operate and manage a total of 7,456 new developer-owned parking spaces for a contractual period of four years.
Last month, Dubai Electricity and Water Authority (DEWA) and Parkin teamed up to expand the number of electric vehicle (EV) charging stations in Dubai.
