The Company Expands with 4,700 New Parking Spaces and Plans Local Growth
Al Ali stated, “Parkin’s market valuation has tripled over the past 15 months since its listing on the Dubai Financial Market in March 2024, rising from 6.3 billion dirhams to nearly 20 billion dirhams, supported by consistent operational and financial performance over six consecutive quarters.”
He added, “The company’s revenue reached 593.3 million dirhams in the first half of this year, growing by 41% compared to 421 million dirhams during the same period in 2024. The total fines amounted to 178.6 million dirhams, representing 30% of total revenue, indicating the ongoing implementation of effective regulatory systems for managing public parking.”
The CEO anticipates that Parkin’s public parking revenue for this year will be between 520 and 550 million dirhams, reflecting a 30% increase from the previous year. Additionally, fine revenues are expected to range from 275 to 305 million dirhams, compared to 249 million in 2024.
He noted that the company is currently collaborating with several strategic partners to offer enhanced services, including electric vehicle charging in partnership with Dubai Electricity and Water Authority, as well as car washing, fuel supply, and smart parking services.
Regarding expansion plans, Al Ali reported, “Parkin has signed a strategic agreement with Dubai Holding to operate and manage around 31,000 new parking spaces in various residential complexes, increasing the number of developer-owned spaces in the company’s portfolio to approximately 50,000. Additionally, 900 new spaces were added in the second quarter of this year.” He expects to add between 3,000 to 4,000 more spaces through the Roads and Transport Authority in the second half of 2025 and mentions the reopening of the multi-story parking facility in Al Raqa in July 2025, which will provide 440 spaces utilizing smart entry and exit technology without barriers or tickets.