UAE authority announces potential expansion of paid parking with Parkin IPO

Parkin PJSC intends to expand its operations by exploring various prospects with private developers throughout Dubai following the announcement on Tuesday regarding its forthcoming initial public offering (IPO).

The Parkin PJSC has unveiled its expansion strategy, aiming to broaden its revenue sources beyond parking rentals by venturing into various commercial services. After announcing its upcoming initial public offering (IPO) earlier this week, Parkin is now eyeing several growth opportunities with private developers across Dubai.

Currently overseeing 197,000 on-and-off street paid parking spaces in Dubai, Parkin manages a total of over 600,000 paid and free parking slots throughout the city. Free parking areas will remain unaffected for now, with any decision to transition them into paid zones falling under the purview of the Roads and Transport Authority (RTA), according to a senior official.

Ahmed Hashem Bahrozyan, chairman of Parkin’s Board of Directors, emphasized that the implementation of paid parking services would be contingent upon demand. Should specific communities or areas experience growth necessitating better management of parking supply and demand, Parkin would consider introducing paid parking options.

In addition to its core parking management responsibilities, Parkin intends to leverage Dubai’s expansion plans by diversifying its revenue streams. This entails exploring opportunities to rent out space in multi-storey car parks for shops and other commercial purposes.

Furthermore, Parkin plans to introduce long-term customer permits for car rental companies and premium parking services like valet and pre-booking facilities in high-demand areas. Expanding its reach beyond Dubai, Parkin aims to extend its parking management services regionally and internationally through collaborations with both private and public developers. Target areas for expansion include emerging residential communities as well as established assets such as shopping malls, airports, and other high-traffic facilities.

Read also: Dubai Parkin IPO to launch subscription on March 5

Follow Us on Follow Akhbrna News at Google News
Join Telegram channel