Dubai: Residents in six key neighborhoods in Dubai will soon see an increase in paid parking spaces, accompanied by higher fees for premium spots. Following a successful IPO, Parkin Company has secured a four-year contract to operate and manage 7,456 parking spaces across Dubai. The agreement grants Parkin exclusive rights to issue fines for parking violations.
The project will involve the installation of parking meters, signage and road markings, with full operations expected by the end of next month. The new parking spots will be available from 8 am to 10 pm, Monday to Saturday.
The tariffs are as follows:
Eng Mohamed Abdulla Al Ali, CEO of Parkin, emphasized the growth potential and the opportunity to showcase the company’s technological and operational capabilities. Although Parkin anticipates a reduction in developer-owned parking spaces in the first half of 2024, the new deal helps maintain their parking capacity at levels similar to the end of 2023.
The changes come as part of Parkin's strategy to boost revenue and demonstrate excellence in parking management and enforcement.