Parkin, the company set up to oversee parking operations in Dubai, has signed an initial agreement with Batic Investment and Logistics Company, a Saudi Arabian investment entity listed on the Tadawul exchange, to optimise traffic flow in the kingdom as it seeks to grow its international footprint.
The partnership aims to combine Parkin’s operational capabilities with the local public parking network managed by Smart City Solutions Company, a Batic subsidiary and Saudi Arabia’s largest paid public parking provider, the companies said in a statement on Monday.
This collaboration will focus on implementing digital technologies to optimise traffic flow and enhance user experience, it added.
The companies will assess opportunities to expand paid parking services in the kingdom by collaborating with municipalities, real estate developers, operators of shopping centres, hotels, and other venues.
Mohamed Al Ali, chief executive of Parkin, said the partnership will deliver “scalable and customer-focused parking solutions” that will benefit both residents and visitors in the kingdom and support economic growth.
Parkin is the largest provider of paid public parking facilities and services in Dubai, operating about 207,000 paid parking spaces and accounting for more than 90 per cent of the emirate's on and off-street paid parking market. It operates about 180,000 on and off-street parking spaces, and close to 24,000 spaces across developer-owned parking lots.
The company's other revenue streams include enforcement and issuance of seasonal permits, parking reservations and other commercial activities.
The company started trading on the Dubai Financial Market in March, surging 30 per cent on its debut. As part of the emirate’s critical infrastructure, Parkin is central to Dubai’s growth plans, and its initial public offering is part of a strategy of growing the emirate's financial market to Dh3 trillion ($816.8 billion).
Shares of the company were trading at Dh4.78 at 12.25pm UAE time on Monday.
The agreement in Saudi Arabia represents “a key step” in Parkin’s international growth strategy and aligns with Batic’s commitment to maintain market share while advancing smart city initiatives under Saudi Vision 2030, said the statement.
The partnership will deliver scalable and customer-focused parking solutions that will benefit both residents and visitors in the kingdom
Mohamed Al Ali,
chief executive, Parkin
The collaboration will prioritise the adoption of advanced digital technologies, including artificial intelligence, real-time data analysis, digital gates, sensors and smart cameras to simplify parking, improve utilisation and reduce congestion, Parkin said.
The agreement enables both parties to evaluate collaboration opportunities, identify synergies and to seek any legal or regulatory necessary approvals.
Mohammed Al Zamil, managing director and group chief executive of Batic, said that the collaboration would enable the company to optimise the delivery of parking services and reduce congestion.
Smart City Solutions Company has a portfolio of 195,000 parking spaces across Riyadh, Dammam, Khobar, Dhahran and Buraydah, according to the statement.
The move to Saudi Arabia comes as Dubai’s Roads and Transport Authority introduced variable parking fees in areas operated by Parkin. It increased parking rates to Dh6 an hour for premium spaces and Dh4 an hour for public spaces during morning and evening peak hours. This will come into effect at the end of March.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
RESULTS
6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).
7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.
7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.
8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.
8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.
9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.
10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
England XI for second Test
Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
MATCH INFO
Champions League quarter-final, first leg
Manchester United v Barcelona, Wednesday, 11pm (UAE)
Match on BeIN Sports
