Parkin manages more than 200,000 paid parking spaces across Dubai. Chris Whiteoak / The National
Parkin manages more than 200,000 paid parking spaces across Dubai. Chris Whiteoak / The National
Parkin manages more than 200,000 paid parking spaces across Dubai. Chris Whiteoak / The National
Parkin manages more than 200,000 paid parking spaces across Dubai. Chris Whiteoak / The National

New 24-hour paid parking zone introduced in Dubai


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A new 24-hour paid parking zone has been introduced in Al Khail Gate, Dubai.

Parkin, the emirate’s public parking operator, announced the addition on Instagram and said the area was labelled as 365N. Users will be charged a daily rate of Dh30 ($8.16), including on Sundays.

In April, Parkin’s variable fees came into effect across Dubai. Peak pricing applies for six of the 14 chargeable hours each day, from 8am to 10am and from 4pm to 8pm. Unlike the new zone, Sundays and public holidays are often exempt from charges.

Tariffs during the off-peak hours of 10am to 4pm and from 8pm to 10pm remain unchanged. Parking will continue to be free from 10pm to 8am. Public parking in Dubai is mostly divided into four zones: A, B, C and D.

What is Parkin?

The company, set up in January 2024 to manage the emirate’s parking infrastructure, has asked drivers to check updated zone codes when parking or to refer to the Parkin website and app.

Parkin manages more than 200,000 paid parking spaces across Dubai, including public parking and public multistorey car parks, as well as some privately owned parking spaces under long-term contracts.

The company's other revenue streams include the enforcement and issuance of seasonal permits, parking reservations and other commercial activities. Its revenue jumped by nearly a third in February because of a major increase in the number of fines issued in the final three months of 2024.

Parkin said it imposed about 509,000 fines in the final quarter of 2024, up 60 per cent on the 317,400 fines handed out in the last three months of 2023. The amount levied in fines rose to Dh77 million in the final quarter of 2024, up from Dh44.8 million in the last three months in 2023.

The increase was partly the result of “technology-based improvements to our enforcement framework”, the company said. A vital aspect of this are the smart scan inspection cars run by Parkin, which operates more than 90 per cent of Dubai’s on and off-street paid parking, in public areas and in car parks owned by developers.

By the end of last year, the fleet had grown to 25 vehicles. “These vehicles have expanded the company’s ability to undertake enforcement across new areas and with higher accuracy, reducing reliance on physical inspections,” Parkin said in a statement.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

All or Nothing

Amazon Prime

Four stars

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

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BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

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Updated: July 09, 2025, 2:20 AM