Dubai's public parking operator has agreed to a five-year partnership with Damac Properties to manage 3,600 paid parking spaces in its residential developments.
The deal with one of the UAE's leading real estate developers will enable Parkin to make its first inroads into the Abu Dhabi market, marking a significant expansion of its network.
Parkin will oversee about 500 on-street parking spaces in Damac Hills 1, a popular gated community comprising villas, townhouses and apartments. Under the agreement, Parkin will manage paid parking areas a another 44 residential and commercial towers, including sites in Downtown Dubai, DIFC, Dubai Marina and Business Bay, as well as Reem Island in Abu Dhabi.
Parkin will offer a mix of short and long-term visitor and permit parking at Damac's residential towers, commercial buildings and malls. The parking services will be integrated with Parkin's app.
Parking plan to launch next year
Parkin said the new zones would be introduced early next year and would include parking enforcement monitoring and the use of automatic number plate recognition technology.
“This five-year partnership with Damac is a strong endorsement of Parkin’s three decades of expertise in technology, operations and enforcement," said Parkin chief executive Mohamed Al Ali. "In addition, expanding into Abu Dhabi marks a milestone in our growth strategy, as we extend our reach beyond Dubai."
Expansion in the UAE
Parkin was selected by the Dubai government to oversee the emirate's paid parking network in January 2024. Parkin manages more than 200,000 spaces across Dubai, including public parking and multistorey car parks, as well as some privately owned parking spaces.
In April, Parkin announced variable fees in Dubai, including peak pricing for six of the 14 chargeable hours each day, from 8am to 10am and 4pm to 8pm. Sundays and public holidays are excluded.
The company's other revenue streams include the enforcement and issuance of seasonal permits, parking reservations and other commercial activities.
In January, Parkin introduced barrier-free parking systems at three malls in partnership with conglomerate Majid Al Futtaim. The systems were put in place at Mall of the Emirates, City Centre Deira and City Centre Mirdif under a five-year contract.
In August, Parkin linked up with Dubai Holdings on a plan to introduce 29,600 more paid parking spaces. Parkin said the zones were to be introduced in response to the emirate's sustained population boom.
It also manages 2,100 paid parking spaces across 59 sites at Dubai mosques, in a move that came into effect in August.
Parkin’s total income in the third quarter of this year was a record Dh343.3 million ($93.5 million), up by 43 per cent compared with the same period in 2024. Net profit surged by 50 per cent to Dh157 million.
Parkin is also working with Dubai Police to help find vehicles linked to outstanding fines, crimes and traffic offences. The force said in October that the agreement would connect police traffic management systems with the company's smart parking and payment platforms.
The system will help police identify vehicles with outstanding fines or seizure orders as soon as they use Parkin sites. It will also help detect vehicles wanted in connection with criminal or traffic cases.
