Parkin Dubai: Electric vehicle owners may soon have to pay for public parking

With the growth of electric vehicles (EV) in Dubai, Parkin PJSC – operator of public parking spaces across the emirate – is exploring opportunities for monetisation in the EV sector, the company said on Tuesday.

Effective implementation of tariff optimisation is a key growth opportunity for Parkin, which announced expanding its business and services, following the launch of an initial public offering (IPO) and listing on the Dubai Financial Market (DFM).

Free for a limited time

Currently, there are public parking spaces allocated for free for a limited time across Dubai for electric cars. These parking spaces – painted in green to signify its exclusive use for eco-friendly vehicles – can only be used for a maximum of four hours at a time.

Aside from public parking spaces, several malls, offices and government compounds also have spots reserved for EVs. A fine of Dh1,000 fine is given to non-EV cars that occupy these reserved green parking slots.

Parkin, which currently manages a combined 197,000 paid public and private parking spaces, operates across six operating verticals, including public on-street and off-street parking, public multi-storey car parks, developer-owned parking lots, permits and seasonal parking subscriptions, parking reservations, and rental services.

Opportunities for monetisation

Parkin said exploring opportunities for monetisation will be done in collaboration with the Roads and Transport Authority (RTA) and Dubai Electricity and Water Authority (Dewa).

Based on its 49-year concession agreement, Parkin pays RTA a quarterly concession fee equal to 20 per cent of the Company’s revenue generated from paid public parking in Dubai, subject to inflation-linked adjustments.

According to Dewa, Dubai has seen a notable increase in the use of EVs since 2015, with 25,929 electric cars registered by the end of 2023 as compared to a mere 14 owners who registered for Dewa’s EV Green Charger initiative back in 2015.

• Dubai's Parkin IPO to open subscription on March 5