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Dubai parking fines hit Dh64.9 million in third quarter, mark 56% increase: Parkin

The company revealed that its smart inspection car fleet will increase to 24 active units by year-end

Published: Tue 12 Nov 2024, 11:15 AM

Updated: Tue 12 Nov 2024, 5:34 PM

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Image used for illustrative purpose. Photo: File

Image used for illustrative purpose. Photo: File

Parking fines issued in Dubai reached a total of Dh64.9 million in the third quarter of the year, marking a 56 per cent increase from Dh41.6 million in the same period in 2023, it was announced on Tuesday.

Dubai-based Parkin Company, the largest provider of paid public parking services in the emirate, said a total of 418,100 fines were issued in Q3, up 48 per cent from 282,800 in the same period last year.

For the first nine months of the year, the total value of fines rose 26 per cent to Dh172.1 million against Dh136.5 million in the same period last year, the company said.

In its Q3 report, Parkin discussed more service developments, including the expansion of its smart inspection car fleet.

Twenty-four more smart cars will be deployed by year-end to step up parking inspections, it added.

By the end of Q3 2024, the company’s existing fleet of inspection cars scanned a total of 5.7 million vehicle registration plates, a 47 per cent increase on the same period last year.

The number of vehicle licence plates scanned by inspectors in the quarter increased by 57 per cent to 4.7 million compared to 3 million in Q3 2023.

Parking also upgraded the software on the handheld inspection devices used by its enforcement team in July 2024. This operational initiative resulted in a material increase in the number of vehicle plates being scanned and the number of fines issued compared to prior periods.

It added that the new software reduced the manual element of the inspection process, speeding up inspection times and further optimising the enforcement process. The new software has also decreased the number of fines issued in error, increasing enforcement accuracy.

The total number of parking spaces at the end of Q3 2024 was around 207,300, up 6 per cent from the same period last year. Taking into account the ongoing announced reduction in some private developer spaces at Al Sufouh, the net increase amounted to around 4,300 spaces.

Parkin’s net profit increased 5 per cent to Dh104.7 million compared to Dh99.8 million in Q3 2023.

Ahmed Bahrozyan, chairman of Parkin, said with best-in-class capabilities, operational excellence and cutting-edge technology, Parkin is well-positioned to capture future market opportunities. “These opportunities are well supported by Dubai’s expanding population, increasing car ownership and continued investment in our world-class transport infrastructure. Going forward, we will continue to expand our vision to provide seamless, sustainable and innovative mobility solutions that support the Emirate’s accelerating economic growth and social development ambitions.”

Mohamed Al Ali, CEO of Parkin, added: “We continued to deliver profitable growth in the third quarter, with further additions to our parking space portfolio, record transaction volumes, higher public parking utilisation rates as well as improved efficiency and accuracy of our technologically advanced enforcement framework.”

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