The Ministry of Interior has a satellite-powered mobile unit in each of the seven emirates to deal with any contingency
uae17 hours ago
Residents in six key neighbourhoods in Dubai will soon have more paid parking spaces but will have to pay higher fees for the premium spots. After a successful IPO, Parkin Company has secured a deal to operate and manage over 7,000 parking spaces across Dubai.
Under the four-year agreement, Parkin will oversee the operation, management, and enforcement of the parking spaces of a total of 7,456, with exclusive rights to issue fines for non-compliance with parking regulations.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The implementation process will involve some civil work such as installing parking meters, signage, road markings, and bollards as needed. The full operation, management, and enforcement of these spaces are expected to be completed by the end of next month.
The new developer-owned parking locations will be operational from 8am to 10pm, Monday to Saturday. The tariffs for the new locations are as follows:
Eng Mohamed Abdulla Al Ali, CEO of Parkin, highlights this agreement as a crucial step in the company's growth strategy, emphasising the potential for revenue growth and the opportunity to demonstrate operational excellence and technological prowess.
He said: "While our developer-owned parking segment currently accounts for less than 10% of total revenues, paid parking in private developer areas represents a significant growth opportunity for Parkin and offers the chance to showcase our operational excellence, technological know-how and enforcement capability our business is renowned for."
As previously announced, Parkin anticipated a decrease in the number of developer-owned parking spaces managed during the first half of 2024, from approximately 17,800 to around 10,000. This reduction was due to the change in the terms of agreement with a developer in the Al Sufouh area, where off-street spaces previously managed by Parkin are being reallocated by the developer to cater to its commercial tenants.
However, with the introduction of the new partnership announced today, the additional new parking capacity serves to maintain the number of developer-owned spaces at similar levels to year end 2023.
ALSO READ:
The Ministry of Interior has a satellite-powered mobile unit in each of the seven emirates to deal with any contingency
uae17 hours ago
On Tuesday, Mohre announced that the Islamic New Year holiday will be on July 7 for the private sector
uae19 hours ago
His friends rushed him to the closest piece of land, the Moon Island, which is located 70 km away from the coast
uae1 day ago
Usually, proms are organised for students that have written board exams, at the end of their school year
uae1 day ago
Corporate tax applies to juridical persons incorporated in the Emirates and to foreign entities that are effectively managed and controlled in the country
uae1 day ago
The exact cause of Salma’s cancer remains multifactorial, potentially involving family history and hormonal imbalances
uae1 day ago
Rents in both emirates have been on the rise after the pandemic due to the influx of foreign professionals and high-net-worth individuals
uae1 day ago
The facility is supported by M42’s Environmental Sciences team and is located at the Central Testing Laboratory (CTL) in Masdar City
uae1 day ago