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A seven-storey barrierless smart parking facility with 350 parking spaces will be built in Dubai's Al Sabkha area, Parkin Company announced on Tuesday.
Public parking operator Parkin said it has entered into a memorandum of understanding with Dubai Endowments and Minors’ Trust Foundation (Awqaf Dubai) for the development of the new multi-storey car park in the area, which is located in the busy Deira district.
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The parking facility will occupy an area that spans approximately 175,000sqft, and a further 9,600sqft will be dedicated to retail space on the ground floor, driving additional revenues for Parkin, the company said it a statement.
“Over a 25-year period, it is expected that the venture will generate Dh200 million for Awqaf Dubai," Parkin said. “Under the agreement, Awqaf Dubai will provide the financial backing for the development of the asset, while Parkin will leverage its market-leading expertise to manage, operate and maintain the barrierless smart parking facility.
Subject to planning approval, the construction could commence as soon as second half of 2025, with an expected build time of approximately two years, added Parkin.
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