Dubai toll operator Salik has teamed up with Emaar Malls to deliver a parking management system at Dubai Mall in a move aimed at diversifying revenue streams and easing traffic for visitors.
Under the terms of the agreement, Salik’s technology will be used for parking at the mall, according to a joint statement on Friday.
This will feature automatic fee collection for ticketless parking, using vehicle plate recognition to deduct fees from Salik user accounts based on rules defined by Emaar Malls.
The system is expected to be in operation at Dubai Mall by the third quarter of 2024, the companies said.
“The project is important for the company’s strategy to offer sustainable and smart mobility solutions to drivers in Dubai, as well as our objective to diversify into complimentary revenue streams,” said Ibrahim Al Haddad, chief executive and board member of Salik.
“The solution eliminates the need for gates or barriers at Dubai Mall, helping to minimise congestion and traffic for customers. We are looking forward to building on the success of this initiative to expand the offering to other locations around the city.”
Salik was established in its current form as a public joint stock company in June 2022. Toll use represents about 87 per cent of its revenue.
Since July 2022, Salik has been operating as a separate legal entity from the Roads and Transport Authority through a 49-year concession agreement.
In September this year, Salik completed one year as a listed entity.
Salik raised Dh3.73 billion ($1 billion) in September 2022 from its initial public offering, which was more than 49 times oversubscribed across all tranches, with total gross demand at Dh184.2 billion.
The Dubai government sold more than 1.867 billion shares in the company, or 24.9 per cent, at Dh2 a share. The government retained a 75.1 per cent stake after the sale of the stake.
Salik “sees a compelling opportunity to expand further and is actively exploring options for growth in the private parking market in Dubai”, the statement said.
The private parking market in Dubai is estimated to span more than 50,000 parking spaces, it said.
Salik will seek to offer access control for residential and institutional parking, such as malls and businesses, as well as a platform for fee collection using an app and registration plates.
It currently has more than two million registered active accounts and four million active vehicles, meaning that no major customer acquisition will be needed since more than 90 per cent of Dubai vehicles are already registered with it, the company said.
Salik will be responsible for designing, financing, developing, installing and managing the parking management system, while Dubai Mall will provide the required infrastructure, office space and car park maintenance.
“Salik has the ability to provide our customers a seamless journey when visiting Dubai Mall,” said Ahmed Al Matrooshi, executive board member of Emaar Properties and general director of Emaar Foundation.
“Parking will be easier and more user-friendly with the introduction of Salik's transportation solution and expertise.”
Salik’s expected revenue from the project will be determined after Emaar Malls finalises the business rules for the initiative.
The project is important for the company’s strategy to offer sustainable and smart mobility solutions to drivers in Dubai
Ibrahim Al Haddad,
Salik chief executive and board member
The company reported a yearly increase of more than 5 per cent in its third-quarter profit, following record growth in revenue.
Net profit for the period jumped to Dh255 million, the company said in a regulatory filing to the Dubai Financial Market, where its shares are traded.
Revenue grew by more than 14 per cent to about Dh509 million as its revenue-generating trips grew about 15 per cent to reach Dh111 million, the highest third-quarter performance since Salik commenced operations in 2007, supported by continued strong growth in tourism and residency.
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Results
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Dias Karmanov (KAZ) beat Mabrook Rasea (YEM) by points 2-1.
Male 54kg Round 1
Yelaman Sayassatov (KAZ) beat Chen Huang (TPE) TKO Round 1; Huynh Hoang Phi (VIE) beat Fahad Anakkayi (IND) RSC Round 2; Qais Al Jamal (JOR) beat Man Long Ng (MAC) by points 3-0; Ayad Albadr (IRQ) beat Yashar Yazdani (IRI) by points 2-1.
Male 57kg Round 1
Natthawat Suzikong (THA) beat Abdallah Ondash (LBN) by points 3-0; Almaz Sarsembekov (KAZ) beat Ahmed Al Jubainawi (IRQ) by points 2-1; Hamed Almatari (YEM) beat Nasser Al Rugheeb (KUW) by points 3-0; Zakaria El Jamari (UAE) beat Yu Xi Chen (TPE) by points 3-0.
Men 86kg Round 1
Ahmad Bahman (UAE) beat Mohammad Al Khatib (PAL) by points 2-1
Men 63.5kg Round 1
Noureddin Samir (UAE) beat Polash Chakma (BAN) RSC Round 1.
Female 45kg quarter finals
Narges Mohammadpour (IRI) beat Yuen Wai Chan (HKG) by points.
Female 48kg quarter finals
Szi Ki Wong (HKG) beat Dimple Vaishnav (IND) RSC round 2; Thanawan Thongduang (THA) beat Nastaran Soori (IRI) by points; Shabnam Hussain Zada (AFG) beat Tzu Ching Lin (TPE) by points.
Female 57kg quarter finals
Nguyen Thi Nguyet (VIE) beat Anisha Shetty (IND) by points 2-1; Areeya Sahot (THA) beat Dana Al Mayyal (KUW) RSC Round 1; Sara Idriss (LBN) beat Ching Yee Tsang (HKG) by points 3-0.
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UAE currency: the story behind the money in your pockets
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
The candidates
Dr Ayham Ammora, scientist and business executive
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Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
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Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
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SHAITTAN
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Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
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Volvo ES90 Specs
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Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
The specs
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Engine: 5-litre V8
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Power: 520hp
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
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Dust storm
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Company%20profile
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
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- 52 v Australia at The Oval, August 14, 1948
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- 58 v New Zealand in Auckland, March 22, 2018
FROM%20THE%20ASHES
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
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Killing of Qassem Suleimani
