Parkin, the company set up by Dubai to oversee parking operations in the emirate, has teamed up with conglomerate Majid Al Futtaim to introduce barrier-free parking systems at three malls, as it seeks to expand outside its core public operations.
The systems will be implemented at Mall of the Emirates in Al Barsha, City Centre Deira and City Centre Mirdif by January 1, 2025, under a five-year contract, Parkin said on Wednesday in a regulatory filing to the Dubai Financial Market, where its shares trade.
Parking fees at the malls will remain unchanged. The move is aimed at supporting the infrastructure for the estimated 20 million annual vehicle that park across about 21,000 parking spaces at the three malls, the company said.
The new smart systems are aimed at reducing congestion and enabling “smooth” traffic flow, “enhancing the overall customer experience at some of the busiest and well-known retail locations in Dubai”, Mohamed Al Ali, chief executive of Parkin, said.
“This strategically important agreement … underscores our ability to deliver growth outside of our core public parking market,” he said, adding that Parkin will continue to explore “attractive” partnership opportunities.
Parkin is the largest provider of paid public parking facilities and services in Dubai, operating about 200,000 paid parking spaces. The company's other revenue streams include enforcement and issuance of seasonal permits, parking reservations and other commercial activities.
The company started trading on the DFM in March, surging 30 per cent on its debut. As part of the emirate’s critical infrastructure, Parkin is central to Dubai’s growth plans, and its IPO is among a strategy of growing the emirate's financial market to Dh3 trillion ($816.8 billion).
Shares of the company have nearly doubled to date, and were up more than 2 per cent at Dh4.07 at midday trading on Wednesday.
As part of the new parking system, visitors at the three malls will no longer need to wait at the barriers when entering or exiting mall car parks. Cameras will automatically capture licence plates, tracking each vehicle’s progress and duration of stay, Parkin said.
Customers will be informed about parking costs upon entry by SMS or via Parkin’s mobile app. Parking charges can be made through Parkin’s app or its website, the statement said.
The new parking system is “one of the many smart solutions that we will introduce at our malls”, said Khalifa bin Braik, chief executive of Majid Al Futtaim's asset management unit.
Majid Al Futtaim currently owns and operates 29 shopping malls across the Middle East and Africa region.
