The demand for parking in Dubai is anticipated to increase by 60 per cent by the year 2033, as stated by Parkin, the largest provider of paid parking facilities and services in the Emirate. To address this growing demand, the company plans to develop new paid spaces across Dubai, potentially resulting in an expansion of paid parking facilities in the city.
One key growth strategy involves the effective implementation of tariff optimization. This includes considering the reclassification of standard tariff zones as "premium" based on occupancy rates in specific areas, allowing premium zones to command higher parking fees. Parkin also intends to explore opportunities to expand existing agreements and establish new ones with private developers throughout Dubai as the city continues to grow.
It is emphasized that areas currently enjoying free parking will remain free, and any decision to introduce paid parking in these areas will be determined by the Roads and Transport Authority (RTA), according to a senior official.
Ahmed Hashem Bahrozyan, Chairman of Parkin's Board of Directors, explained that the implementation of paid parking is contingent on demand. "If a certain community or area grows, and there is a need to have paid parking to regulate supply and demand, we will study to implement paid parking services."
Parkin holds a 49-year concession agreement with the RTA, granting exclusive rights to operate all paid public on-street parking, off-street parking, and public multi-storey car parks. The company recently announced its intention to proceed with an initial public offering (IPO) and list its ordinary shares for trading on the Dubai Financial Market (DFM). As of December 31, Parkin operated around 197,000 paid parking spaces in Dubai, overseeing enforcement, fine issuance, and collection within these facilities.