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Parkin IPO: Changes Expected in Dubai’s Parking Fees, Fines, and Zones

Parkin Shares Soar Over 30% on Debut Trading Day on Dubai Financial Markets

As Dubai’s economy continues to expand, the demand for parking spaces is set to increase significantly. In response to this growing demand, Parkin PJSC, the sole operator of public parking spaces in Dubai, has announced its initial public offering (IPO) on the Dubai Financial Market. Here’s how Dubai’s parking landscape could change in the near future:

1. Increase in Paid Parking Spaces: Parkin aims to develop new paid parking spaces to meet the rising demand. Premium zones may command higher parking fees, and the company plans to establish agreements with private developers to expand parking infrastructure across the city.

2. Transition of Free Parking Areas: At present, areas enjoying free parking will remain unchanged. However, the decision to convert them into paid parking zones will depend on factors such as supply and demand. The Roads and Transport Authority (RTA) will oversee this transition.

3. Tariff Adjustments: To protect against inflation impacts, Parkin will request tariff adjustments every two years. Any changes in tariffs must be approved by the Executive Council of Dubai to ensure alignment with social goals and investor interests.

4. Exploration of EV Parking Monetization: Parkin is exploring opportunities to monetize electric vehicle (EV) parking. While EVs currently enjoy free parking for a limited time, Parkin aims to collaborate with the RTA and Dubai Electricity and Water Authority (Dewa) to explore monetization options.

5. Expansion into New Areas: Parkin plans to expand its services to malls, airports, and other high-traffic facilities. With 30 years of experience and end-to-end solutions, the company is well-equipped to manage parking operations in various settings.

6. Improvement in Fines Collection: Parkin has digitized surveillance and enforcement efforts, including the deployment of smart parking inspection scan cars and lots. The company aims to enhance enforcement capabilities to increase customer compliance and improve fines collection.

With approximately 90% of transactions conducted digitally, Parkin offers multiple payment channels for parking fees, ensuring convenience and accessibility for customers.

As Dubai’s parking infrastructure evolves to meet the demands of a growing city, Parkin’s initiatives are poised to enhance efficiency, accessibility, and compliance in the parking sector.

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