Parkin signs deal to manage 3,600 Damac parking spaces

Parkin, the Dubai government’s parking management company, has signed a five-year agreement to manage nearly 3,600 parking spaces at Damac Properties developments in Dubai and Abu Dhabi.

The partnership is part of Parkin’s strategy to expand its footprint in the developer parking segment, the company said in a filing with the Dubai Financial Market.

As part of the deal, Parkin will manage nearly 500 on-street parking spaces in Damac Hills 1. It will also operate almost 2,700 spaces across 44 residential and commercial towers in Downtown, DIFC, Dubai Marina, Business Bay in Dubai, and Al Reem Island in Abu Dhabi.

Parkin will provide a combination of visitor and permit parking for short- and long-term users across Damac’s residential towers, commercial buildings and community malls. No details were given on the pricing of these spaces.

The locations will be fully integrated into the Parkin mobile app, enabling customers to manage and access parking services through a single, unified platform.

Integration will commence in the first quarter of 2026, the statement said.

Further reading:

• Parkin proposes $77m dividend for second half 2024
• Parkin to build 3,000 parking spaces in Sports City
• Parkin to deploy 200 ‘ultra-fast’ EV chargers in Dubai

In November Parkin revised revenue guidance upwards for 2025, expecting to generate between AED520 and AED550 million ($142-150 million), compared with AED405 million in 2024, driven by the positive impact of variable pricing.

Annual enforcement revenue is likely to range from AED360 million to AED390 million, up from AED249 million in 2024 and above the previously guided range of AED275 to AED305 million.

Parkin listed a 25 percent stake on the Dubai Financial Market in March 2024. The company’s shares, at AED5.94 on Thursday, are up 16 percent year-to-date.