Parkin Company PJSC is planning to build more multi-level parking spaces in Dubai to provide alternatives for motorists during unstable weather conditions. The company executives mentioned that they are studying options to expand their platform, including the construction of multi-storey parking facilities. The company reported an 8% increase in revenues in the first quarter of the year, following a successful IPO in March. They are also in talks with the Roads and Transport Authority (RTA) and private developers to expand their parking platform, with an announcement to be made soon.
Dubai’s transport network was significantly impacted by the record-breaking rainstorm named ‘Hadeer’ last month, leading to congestion and flooding in low-lying areas. Parkin’s operations were also affected by the adverse weather conditions, resulting in an estimated Dh4 million revenue impact for the second quarter. However, the company assured that their assets were intact, and swift action was taken to minimize any disruptions caused by the heavy rainfall.
In addition to expanding their parking facilities, Parkin executives hinted at hiring more staff to adapt to future business opportunities. The company is exploring opportunities to grow their operations, diversify revenues, and enhance services for customers. They are also looking into partnering with Dubai Electricity & Water Authority (Dewa) to set up more electric vehicle (EV) charging stations across the emirate, as part of their commitment to sustainability and innovation.
Furthermore, Parkin is considering offering value-added services such as parking with car wash facilities to provide premium services to customers. The company continues to explore diversification and seek out other commercial revenue streams to benefit shareholders. The executives emphasized that any changes in parking fees or fines would require approval from the RTA and Dubai Executive Council to ensure fairness and alignment with Dubai’s social goals.
Ahmed Bahrozyan, chairman of Parkin’s Board of Directors, expressed confidence in the company’s future opportunities and its role in supporting Dubai’s growth story. He highlighted the progress in financial performance, operational excellence, and the potential for growth and diversification. Overall, Parkin is focused on enhancing its services, expanding its operations, and contributing to Dubai’s mobility infrastructure in the long run.
