Parkin company will be developing new paid spaces across the Emirate to meet surging demand

The leading supplier of paid parking facilities and services in the Emirate, Parkin Company, said on Tuesday that by 2033, the demand for parking in Dubai will have increased by 60%. One of the main factors driving the company's growth is the creation of new paid spaces around the Emirate to satisfy this demand. More paid parking spots in the city may result from this. 

The ability to "effectively implement tariff optimisation" presents another growth potential. This involves designating certain normal tariff zones as "premium" ones per local occupancy rates. Parking costs may be higher in premium zones.

As Dubai grows, the business said it would also look at several options to extend existing contracts and forge new ones with private developers there. Parkin and the RTA have a 49-year concession deal that grants the business the sole right to run all paid public off-street parking lots, public multi-story parking lots, and on-street parking.

As of December 31st, Parkin has over 197,000 paid parking spots available in Dubai. Within these parking facilities, the corporation is in charge of collecting fines and enforcing their issue. To "further expand enforcement capabilities to increase customer compliance," the corporation plans to invest in technology. 

Parkin is the sole supplier in Dubai with the authority to impose relevant fines. The collection of penalties and enforcement account for about 23% of company earnings. In 2023, it collected 99 percent of the penalties imposed on automobiles in the United Arab Emirates. The corporation has used digital technologies for monitoring and enforcement, such as smart parking lots and smart automobiles with inspection scans.