The operator of public parking lots in the emirate, Parkin PJSC, is looking at ways to monetize the EV industry in light of the rising popularity of electric cars (EVs) in Dubai, the firm announced on Tuesday. Parkin, which announced growing its company and services after launching an initial public offering (IPO) and listing on the Dubai Financial Market (DFM), sees effective tariff optimisation implementation as a major development potential.
There are now free public parking spots for electric cars available in Dubai for a certain period of time. These parking spots are limited to four hours of use at a time and are painted green to indicate that they are exclusively available to eco-friendly cars. In addition to open parking lots, there are EV spots designated at a number of shopping centres, workplaces, and government buildings. Non-EV vehicles that park in these designated green spaces are fined Dh1,000.
Operating across six verticals, Parkin currently oversees 197,000 paid public and private parking spaces. These verticals include developer-owned parking lots, public multi-story car parks, permits and seasonal parking subscriptions, parking reservations, and rental services.
According to Parkin, the Dubai Electricity and Water Authority (Dewa) and the Roads and Transport Authority (RTA) would work together to explore potential for monetisation. For its part, Parkin stated that it is dedicated to achieving net zero operations by 2050 with the implementation of fully solar-powered charging stations, paperless tickets and penalties, a shift to a fleet of hybrid vehicles, and the expansion of smart parking inspection capabilities.
