Dubai: Dubai's Parkin could soon be expanding into a new market - Saudi Arabia.
The biggest provider of paid public parking facilities and services in Dubai has a MoU with BATIC Investment and Logistics Company, a Saudi entity listed on Tadawul with investments in logistics, transportation, parking, real estate, private and civil security services.
The UAE and Saudi companies will 'assess' opportunities to expand paid parking services in the Kingdom. This would mean collaborating with municipalities, Saudi developers, operators of shopping centres, hotels, and other venues.
BATIC has a parking portfolio of 195,000 parking spaces in five Saudi cities as of now. "Collaborating with the pre-eminent parking operator in the UAE will enable us to optimise the delivery of parking services across our asset base, reducing congestion," said Mohammed Alzamil, Managing Director and Group CEO of BATIC.
The planned collaboration will 'prioritise' the adoption of advanced digital technologies, such as 'real-time data analysis, digital gates, sensors and smart cameras to simplify parking, improve utilisation, reduce congestion and create a seamless parking experience for customers'.
"This MoU represents a key step in Parkin's international growth strategy and aligns seamlessly with BATIC's commitment to maintain market share while advancing smart city initiatives under Saudi Vision 2030," said a Parkin statement.
The move comes as the company gets into a major expansion mode. By the end of March next, there will be variable parking fees in areas operated by Parkin in Dubai. There was also the deal the company entered into with Majid Al Futtaim Group to handle payment services for visitors to three of the biggest malls in Dubai, including Mall of the Emirates.
In Dubai, the company operates around 207,000 paid parking spaces.
On DFM, the Parkin stock is trading at Dh4.84.
"By combining our operational excellence, cutting-edge technology and industry knowhow with BATIC's strong presence, the partnership is poised to deliver innovative, scalable, customer-focused parking solutions that stand to benefit both residents and visitors to the Kingdom, supporting economic growth," said Mohamed Abdulla Al Ali, CEO of Parkin.
According to market analysts, the planned Saudi move is the 'big bang' development that Parkin needs for a take-off. "This is the biggest market in the GCC; Parkin has found a strong local partner who has access to high-traffic locations, and this is a good way to monetise the technology expertise Parkin has developed," said an analyst.
