Parkin partners Awqaf Dubai to build 7-storey car parking facility in Deira

Dubai: The DFM-listed Parkin will build a multi-storey car parking facility in Dubai, after entering a MoU with the Dubai Endowments and Minors’ Trust Foundation (Awqaf).

Under the deal, Awqaf Dubai will provide the financial backing for the project, while Parkin will manage, operate and maintain the barrier-less smart parking facility in Al Sabkha.

The new facility will occupy around 175,000 square feet of space, and create 350 parking spaces across the seven floors. A further 9,600 square feet will be dedicated to retail area on the ground floor, thus helping with ‘additional ancillary revenues’.

The partnership is projected to generate estimated cash flows of Dh200 million for AWQAF Dubai over a 25-year period, as well as an ‘accretive return profile for Parkin once operational’. And which would increase over the duration of the venture.

Subject to approval, it is anticipated that construction could commence during H2-2025, with an expected build time of approximately two years.

Parkin already has many multi-storey buildings for parking, 'located in some of the most densely populated areas of the emirate'. They operate around the clock and with parking charges applicable at all times.

"Our smart, sustainable parking solutions will diversify endowment investments, enhancing returns, while supporting the city’s societal and economic development," said  Mohamed Abdulla Al Ali, CEO of Parkin.