Dubai: The DFM-listed Parkin will be extending its 'barrierless' paid parking services to malls operated by Majid Al Futtaim Properties in Dubai. This will go live on January 1, 2025 through a 5-year deal.
Majid Al Futtaim Properties owns and operates such high traffic shopping and leisure destinations as Mall of the Emirates, City Centre Deira and City Centre Mirdif.
The Parkin coverage will thus help with mall access for more than 20 million cars annually across these three locations and covering about 21,000 parking spaces.
The 'mall parking fees will remain unchanged, offering customers consistent and transparent pricing'.
It was recently that Parkin launched similar services at The Dubai Mall, which is part of the Emaar portfolio. This went live on July 1 last.
“This strategically important agreement with the region’s leading mall operator complements our existing operations and underscores our ability to deliver growth outside of our core public parking market," said Mohamed Abdulla Al Ali, CEO of Parkin.
"Our smart systems will reduce congestion and enable smooth traffic flow, enhancing the overall customer experience at some of the busiest and well-known retail locations in Dubai.
"As the clear market leader in parking operations, management and technology, we will continue to leverage our unique capabilities and know-how to pursue further attractive partnership opportunities in this growing sector across the emirate.”
Scope of the deal
Parkin will thus operate and manage the barrierless parking systems across the three malls for a contracted period of 5 years.
The 'operation, management and enforcement is expected to be fully implemented by 1 January 2025', said a statement. The company will be responsible for the installation of cameras, barriers and related technology at the site throughout the contractual period, as well as future maintenance.
For Parkin, these deals open up more revenue streams, which had been highlighted at the time of its IPO in March this year. (The stock is trading on DFM at Dh4.07, up 2% after the first hour of opening today.)
"We are constantly seeking innovative ways to enhance the customer experience at every touchpoint," said Khalifa Bin Braik, CEO of Majid Al Futtaim. "Our partnership with Parkin demonstrates our commitment to offering advanced solutions that simplify the parking process while addressing common visitor challenges.
"Whether it’s the convenience of barrier-free entry or the ease of electronic payment, this technology will provide millions of our customers with a seamless parking experience each year and will be one of the many smart solutions that we will introduce at our malls.”
What the new Parkin services will offer
- Starting January next, visitors at the three Dubai malls will no longer need to wait at the barriers when entering or exiting those car parks.
- The cameras will automatically capture license plates, tracking each vehicle’s progress and duration of stay.
- The new system will significantly reduce congestion levels and customer queueing times, particularly during peak hours.
