Parkin, the top parking solutions provider in Dubai, has entered into a strategic ‘cash-plus’ agreement with Majid Al Futtaim to oversee parking services at its malls, reinforcing its position in a rapidly expanding sector. This new deal, which merges cash transactions with enhanced service offerings, is anticipated to strengthen Parkin’s presence in the UAE’s commercial parking market.
This partnership aligns with Parkin’s remarkable financial performance: in the first nine months of 2024, the company experienced a 48% increase in revenue, reaching Dh660.2 million, up from Dh575.4 million the previous year. Net profit also rose to Dh303.49 million, compared to Dh287.91 million year-on-year.
Growth in Fines Reflects Increased Compliance Efforts
Alongside revenue growth, Parkin noted a significant rise in fines issued, indicating improved compliance enforcement and monitoring strategies. The company issued 48% more penalties in the first nine months of 2024 compared to the same timeframe in 2023, highlighting its commitment to maintaining orderly parking environments.
Expanding Reach in Dubai’s Prime Retail Spaces
The agreement with Majid Al Futtaim is set to advance Parkin’s goals of managing high-traffic retail and entertainment venues throughout the UAE. With access to some of Dubai’s busiest shopping malls, Parkin intends to provide seamless parking solutions, utilizing technology and service improvements to meet customers’ increasing expectations.
For Dubai’s business environment, Parkin’s deal represents another important milestone in integrating advanced parking management within the region’s premium retail spaces, establishing a new standard for quality and convenience in mall parking services.
