Business
PRESSR: Parkin and DAMAC sign 5-year agreement marking Parkin’s first expansion into Abu Dhabi
PRESSR: Parkin and DAMAC sign 5-year agreement marking Parkin’s first expansion into Abu Dhabi
About this update from Parkin Co. Pjsc
Parkin Company PJSC (“Parkin” or the “Company”), Dubai’s leading provider of paid public parking facilities and services, has signed a landmark five-year agreement with DAMAC Properties (“DAMAC”), one of the UAE’s foremost real estate developers renowned for its iconic residential communities.Project overviewThe partnership is part of Parkin’s ongoing strategy to expand its footprint in the developer parking segment. The collaboration is designed to ease traffic flow, enhance the end-user experience and optimise the use of approximately 3,600 parking spaces across DAMAC’s portfolio of high-profile developments in Dubai and Abu Dhabi. By leveraging its operational capabilities and technological know-how, Parkin aims to deliver a world-class urban mobility experience.Project scopeUnder the agreement, the Company will manage approximately 500 on-street parking spaces in DAMAC Hills 1.In addition, Parkin will operate approximately 2,700 spaces across 44 residential and commercial towers located in high-profile locations, including sites in Downtown, DIFC, Dubai Marina, Business Bay in Dubai and Al Reem Island in Abu Dhabi. The contract represents Parkin’s first entry into the Abu Dhabi parking market, marking a notable milestone in the Company’s geographic expansion beyond Dubai.As part of the transformation, Parkin will offer a combination of visitor and permit parking for both short and long-term users across DAMAC’s residential towers, commercial buildings and community malls. These locations will be fully integrated into the Parkin mobile app, enabling customers to manage and access all parking services through a single, unified platform. This digital integration will enhance convenience, improving the overall user experience.Operational timelineImplementation will commence in Q1 2026. The rollout will involve full integration of Parkin’s advanced technologies with DAMAC’s existing infrastructure, ensuring seamless connectivity across access control, automatic number plate recognition (ANPR) and enforcement systems. This unified operating model is designed to deliver high levels of efficiency, reliability and scalability across all managed sites.Eng. Mohamed Abdulla Al Ali, CEO of Parkin, commented:“This five-year partnership with DAMAC is a strong endorsement of Parkin’s three decades of expertise in technology, operations and enforcement. It reflects th...