Business
ZAWYA: Parkin signs long-term agreement with Master Developer Arada
ZAWYA: Parkin signs long-term agreement with Master Developer Arada
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, is pleased to announce that it has signed a long-term framework agreement with Arada Developments LLC ("Arada"), a prominent UAE-based master developer known for its large-scale, mixed-use communities across the country.Project overviewThe contract marks Parkin's first entry into the Emirate of Sharjah, representing a significant milestone in the Company's geographic diversification strategy outside of Dubai.Under the agreement, Parkin has been appointed as the sole operator at Arada’s mixed-use Aljada mega project in Sharjah. In the initial phase, Parkin will manage a mixed portfolio of on‑street, off‑street and building parking assets, including retail malls, commercial premises, and residential buildings, across Aljada. Up to 9,900 spaces are expected to be phased in between 2026 and 2030.Project scope and operational timelineThe overall portfolio consists of two distinct components, with development and implementation phased across multiple stages.The on and off-street element of the portfolio will consist of up to 3,500 spaces, of which approximately 1,400 spaces are expected to be live by the beginning of Q3 2026.The building parking component will consist of an estimated 6,400 spaces across Aljada, of which approximately 400 spaces are expected to be operational by the end of Q2 2026.The remaining spaces across both components will be phased in progressively through to 2030.TechnologyAll locations will be integrated into Parkin's smart parking ecosystem, with access and payment managed entirely through camera-based technology at entry and exit, supported by auto-pay functionality via the Parkin wallet.Capital expenditureParkin expects to invest approximately AED 8 to AED 10 million in capital expenditure over the life of the contract to support delivery of the portfolio. The majority of this investment will be allocated to the deployment of camera-based technology and, in subsequent years, the development of additional parking capacity. 2026 is expected to be the most capital-intensive year, with projected expenditure of approximately AED 3 million.Revenue impactBased on the full and timely rollout of approximately 9,900 parking spaces through to 2030, Parkin’s cumulative share of revenues over the life of the 10-year contract i...