Parkin To Capitalise On Dubai Growth

(MENAFN- Khaleej Times) Parkin is well-positioned to capitalise on Dubai's robust economic growth, ambitious urban expansion plans and corresponding population increase, the company's CEO said.

“Following a strong operational performance in 2024, underpinned by additions to our parking space portfolio, higher transaction volumes, heightened demand for seasonal permits and improved public parking utilisation rates, we anticipate that some of these positive operational trends will continue to drive business momentum throughout 2025,” Mohamed Abdulla Al Ali, CEO of Parkin, told Khaleej Times in an interview.

Parkin's stock has been the top performer on the Dubai Financial Market last year, with a whopping 132 per cent rise in its share prices from its IPO price of Dh2.10 to Dh4.87 by the end of 2024.“Parkin's attractive dividend policy reflects management's expectations of strong, infrastructure-like cash flow generation. The company's dividend policy is to distribute a minimum dividend payout of the higher of 100% of annual profit or free cash flow to equity, subject to distributable reserves requirements. Dividends are paid semi-annually in April for the first half of the financial year and in October for second half. In October 2024, we distributed Dh198.8m in dividends to our loyal investors. Our dividend commitment underscores Parkin's focus on delivering consistent shareholder value,” Al Ali said.

Parkin CEO - Eng. Mohamed Abdulla Al Ali

In close collaboration with the RTA and the wider developer community, Parkin will continue to meet rising demand for conveniently located, well-structured and easily accessible parking across the Emirate.“By leveraging our operational excellence and technological know-how in parking solutions, we will continue to provide superior parking services in key hotspots, catering to our expanding customer base,” Al Ali said.

The company plans to aggresively expand its operations, Al Ali said.“Expansion of our operations into another emirate and even beyond the borders of the UAE is part of the company's growth strategy. To this effect, towards the end of 2024, we announced that we are in discussions with a prominent Saudi-based conglomerate with interests in the domestic parking sector, to expand paid parking services in the Saudi market. The envisaged collaboration will prioritise the adoption of advanced digital technologies and smart cameras to simplify parking, improve utilisation, reduce congestion and create a seamless parking experience for the public,” he added.

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