Parkin To Open Over 3,000 New Parking Spaces In Dubai Sports City

(MENAFN- Khaleej Times)

Parkin, Dubai's leading provider of paid public parking facilities and services, has announced that it will manage parking at key locations within Dubai Sports City for a period of 10 years.

Over 3,000 new spaces

A total of 3,100 new parking spaces will be created in Dubai Sports City. The project consists of three categories of parking infrastructure - paved, unpaved and unsurfaced. Construction will begin in Q4 2025, with completion anticipated in Q4 2026.

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Operational timeline

Parkin will commence work related to the paved category (900 spaces) in October 2025. These works are expected to take up to eight weeks, scheduled to conclude in December 2025, after which the spaces will become fully operational.

From January 2026, the other two categories will be developed (2,200 spaces). Completion of this stage is expected by the end of 2026.

Parking tariff

The new spaces will be chargeable from Monday to Saturday, from 8am to 10pm. An hourly tariff of Dh2 will apply, with a day rate of Dh20. Customers will also have the option to purchase an annual seasonal card for Dh2,800.

This tariff structure will apply during the first three years. The tariff may be raised after this period.

Revenue impact

Parkin's revenues over the lifetime of the 10-year contract are estimated at Dh40 million to Dh50 million. The project is both accretive and cash flow positive, with a breakeven period of approximately 4 years.

Since Parkin is funding the capital expenditure for the project, the revenue model has been structured to allow for the full recovery of the company's up-front investment during the early years of the multi-year contract.

Capital expenditure

The portfolio consists of paved and unpaved areas, as well as locations requiring full road construction. Parkin will be responsible for key civil works, including new road construction and converting unpaved areas into paved parking lots. The estimated project capex cost is estimated at Dh18 million to Dh20 million.

Once construction is complete, Parkin will assume responsibility for maintaining these assets, including parking areas, roads and footpaths.

The maintenance costs are not expected to be material.

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