Parkin and AWQAF Dubai to Build New Multi-Storey Car Park in Al Sabkha

Parkin Company PJSC (“Parkin”), Dubai's leading provider of paid public parking facilities, has announced a groundbreaking Memorandum of Understanding (MoU) with the Dubai Endowments and Minors’ Trust Foundation (“AWQAF Dubai”). This collaboration aims to develop a state-of-the-art multi-storey car park (“MSCP”) in Al Sabkha, Dubai, emphasizing modern, barrierless parking technology.

Public-Private Partnership for Smart Parking

As part of this public-private partnership, AWQAF Dubai will finance the construction of the new facility, while Parkin will oversee its implementation, management, and operation. The MSCP, designed to span approximately 175,000 sq ft, will feature 350 parking spaces over seven floors. Additionally, 9,600 sq ft on the ground floor will be allocated to retail outlets, enhancing revenue opportunities.

Financial and Operational Impact

This venture is projected to generate AED 200 million in revenue for AWQAF Dubai over 25 years. Parkin expects the project to yield an accretive return profile, with profitability increasing as the facility becomes fully operational. Subject to planning approvals, construction could commence in the second half of 2025, with an estimated completion timeline of two years.

Advanced Parking Solutions and Additional Features

The MSCP will incorporate cutting-edge parking technologies and premium services, setting a new benchmark for smart parking in Dubai. Parkin’s leadership in digital payment solutions and AI-driven parking management systems underscores the company’s capacity to deliver an efficient and customer-focused experience.

Parkin’s Dominance in Dubai’s Parking Market

Parkin operates an extensive portfolio of public parking spaces, strategically positioned near commercial hubs, retail districts, and transport networks. With around-the-clock operations, its multi-storey facilities cater to high-demand areas, ensuring year-round availability and revenue generation. The company also benefits from a 49-year concession agreement with Dubai’s Roads and Transport Authority (RTA), granting it exclusive rights to manage a significant share of Dubai's on- and off-street parking market.

Supporting Dubai’s Vision for Sustainable Growth

AWQAF Dubai brings a wealth of experience in financing and managing real estate developments, including shopping malls, residential buildings, and mosques. This partnership aligns with Dubai’s broader vision for sustainable economic growth and diversified endowment investments, enhancing community well-being and urban development.

Eng. Mohamed Abdulla Al Ali, CEO of Parkin, commented: “As the clear market leader of paid public parking facilities and services in Dubai, we are pleased to partner with AWQAF Dubai to develop and deliver a technologically advanced, multi-storey parking experience in the heart of the Emirate. Our smart, sustainable parking solutions will diversify endowment investments, enhancing returns, while supporting the city’s societal and economic development. As one pillar of our diversified growth platform, we remain committed to leveraging our unrivalled expertise and technology to explore further partnership opportunities in this expanding sector.”

His Excellency Ali Mohammed Al Mutawa, Secretary-General of AWQAF Dubai, stated: “Through our partnership with Parkin, we aim to develop impactful infrastructure projects that strengthen our efforts to diversify endowment investments, supporting Dubai’s broader strategy for sustainable development as well as reflecting our dedication to social responsibility and community progress. Additionally, we seek to generate endowment returns that contribute to the economic and community progress of the Emirate.”

Conclusion

This collaboration between Parkin and AWQAF Dubai marks a significant step forward in redefining the parking infrastructure in Dubai. Combining Parkin's technological expertise with AWQAF Dubai’s investment acumen, the project promises to deliver sustainable growth, enhanced user experience, and substantial economic benefits for both stakeholders and the wider community.