Dubai’s Parkin achieved a net profit of Dh925.2 million in 2024, marking a 7% increase from the previous year. Revenue surged to Dh925.2 million from Dh780 million in 2023. A key factor in this growth was a 37% rise in parking fines, generating Dh249.1 million compared to Dh181.3 million in 2023.
Public parking violations increased sharply in the fourth quarter, with 424,000 fines issued, up from 281,000 in the same period of 2023. Fine revenues also saw a notable jump, reaching Dh77 million in Q4, reflecting a 72% increase from Dh44.8 million in Q4 2023.
Revised Parking Fees Effective April 2025
Starting in April, Dubai will introduce variable parking rates across the city. Key changes include:
- Premium parking will cost Dh6 per hour during peak times (8 AM – 10 AM and 4 PM – 8 PM).
- Daily parking fees will be Dh40 in Zone B and Dh30 in Zone D.
- Special event pricing will apply at selected locations, with charges reaching up to Dh25 per hour.
Parkin’s management is working closely with the RTA to finalize these changes, ensuring a smooth transition for motorists.
Parkin: Future Expansion and Market Outlook
Parkin expects public parking revenues to range between Dh520 million and Dh550 million in 2025, up from Dh404.6 million last year. The company continues to expand using its capex-lite model, where third parties develop parking spaces while Parkin oversees operations.
Chairman Ahmed Bahrozyan highlighted the company’s crucial role in Dubai’s transport ecosystem. Meanwhile, CEO Mohamed Al Ali expressed confidence in further growth, citing expansion opportunities in neighboring cities and international markets.
With Dubai’s rapid economic growth and rising demand for smart parking, Parkin is well-positioned to capitalize on new opportunities while maintaining its strong financial performance.
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