Parkin Company PJSC, Dubai’s largest operator of paid public parking, has renewed its parking management framework agreement with Dubai Multi Commodities Centre (DMCC) for another 10 years, the company said on Wednesday.
Under the deal, Parkin will have exclusive responsibility for managing and operating about 2,800 paid parking spaces across Jumeirah Lakes Towers (JLT), including 250 spaces for motorcycles.
Parkin will run day-to-day operations in the community, including collecting payments through its digital and physical channels. The company also plans to install solar power infrastructure, Khaleej Times reported.
The companies did not disclose the financial terms of the agreement.
“JLT remains an important part of our portfolio, and we look forward to building on our established operations,” said Mohamed Abdulla Al Ali, Chief Executive Officer of Parkin.
Paul Ashton, Chief Property Officer of DMCC, said the agreement would allow the free zone to introduce new technology-led parking services in the community.
Parkin, which is listed on the Dubai Financial Market, operates paid parking across Dubai. Al Ali has told Khaleej Times the company is exploring opportunities outside the UAE.
