About Parkin

Parkin PJSC is the dominant public parking provider in the Emirate of Dubai with a natural market leading position. With a track record spanning almost three decades, the Parkin team operates technologically advanced, digitally enabled parking facilities and services at extensive and strategic locations across Dubai, providing a superior customer experience.

With approximately 197,000 paid parking spaces across Dubai, including paid public on-street and off-street parking; public multistorey car parks; and certain privately-owned parking lots under long-term contracts with private owners, the Parkin team has developed a fully digitized parking infrastructure experience, offering six digital payment channels and four payment methods, and utilising state of the art intelligent parking management systems to provide high quality services to its customers.


To deliver best-in-class parking solutions in line with Dubai's urbanization and social goals.


To be a leading pioneer in parking solutions.

Key Figures


Share of Dubai's on and off-street paid public parking market.


Share of Dubai's on and off-street paid parking market.


Paid parking spaces in 2023.


Unique customers in 2023.


Customer satisfaction.


Cashless adoption across payment methods.


Concession agreement with RTA.


Revenue in 2023.


Pro-forma EBITDA margin in 2023.


Cash conversion in 2023.


Dubai's commuters use private cars.


Growth in public parking demand expected in next 10 years.

Investment Highlights

Parkin has a natural market leading position with the exclusive right to operate on-street paid public parking in Dubai where private cars are the preferred method of transport.
  • Parkin is the largest provider of parking facilities and services in Dubai.
  • 100% share of Dubai's on and off-street paid public parking market and 91% share of Dubai's on-and off-street paid parking market.
  • Parkin's 49-year Concession Agreement with the RTA gives the company exclusive rights to operate all of the RTA's paid public on- and off-street parking and public multi-storey car parks in Dubai.
  • Parkin also operates and maintains certain developer-owned parking facilities through partnership agreements with private developers.
  • 61% of people in Dubai travel using private cars versus 14% that use public transport. Vehicle penetration in Dubai is among the highest in the world with 580 vehicles per 1,000 inhabitants.
  • Private cars are the dominant mode of transportation in Dubai, owing to the Emirate's high-quality road infrastructure, low energy prices, affordable costs of ownership and low average time per rush hour compared to other global cities.
  • Parkin operates parking facilities in high density areas in Dubai including Deira, Business Bay and Jumeirah, serving ~4 million unique customers in 2023 with a customer satisfaction rate of more than 95%.
Parkin benefits from well-invested core infrastructure assets and employs advanced digital capabilities that enable seamless operations and superior customer experience.
  • Dubai's road network is core to its economic development with an average of 2.2 million Dubai-registered vehicles and 1.1 million other vehicles using Dubai's roads every day as of 2023.
  • Since 2006, the RTA has invested AED 90 billion on road and transportation infrastructure - 50% of that was spent on Dubai's road network.
  • This investment and expansion in the road and transport network is set to continue, in line with the economic and population growth expected in Dubai.
  • Parkin has a fully integrated digital infrastructure, driving efficiencies and enhancing the customer experience.
  • The company offers six digital payment channels and four payment methods, with only 10% of all transactions using cash. Parkin also offers seasonal cards and permits and has a loyalty programme, where customers are incentivised to pay parking fees via the company's digital channels.
  • Parkin provides efficient parking enforcement across its footprint with approximately 300 inspectors and 19 smart scanning vehicles which together cover 70% of parking spaces across Dubai.
Parkin benefits from a favourable regulatory framework with a well-defined Concession Agreement with the RTA.
  • Parkin's 49-year Concession Agreement with the RTA gives the company exclusive rights to operate all the RTA's paid public on- and off-street parking and public multi-storey car parks in Dubai.
  • The company also has the exclusive right to operate and manage any new parking facilities built or acquired by the RTA.
  • Parkin will pay the RTA a quarterly concession fee equal to 20% of the company's revenue generated from paid public on- and off-street parking and public multi-storey car parks in Dubai, subject to inflation-linked adjustments.
  • The RTA will remain responsible for maintenance of the parking facilities and all costs in relation to any new parking facilities will be borne by the RTA.
Parkin has superior operating margins and a capex light business model that drives very high cash conversion.
  • Parkin's business model is capex-light with the majority of capex commitments, both maintenance and expansionary, remaining with the RTA following the company's IPO.
  • Parkin's revenue grew by 14% from AED686m in 2022 to AED779m in 2023.
  • EBITDA grew at a higher rate of 23% from AED337m in 2022 to AED414m in 2023. Pro-forma EBITDA margin was 57% in 2023.
  • As a result, the company achieved a superior cash conversion rate of 99% in 2023.
  • Parkin has an optimised capital structure with well-structured debt obligations, enabling the business to offer stable and attractive dividends as part of its commitment to shareholder returns.
Parkin's momentum is supported by Dubai's ambitious economic and population expansion plans and the company's multiple growth initiatives.
  • The Dubai 2040 Urban Master Plan seeks to grow the population of the Emirate by approximately 60% by 2040 with plans to host 400+ global events and attract 25 million tourists per year by 2025.
  • As a result, the number of registered vehicles in Dubai is expected to increase by 4% per annum on average to 2033.
  • In line with these growth rates, the demand for public parking in the Emirate is expected to increase by 4.8% per annum on average by 2033.
  • Parkin is an attractive platform for further expansion and growth through multiple additional growth levers.
  • Most notably, Parkin has the exclusive right to operate and manage new parking facilities built and acquired by the RTA to expand its parking footprint in Dubai.
  • Other potential future revenue streams include converting unpaid parking spaces to paid; establishing new agreements with private developers; expanding new commercial activities such as advertising; electric vehicle related activities; further digital enhancements to drive automation and efficiency; and expanding the company's operational expertise globally.
Parkin has a clearly defined framework and focus on ESG, aligned to the RTA's and Dubai's sustainability ambitions.
  • Parkin has taken significant steps to integrate environmental, social, and governance (“ESG”) considerations into its operations, including the development of key ESG policies. These are aligned to its key stakeholder, the RTA's ESG goals as well as Dubai's and the United Arab Emirates' net zero ambitions.
  • Parkin is committed to net zero operations by 2050 and has already rolled out initiatives including 100% solar powered charging meters; 100% paperless tickets and fines; transitioning to a hybrid vehicle fleet; and expanding smart parking inspection capabilities.
  • Oversight and governance of the Company's ESG policy is handled by the Board of Directors, the Executive ESG Committee and ESG Champions. The Executive ESG Committee will be maintain the Company's ESG policy and assess the performance of the policy on an annual basis.
  • Parkin has taken several measures to promote and enable the transition towards sustainable mobility, including incentivizing EV adoption with 100 toll-free parking spaces for eco-friendly vehicles and plans to pilot EV charging infrastructure throughout Dubai.
  • Parkin is also committed to having a positive impact on the community by promoting inclusive mobility, providing free permits to People of Determination and Senior Emirati citizens.
  • The company's board structure comprises seven members of which three are female.
  • Parkin will disclose its ESG performance on an annual basis in line with the Global Reporting Initiative (GRI) requirements.

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