The parking company Parkin reported a 13% increase in net profit, reaching 120 million dirhams compared to 106.2 million dirhams in the fourth quarter of 2023. The company also introduced mechanisms for the calculation of parking tariffs based on a new dynamic pricing model.
Parkin, the largest provider of paid public parking spaces and services in Dubai, stated that its management currently leads advanced discussions with the Roads and Transport Authority (RTA) for the completion of the implementation details of dynamic pricing tariffs, scheduled to come into effect at the beginning of April 2025.
The classification of dynamic pricing presupposes that approximately 65% of the company’s public parking portfolio, including 184,000 parking spaces, will be classified as standard parking zones. Current tariffs will apply to standard parking zones A-D during six hours a day within the framework of a 14-hour paid parking period, specifically during the times of 8:00 - 10:00 and 16:00 - 20:00 (excluding Sundays and public holidays).
The remaining 35% of the company’s public parking spaces will be classified as premium-parking under the new system. The flexible pricing model aims to optimize accessibility and effectiveness of parking, providing a more comfortable experience for drivers throughout Dubai.
