Dubai's Parkin may expand services to Saudi Arabia following BATIC deal

Photo: Dubai Government Media Office

Dubai’s Parkin, the leading provider of paid public parking services, may soon expand its operations into Saudi Arabia. The company has signed a Memorandum of Understanding (MoU) with BATIC Investment and Logistics Company, a prominent Saudi Arabian firm. BATIC, which is listed on Tadawul (Saudi Arabia’s stock exchange), has investments in a variety of sectors, including logistics, transportation, parking, real estate, and security services.

The two companies will explore ways to expand paid parking services in Saudi Arabia. This collaboration will involve working with Saudi municipalities, developers, and operators of shopping malls, hotels, and other public venues to assess the potential for paid parking solutions across the Kingdom.

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Currently, BATIC has a parking portfolio of 195,000 spaces across five cities in Saudi Arabia. Mohammed Alzamil, the Managing Director and Group CEO of BATIC, expressed that working with Parkin, the leading parking operator in the UAE, would help improve the efficiency of parking services, reduce traffic congestion, and enhance the overall parking experience for users.

The collaboration will also focus on using advanced digital technologies. These technologies include real-time data analysis, digital gates, sensors, and smart cameras. These tools will help improve parking management, reduce congestion, and make the parking experience smoother for customers.

Parkin views this agreement as an important step in its international growth strategy. The company believes the partnership aligns with Saudi Arabia’s Vision 2030, which aims to create smart cities and modernize infrastructure. A Parkin spokesperson explained that this partnership would help both companies achieve their goals in Saudi Arabia by leveraging their strengths and technologies to deliver better parking services.

This move to Saudi Arabia is part of Parkin’s ongoing expansion efforts. The company is planning to introduce variable parking fees in Dubai by the end of March. In addition, Parkin recently signed a deal with the Majid Al Futtaim Group to provide payment services for visitors at three major Dubai malls, including Mall of the Emirates.

In Dubai, Parkin currently operates around 207,000 paid parking spaces. The company’s stock is listed on the Dubai Financial Market (DFM), and its current trading price is Dh4.84.

Mohamed Abdulla Al Ali, CEO of Parkin, said that by combining Parkin’s technological expertise with BATIC’s strong presence in Saudi Arabia, the partnership will offer innovative and customer-focused parking solutions. He believes this collaboration will benefit both residents and visitors in Saudi Arabia while supporting the country’s economic growth.

Market analysts have highlighted the Saudi expansion as a major opportunity for Parkin. One analyst mentioned that Saudi Arabia is the largest market in the GCC region, and by partnering with a strong local player like BATIC, Parkin can access high-traffic locations and fully utilize the technology it has developed over the years.

Dec. 16, 2024 12:12 p.m. 453

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