Parkin Company, Dubai’s largest provider of paid public parking facilities, reported a 41 per cent rise in first-quarter revenue, supported by higher tariffs, expansion in developer parking and a sharp increase in seasonal card sales.

The company posted total revenue of Dhs384.2m for the three months ended March 31, compared with Dhs273.3m a year earlier, while net profit rose 36 per cent to a record Dhs185.1m.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 31 per cent year-on-year to Dhs231.3m, with an EBITDA margin of 60 per cent.

Parkin’s total parking portfolio saw 23 per cent growth in Q1

Parkin said its total parking portfolio expanded by 23 per cent to 258,000 spaces, driven largely by growth in developer parking, which more than tripled to 59,100 spaces following several contracts signed in the second half of 2025.

Public parking spaces rose 4 per cent to 195,200, while multi-storey car park capacity increased 16 per cent to 3,700 spaces.

Despite the increase in capacity, total parking transactions fell 5 per cent to 34.7 million during the quarter, while average public parking utilisation declined to 21.8 per cent from 29 per cent a year earlier.

The company attributed the softer transaction volumes and utilisation to regional geopolitical uncertainty, a longer Eid Al Fitr holiday period and the continued uptake of seasonal cards following the introduction of variable parking tariffs in April 2025.

Weighted average public parking tariffs rose 51 per cent year-on-year to Dhs3.02 per hour following the tariff changes.

Seasonal parking card sales more than doubled to 100,600 during the quarter, with one-month cards recording the strongest growth as customers opted for fixed-price parking packages.

Enforcement revenue rose 46 per cent to Dhs119.7m, while the number of fines issued increased 33 per cent to 754,300 notices.

The company said it continued to expand its technology-enabled enforcement operations, with smart inspection vehicles scanning 20.6 million vehicle registration plates during the quarter, up 64 per cent from a year earlier.

Engineer Mohamed Abdulla Al Ali, CEO of Parkin, commented: “I am pleased to report that we began 2026 on a strong footing, delivering total revenue of Dhs384m, a 41 per cent increase on the same period last year, alongside a 36 per cent increase in net profit to a record Dhs185m. During the quarter, we continued to expand our operational footprint, adding both public and developer parking spaces to our portfolio, while seasonal card sales reached a record 100.6k, a 129 per cent year-on-year increase. Total transaction volumes and utilisation were softer, reflecting the impact of the regional geopolitical situation and a longer Eid Al Fitr holiday period relative to last year. It is also worth noting that utilisation comparisons with Q1 2025 are not directly meaningful, as variable pricing had not yet come into effect during that period. On the enforcement front, we continued to leverage our technology-enabled smart scan car inspection fleet, complemented by targeted, data-driven field deployment to reinforce compliance across the network.

“Looking ahead, we remain confident in the structural strengths of our business and in Parkin’s ability to navigate the current operating environment. We are keeping our FY 2026 revenue guidance under review and expect to provide the market with a revised assessment alongside our Q2 2026 results in early August.”

The company said free cash flow to equity increased 48 per cent to Dhs503.9m during the quarter, while cash conversion improved to 99 per cent.

It added that its full-year 2026 revenue guidance remains under review due to the impact of external factors, including evolving regional geopolitical developments, and said it expects to provide an updated outlook alongside second-quarter results.

International Holding Company (IHC) reported a 98.5 per cent rise in first-quarter profit on Wednesday, supported by strong operating performance, investment income and growth across its diversified portfolio.

The Abu Dhabi-based investment company posted net profit of Dhs8.2bn for the three months ended March 31,

Revenue rose 33.2 per cent year-on-year to Dhs31.4bn.

IHC said performance during the quarter was supported by broad-based contributions across its core segments, margin expansion, portfolio optimisation, a resilient balance sheet and a strong liquidity position.

Total assets stood at Dhs445.3bn as of March 31, compared with Dhs428.6bn at the end of 2025. Total equity reached Dhs249.1bn, while cash and bank balances stood at Dhs74.7bn. The group reported a quick ratio of 2.7 times.

“Q1 2026 marks a strong start to the year, reflecting the continued execution of our strategy to scale high-performing platforms and optimise capital allocation across the portfolio,” chief executive Syed Basar Shueb said in a statement.

“Our performance demonstrates the strength of our diversified model, with broad-based growth, margin expansion, and a significant uplift in profitability,” he added.

IHC announced strategic partnerships in Q1

During the quarter, IHC announced a series of strategic transactions and partnerships across sectors including finance, energy, infrastructure, healthcare and technology.

The company entered a strategic collaboration with the US International Development Finance Corporation to support investments across emerging markets.

IHC, Sirius International Holding and First Abu Dhabi Bank also received approval from the UAE central bank for DDSC, a UAE dirham-backed stablecoin aimed at enabling institutional payments, settlement and trade flows.

In India, IHC completed the acquisition of a 26.7 per cent stake in Sammaan Capital for $600m, expanding its presence in the country’s financial sector.

The group also announced a partnership with IFZA at the World Economic Forum Annual Meeting 2026 to co-develop free zones and economic platforms.

Among other deals, ePointZero signed an agreement to acquire 100 per cent of Traverse Midstream Partners for $2.25bn, expanding its presence in global gas infrastructure, while IRH Global Trading signed a 20-year LNG sale and purchase agreement securing 1 MTPA of supply.

IHC’s subsidiary 2PointZero Group invested in WHOOP’s Series G financing round and acquired a 60.8 per cent stake in ISEM Packaging Group, strengthening its presence in the wellness and European packaging sectors.

Read: UAE’s 2PointZero unit acquires stake in US wearable tech firm Whoop

Elsewhere, Beltone Capital acquired a 100 per cent stake in Baobab Bank to expand in African microfinance markets, while Al Seer Marine expanded its partnership with Harris Technologies to develop maritime unmanned systems.

IHC also highlighted global engagement and sustainability initiatives during the quarter, including participation at the World Economic Forum Annual Meeting 2026, a multi-year partnership with Global Citizen, and sustainability-related recognition for subsidiaries including Aldar, NMDC Group and Burjeel Holdings.

The group said it remains focused on sustaining growth through capital allocation discipline, portfolio optimisation and international expansion across sectors including technology, infrastructure, financial services and consumer industries.

DEWA has set a new world record for the lowest electricity customer minutes lost (CML), at just 0.82 minutes (about 49 seconds) per year.

With this significant milestone, DEWA has surpassed its own previous world record of 0.94 minutes in 2024, representing an improvement of around 13 per cent.

HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), commented on the milestone, saying: “We work in line with the vision and directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide the best electricity and water infrastructure in the world.”

He added, “We utilise the latest technologies of the Fourth Industrial Revolution, particularly artificial intelligence, which we are fully integrating into DEWA’s strategies and operations. The smart grid is a fundamental pillar of DEWA’s strategy to deliver services according to the highest standards of availability, reliability and efficiency. This supports the Dubai 2040 Urban Master Plan and the Dubai Economic Agenda (D33), which seek to consolidate Dubai’s position among the top three global cities.”

DEWA’s Smart Grid to enhance the efficiency of energy transmission and distribution

Al Tayer explained that the Smart Grid, which DEWA is implementing with total investments of Dhs7bn up to 2035, provides advanced features that enhance the efficiency of energy transmission and distribution, reduce outages, minimise losses, improve electrical load management and enhance the happiness of customers and all stakeholders.

One of the key programmes is the ‘Automatic Smart Grid Restoration System’, the first of its kind in the Middle East and North Africa.

The system enables remote, round-the-clock control, management and monitoring without human intervention, through innovative centralised systems that automatically locate and isolate faults and restore service, accelerating power restoration and increasing reliability.

DEWA reduced CML in Dubai from 6.88 minutes per year in 2012 to just 0.82 minutes in 2025, significantly lower than the average of approximately 15 minutes recorded by leading utility companies in the European Union.

This highlights DEWA’s global leadership in adopting innovation to deliver services according to the highest reliability standards.

Read: DEWA reduces refunds processing time to only 8 minutes

du, the telecom and digital services provider, has partnered with Al Gharbia Pipe Company (AGPC) to deploy Industrial Artificial Intelligence (AI) Vision technology across manufacturing operations in the UAE, as the country accelerates its push towards smart and autonomous industry.

The collaboration, showcased at Make it in the Emirates 2026 where du Tech is a strategic partner of the Intelligence Hub, focuses on a co-developed Industrial AI Vision Platform designed to enhance operational intelligence and automation across manufacturing environments.

The platform enables AI-based quality inspection, improved traceability, and data-driven decision-making. It integrates real-time dashboards, visual analytics, and AI-driven insights to monitor operations across production, logistics, and infrastructure.

An interactive demonstration of the platform, using synthetic and non-confidential data, was presented to senior government officials, international delegations, and industry leaders, highlighting its potential to improve visibility and efficiency across the manufacturing value chain.

Jasim Alawadi, chief information and communication technology officer (CICTO) at du, said: “du’s partnership with AGPC represents our commitment to driving the UAE’s industrial evolution through technology that delivers tangible outcomes. We are reimagining how manufacturing operates in service of the UAE’s vision for economic diversification and technological sovereignty. Combining our expertise in digital infrastructure and AI deployment with Al Gharbia’s deep understanding of manufacturing excellence, we aim to create solutions that will define the future of intelligent industry in our region.”

Noritsugu Mifune, chief executive officer (CEO) of AGPC, said: “Our collaboration with du Tech is an investment in the technologies that will shape tomorrow’s manufacturing landscape. The Industrial AI Vision Platform enables us to achieve new standards in quality inspection and traceability while optimising our operations in ways that were previously difficult to achieve at scale. Together, we are demonstrating that UAE-based partnerships can lead the world in industrial innovation.”

The initiative supports the UAE’s broader industrial transformation agenda by integrating sovereign AI infrastructure and locally developed technologies into core manufacturing processes, positioning the sector for greater efficiency, resilience, and global competitiveness.

Dubai Municipality has launched the ViruGenetics Lab at Dubai Central Laboratory, marking the establishment of the UAE’s first advanced facility dedicated to detecting foodborne viruses using genomic technologies.

The new laboratory is designed to strengthen food safety systems and public health oversight, while supporting Dubai’s broader ambition to lead in advanced laboratory services and quality of life initiatives.

The facility can process around 60 samples per day, with capacity scalable to 100 samples during emergency situations. It delivers rapid turnaround times, enabling faster inspections and more responsive, data-driven decision-making.

The ViruGenetics Lab is equipped with digital polymerase chain reaction (dPCR) technology, one of the most advanced molecular analysis methods globally. The system enables highly precise detection of viral pathogens, including norovirus and hepatitis A and E, across complex food samples such as dairy, seafood, juices, and fresh produce.

All testing is conducted in line with ISO/IEC 17025 standards, ensuring accuracy, reliability, and compliance with international best practices in laboratory testing and calibration.

The initiative forms part of Dubai Municipality’s strategy to expand specialised laboratory capabilities and enhance food control systems across the emirate.

Eng. Hind Mahmoud Ahmed, Director of the Dubai Central Laboratory Department at Dubai Municipality, said: “The opening of the ViruGenetics Lab is part of Dubai Municipality’s broader initiative to establish specialised laboratories equipped with the latest global technologies. This milestone underscores our dedication to consolidating Dubai’s position as a global leader in food safety and health oversight.”

Beyond testing, the lab will also serve as a scientific research platform, supporting collaboration with universities and research centres to develop a national database of foodborne viruses. The initiative aims to strengthen the health safety ecosystem by providing authorities with detailed genetic insights to enable proactive, science-based interventions.

The launch reinforces Dubai’s focus on integrating advanced technologies into public health infrastructure, positioning the emirate as a regional leader in food safety innovation.