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Parkin Q2 profit rises 12% as seasonal cards, developer parking drive growth

Dubai parking operator lowered its public parking revenue forecast but raised the guidance for seasonal cards and developer parking

Neesha Salian
Neesha Salian

14 August, 2026

Parkin Q2 profit rises 12% as seasonal cards, developer parking drive growth

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Dubai’s Parkin Company reported a 12 per cent increase in second-quarter net profit, as growth in seasonal cards, developer parking and enforcement revenue offset weaker demand for public parking.

Net profit rose to Dhs166.2m in the three months ended June 30, from Dhs148.4m a year earlier, the company said.

Revenue increased 14 per cent to Dhs364.1m, while earnings before interest, taxes, depreciation and amortisation rose 15 per cent to Dhs217.2m. Its EBITDA margin edged up to 60 per cent from 59 per cent.

“Growth was driven by our seasonal cards, developer parking and enforcement segments, offsetting softer public parking demand during the quarter,” chief executive Mohamed Abdulla Al Ali said.

Public parking revenue fell 8 per cent to Dhs121.9m, reflecting lower hourly transactions and utilisation as customers shifted towards seasonal cards, as well as what the company described as the temporary impact of regional geopolitical developments.

Public parking transactions declined to 27.2 million from 29.2 million a year earlier, while the utilisation rate dropped to 20.2 per cent from 22.7 per cent.

Parkin said seasonal card holders were not included in the utilisation measure because the cards represented a separate revenue stream. Seasonal card sales climbed 38 per cent to 97,500 during the quarter, driving a 50 per cent rise in revenue from seasonal cards and permits to Dhs78.2m.

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Developer parking revenue increased 61 per cent to Dhs35.8m after transaction volumes rose 75 per cent to 6.6 million. The number of developer parking spaces more than tripled to 61,500 from 19,600 a year earlier following contracts signed mainly during the second half of 2025.

Enforcement revenue rose 11 per cent to Dhs107.5m. Parkin issued 695,000 enforcement notices during the quarter, up 5 per cent, while its smart inspection vehicles scanned 20.6 million number plates, a 52 per cent increase.

Parkin’s total parking portfolio expands

The company’s total parking portfolio expanded 27 per cent to about 268,300 spaces. Public parking spaces increased 8 per cent to 203,200, with 7,900 spaces added during the second quarter.

Parkin lowered its 2026 public parking revenue forecast to between Dhs510m and Dhs550m, from its previous range of Dhs560m to Dhs610m, citing strong demand for seasonal cards and the time required for newly added spaces to reach expected utilisation levels.

It raised its seasonal card revenue forecast to between Dhs280m and Dhs300m, from Dhs260m to Dhs280m, and increased its developer parking guidance to between Dhs130m and Dhs150m, from Dhs110m to Dhs130m.

The company said its overall financial outlook remained broadly unchanged and maintained its annual enforcement revenue forecast of Dhs420m to Dhs460m. Capital expenditure guidance was unchanged at Dhs45m to Dhs55m.

Parkin also maintained its dividend policy, under which it intends to pay dividends twice a year, in April and October.

GymNation redraws the thobe for a fitness generation

GymNation’s new CMO Rory McEntee on the region’s first Muscle Thobe and Ghutra collection, and what it says about how the GCC now trains, dresses and lives

Neesha Salian
Neesha Salian

14 August, 2026

GymNation redraws the thobe for a fitness generation
Image: Supplied

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GymNation has launched the region’s first Muscle Thobe and Ghutra collection, a product designed around how a growing number of people in Saudi Arabia and the wider GCC now approach fitness, as part of daily life rather than something separate from it.

The launch comes as health and wellbeing move up the agenda across the region, supported by national strategies such as Saudi Vision 2030 and We The UAE 2031.

We spoke to Rory McEntee, GymNation‘s new chief marketing officer, about the thinking behind the collection, the consumer trends shaping the fitness market, and how the brand sees the industry evolving over the next five years.

GymNation has just unveiled the world’s first Muscle Thobe and Ghutra collection. What consumer insight led to the idea, and what does it tell us about how fitness culture is evolving across Saudi Arabia and the wider GCC?

The insight came from something far more insightful than a data point; it came from speaking to our own members. Across Saudi Arabia in particular, we noticed a pattern: men would train hard, in full performance kit, and then the second the session ended, they’d change straight back into a thobe. They told us they wanted a premium athleisure outfit as a comfortable and stylish option before and after training, commuting to the gym or socialising with friends.

That gap told us something important about where fitness culture in the region is heading. This generation isn’t choosing between tradition and training – they’re holding both, comfortably, at the same time. The Muscle Thobe isn’t a novelty product. It’s a direct response to how a young Saudi actually lives: proud of his culture while all serious about his health. We built it in consultation with members and cultural advisors precisely because it had to respect the garment, not just reference it.

Your latest survey found that 94 per cent of people aspire to live healthier lives, while 43 per cent have increased their spending on health and fitness over the past year. What broader consumer trends are you seeing, and how are they shaping GymNation’s strategy?

What we’re seeing underneath those numbers is a move from fitness-as-vanity to fitness-as-identity. Training is becoming part of how people see themselves and how they want to be seen – socially, culturally, professionally.

From a trend perspective, mental health has overtaken aesthetics as the primary reason people train – in our survey of over 15,000 members, 93 per cent told us they want to improve their mental wellbeing, which tells you training is now as much about stress management and control as it is about how you look. Second, and this is the one that really shapes our strategy: 51 per cent of our members had no gym membership at all in the 12 months before joining us. That’s not people switching brands; that’s genuinely new demand being created – which means the market isn’t a fixed pie we’re fighting over; it’s actually growing.

Third, the barriers are still real. Affordability remains the single biggest reason non-gym-goers stay on the sidelines – 58 per cent cite price as the blocker – and gymtimidation hasn’t gone away either, particularly for women, where it still affects half of those we surveyed. So the trend isn’t just “more people want to be healthy,” it’s “more people want to be healthy, but a lot of them still don’t feel the industry is built for them.”

That’s exactly what shapes our strategy. If price and intimidation are the two biggest barriers, our job isn’t to build for the people already comfortable in a gym – it’s to build for the 51 per cent who’ve never walked into one before. Affordable access, non-intimidating environments, and content and community that meet people before they’re already converted. We’ve built our entire model around removing those two barriers specifically, and the data keeps telling us it’s the right call.

Government initiatives such as Saudi Vision 2030 and We The UAE 2031 have placed greater emphasis on sport and wellbeing. How have these initiatives changed the fitness landscape, and where do you see the biggest opportunities for the private sector?

These initiatives did something the private sector alone couldn’t have done at the same speed – they made fitness and wellbeing a national conversation, not just a personal one. Once health becomes part of a country’s stated ambitions, participation stops being a niche interest and starts becoming a mainstream expectation. That’s a fundamentally different market to build in.

The opportunity for the private sector is to translate that top-down ambition into something accessible at street level. Government vision sets the direction; it’s on operators like us to make sure a 24/7, low-cost, high-quality gym is actually within reach of the people the vision is meant to serve – not just the top end of the market. The biggest opportunity I see over the next few years is infrastructure at scale: more locations, in more neighbourhoods, priced so that “aspiring to be healthier” doesn’t stay aspirational. That’s exactly what our expansion plan is built around.

We’re seeing more brands move away from global, one-size-fits-all campaigns in favour of products and experiences designed specifically for local communities. Do you think localisation is becoming a competitive advantage for businesses in the Middle East?

Yes, and I’d go further: I think it’s becoming the competitive advantage, not just one of several. For a long time, brands entering this region ran the same campaign, the same product line, the same messaging they’d run in London or New York, with a light regional coat of paint. That approach is losing effectiveness fast, because consumers here are more discerning, more online, and more aware than ever of when something has been built for them versus adapted for them.

Nike’s Pro Hijab and Gymshark’s modest activewear line both showed the same thing in the global sportswear space – that community-led design outperforms top-down design. The Muscle Thobe sits in that same tradition, but specific to this market and this garment. Brands that treat the GCC as a genuine design input – not just a distribution market – are the ones that will win loyalty here over the next decade. The ones that don’t will keep wondering why their global campaigns underperform locally. Even between the UAE and KSA, we adapt all our comms, events, and overall approach, as the markets and consumers especially are very unique.

Looking ahead, how do you see the fitness industry evolving over the next five years, and what role do you think innovation, community and technology will play in attracting and retaining the next generation of members?

Most of the industry is still thinking about AI the wrong way. It’s been treated as a back-office efficiency tool – chatbots, scheduling, the odd automated report – when the real opportunity is using it to actually understand the member in front of you. The winners over the next five years won’t be the ones with the best or most equipment – they’ll be the ones who use AI to understand behaviour at an individual level and act on it.

That’s exactly the thinking behind the new GymNation app we’re rolling out this month. It’s not a bolt-on loyalty scheme with a few badges – it’s built around genuine behavioural science: understanding why a member trains three times one week and zero the next, what actually keeps someone consistent versus what just looks motivating on paper, and using gamification that’s rooted in real psychology rather than generic point-scoring. The goal is an app that knows a member well enough to nudge them at the right moment, not just log what they’ve already done.

But I’d push back on anyone who thinks technology alone solves retention – it doesn’t. Community does the heavy lifting, and no amount of AI replaces a member showing up because their friends are there and someone will notice if they don’t. So alongside the app, we’re investing heavily in more IRL: fitness challenges, social events, and moments that turn a gym membership into a community you actually belong to. The formula I’d bet on for the next five years is that combination – AI that understands you as an individual, and community that makes sure you’re not doing this alone. Brands that only build one half of that are going to struggle to hold members through the next cycle.

UAE condemns Iranian attack on two ADNOC-linked vessels in Strait of Hormuz

The UAE has condemned what it described as a hostile Iranian attack on two ADNOC-affiliated vessels transiting the Strait of Hormuz, with no injuries reported

Neesha Salian
Neesha Salian

14 August, 2026

UAE condemns Iranian attack on two ADNOC-linked vessels in Strait of Hormuz
Image: Getty Images/ For illustrative purposes

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The UAE strongly condemned an Iranian attack targeting two vessels affiliated with state energy company ADNOC as they transited the Strait of Hormuz, the foreign ministry said in a statement.

No injuries were reported.

The Ministry of Foreign Affairs said the attack constituted a “flagrant violation” of United Nations Security Council Resolution 2817, which affirmed the importance of freedom of navigation and rejected attacks on commercial vessels or the obstruction of international maritime routes.

The ministry said targeting commercial shipping and using the Strait of Hormuz as a tool of economic coercion or blackmail amounted to acts of piracy by Iran’s Revolutionary Guard Corps.

It added that such actions posed a direct threat to regional stability, the region’s people and global energy security.

Read: ADNOC says 15 vessels attacked in Strait of Hormuz since conflict began

Major oil spill hits Oman coast as salvage operation begins

Salvage crews are racing to contain an oil spill from the grounded Caroline Bezengi tanker after Russian crude spread around an Omani marine reserve and reached the country’s coastline

Reuters
Reuters

14 August, 2026

Major oil spill hits Oman coast as salvage operation begins

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Salvors with specialist vessels and other equipment are heading to waters off Oman to try to contain the environmental damage from a spill of Russian crude that has spread for weeks, the risk management firm coordinating the operation said on Thursday.

The spill from the Caroline Bezengi tanker, apparently the result of an unexplained attack on the vessel in June, has spread around a nature reserve, and hit Oman‘s coastline on Wednesday.

Risk management firm Ambrey is coordinating the salvage operation and said it had contracted a “leading international oil spill response company”, without naming it.

The response included salvage vessels, aircraft and specialists using 100 metric tons of equipment, it said.

The Caroline Bezengi, carrying an estimated 800,000 barrels of Russian oil and under international sanctions, ran aground on June 30 near an Omani marine nature reserve that is home to wildlife including humpback whales and Socotra cormorants.

An annual monsoon in the area is complicating the salvage efforts, Ambrey said.

Oman‘s agriculture, fisheries and water resources ministry said on Thursday it was monitoring the impact of the stricken tanker on sea life and on local fish products to make sure they are safe to market.

It advised fishermen to stay away from the area of the spill and report any unusual smells or noticeable changes in the water or marine life.

Tanker sailed from Black Sea port

The tanker first reported difficulties off Yemen on June 8 after what maritime sources said appeared to be a blast.

Corey Ranslem, CEO of maritime security group Dryad Global, said that damage visible in an image that Ambrey released of the grounded vessel showed burn marks indicating a fire or explosion aboard, but that it was not immediately possible to determine what caused it.

No party has claimed an attack, but the vessel was navigating two separate wars on its journey from Russia to India.

In April it sailed from the Russian port of Novorossiysk on the Black Sea, a flashpoint in the Russia-Ukraine war. Ukraine has carried out assaults on what is known as the shadow fleet of ageing vessels used to carry Russian oil.

The Caroline Bezengi, which is part of the shadow fleet, passed through the Suez Canal at the end of May, ship-tracking data shows. It then sailed past Yemen, where the Iran-aligned Houthi militants have entered a wider regional war between the US., Israel and Iran.

US threatens indefinite blockade of Iran, harsher sanctions

Oil prices edged higher on Friday as US threats of an indefinite naval blockade of Iran renewed supply fears

Reuters
Reuters

14 August, 2026

US threatens indefinite blockade of Iran, harsher sanctions
Treasury Secretary Scott Bessent. (Getty Images)

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Oil prices inched up on Friday after the United States threatened an indefinite naval blockade of Iran, reviving concerns about supply of crude after the previous session’s fall on a weaker outlook for demand and a large build in U.S. stocks.

Brent futures rose 1 cent, or 0.1 per cent, to $87.08 a barrel by 0247 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $81.31 a barrel.

The benchmarks were on track for weekly rises of about 4 per cent after the prior session’s fall of more than 2 per cent, paring gains following Brent’s six-session rally and a five-session rise for WTI.

“Despite the bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline,” Susan Bell, senior vice president for oil commodity markets at Rystad Energy said in a note.

On Thursday, the United States warned that it could maintain a naval blockade of Iran indefinitely and ramp up economic pressure on Tehran as ceasefire talks have stalled.

“Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation of a country,” Treasury Secretary Scott Bessent told Newsmax’s ‘Rob Schmitt Tonight’ programme in an interview.

The latest US threats come as Iran curbs traffic through the Strait of Hormuz, which carried 20 per cent of the world’s oil before the conflict, driving up fuel prices and putting pressure on President Donald Trump to end a war that is unpopular at home.

The strait is “under the management and control of the Islamic Republic”, however, the recently appointed head of Iran’s Basj paramilitary unit, Hossein Taeb, has said, according to the semi-official Fars news.

The prospect of a longer war constraining supply was offset this week by forecasts from OPEC and the International Energy Agency lowering outlooks for demand growth, while data showed the largest weekly gain in US crude stocks for more than 3-1/2-years.

KCM chief market analyst Tim Waterer said the two forces were acting as counterweights.

“The result is a market that remains supported but struggles to break meaningfully higher while these opposing pressures remain in place.”

Two vessels from Abu Dhabi National Oil Company were attacked transiting the Strait of Hormuz on Thursday, said UAE state news agency WAM, an incident the United Arab Emirates government condemned as an Iranian attack.

Hisense’s Jason Ou on helping people build AI-powered smart homes

The president of Hisense Middle East, Africa and India, discusses how the company is building an integrated smart-home ecosystem and why the UAE and Saudi Arabia are central to its regional growth strategy

Neesha Salian
Neesha Salian

13 August, 2026

Hisense’s Jason Ou on helping people build AI-powered smart homes

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Artificial intelligence is moving consumer electronics beyond connected devices towards homes that can learn, anticipate and respond to individual needs. Jason Ou, president of Hisense Middle East, Africa and India, discusses how the company is building an integrated smart-home ecosystem, why the UAE and Saudi Arabia are central to its regional growth strategy, and how advances in displays, appliances, energy efficiency and local manufacturing will shape its next phase of expansion.

AI is rapidly changing the consumer electronics landscape. How does Hisense see AI transforming the way people interact with their homes over the next five years, and what role will the Middle East play in driving that evolution?

At Hisense, our vision is clear: we are moving decisively from smart devices to smart home companions. AI is already making this real across our entire product ecosystem.

Our AI-powered refrigerators can monitor food inventory, suggest recipes and respond to voice commands, turning the kitchen into an intelligent hub of daily life. Our washing machines use AI to detect fabric types and automatically calibrate detergent dosage, taking the guesswork out of laundry while protecting your clothes. Our air conditioners leverage AI to learn usage patterns and proactively adjust temperature and air quality, a capability that carries relevance in the Gulf, where climate control is not a luxury but an everyday necessity. And our televisions, powered by AI engines, go far beyond picture quality, understanding viewing preferences and delivering personalised content recommendations at precisely the right moment.

What connects all of these experiences is a single idea: a companion does so much more than take orders. It understands you, anticipates your needs, and brings genuine intelligence to your home. Over the next five years, that intelligence will deepen considerably, with devices that communicate naturally, act proactively and adapt to the rhythms of each household.

The Middle East is exceptionally well positioned to lead this evolution. With a digitally engaged, premium-oriented consumer base and significant national investment in AI and smart city infrastructure, the region is one of the places where innovations will be shaped.

The UAE and Saudi Arabia are investing heavily in digital infrastructure, smart cities and AI. What makes the Middle East a strategic market for Hisense, and how is the company adapting its products and long-term strategy to meet the region’s unique needs?

Building on that vision of AI-powered intelligent living, the Middle East represents one of our most strategically important regions globally, and our commitment here goes well beyond product distribution.

The cultural fabric of the GCC, centred on family life, hospitality and shared entertainment, aligns naturally with the whole-home ecosystem that Hisense is building. Consumers across the region have a genuine appetite for premium technology that enhances daily life, and that appetite is growing rapidly as digital infrastructure matures and smart city ambitions accelerate in markets like the UAE and Saudi Arabia. These two markets are our primary growth engines, but our regional strategy extends across Qatar, Kuwait, Oman and Bahrain, where we are deepening partnerships with leading distributors and tailoring our approach to local needs.

Critically, our commitment to the region is backed by meaningful industrial investment. Hisense operates manufacturing facilities in South Africa and Algeria, has announced the development of a major facility in Egypt, and has established localised R&D capabilities in Dubai. Our recent export milestone, with products manufactured in Algeria now reaching Egypt and Tunisia, is a clear signal that the region is becoming an integral part of Hisense’s global supply chain, not only a consumption market.

Consumers increasingly expect their devices to work together seamlessly. How is Hisense building a connected ecosystem across home entertainment, appliances and smart home technologies, and where do you see the biggest opportunities for innovation?

The foundation of our connected ecosystem is ConnectLife, a single intelligent platform through which Hisense refrigerators, washing machines, dishwashers, air conditioners and televisions already communicate and operate in harmony. It reflects our belief that the home should function as one intelligent environment rather than a collection of separate devices.

What makes ConnectLife genuinely transformative is that AI sits at its core. When your refrigerator understands your household’s food habits, your washing machine reads your fabrics, your air conditioner anticipates when you arrive home, and your television knows what you want to watch before you sit down, these are not isolated conveniences. They are expressions of a companion ecosystem that understands you, learns from you, and improves your daily life in ways that feel entirely natural.

Alongside this AI-powered connectivity, we continue to invest in meaningful technological breakthroughs in display innovation. Hisense is the originator of RGB MiniLED technology, and our leadership in this space, alongside our laser display portfolio, which includes projection capabilities of up to 300 inches, ensures that the entertainment experience at the heart of the home is as extraordinary as the intelligence surrounding it.

We see AI-powered connectivity and advanced display innovation as the two defining growth opportunities for our industry over the coming years, and Hisense is positioned at the frontier of both.

Display technologies, energy efficiency and AI are all evolving rapidly. Which innovations do you believe will have the greatest impact on the consumer electronics industry over the next three to five years, and how is Hisense positioning itself to lead that next phase of growth?

Having established AI as the central force reshaping the home, it is worth being precise about where we see the most consequential technological breakthroughs emerging over the next three to five years.

AI will continue to be the primary driver of innovation across our entire product portfolio. V AI OS, which powers our television ecosystem, is already enabling devices to think through user preferences, anticipate intent, and deliver deeply personalised experiences. As this intelligence extends across the full ConnectLife ecosystem, connecting appliances, displays and energy systems, the home will become genuinely proactive rather than simply responsive.

In display technology, Hisense’s position as the originator of RGB MiniLED is significant. The UR9 Series achieves 100 per cent BT.2020 colour coverage, delivering a standard of colour accuracy that transforms the viewing experience across sport, film and everyday content. Our laser display portfolio, including the L9Q Laser TV and the Laser Projector XR10, with 6,000 lumens of brightness, a 60,000:1 contrast ratio and up to 300 inches of projection, points toward a future where the boundary between television and home cinema disappears entirely.

Energy efficiency runs through all of this. Innovation at Hisense must be responsible as well as remarkable, and recognitions such as the Red Dot Award for our U8 air conditioner reflect that principle in practice.

As president of Hisense Middle East and Africa, what leadership principles have been most important in navigating rapid technological change and growing the business across such a diverse region, and what qualities do you believe tomorrow’s business leaders will need to succeed?

Leading across the Middle East and Africa requires holding two things in balance simultaneously: a clear long-term vision, and a genuine responsiveness to markets that are different from one another in culture, consumer behaviour and commercial dynamics.

Hisense’s approach in this region reflects that balance. Our strength rests on deep manufacturing capabilities, world-class R&D and continuous innovation, but none of that creates value unless it is translated into products and experiences that genuinely serve the people who use them. Every decision we make, whether it relates to a new facility in Egypt, a distributor partnership in Kuwait, or a product feature calibrated for Gulf climate conditions, is tested against one principle: does this make life better for our customer?

For tomorrow’s leaders, I believe the defining qualities will be the ability to think across long time horizons while acting with agility in the short term, the intellectual curiosity to understand technology deeply without losing sight of the human experience it should serve, and the cultural empathy to build trust across genuinely diverse markets. The AI era will reward leaders who can combine technological understanding with authentic human connection, and that, ultimately, is what we are building at Hisense: technology that understands people, and a business led by people who understand their markets.

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