Parkin’s move into the Saudi market further solidifies its position as a regional leader in parking solutions, with the company’s expertise in Dubai paving the way for broader GCC expansion
The construction of the parking facility is expected to commence in the second half of 2025, subject to planning approval
Premium parking locations were selected based on factors such as accessibility to public transport and high parking demand during peak times
The barrierless parking solution eliminates the need for cars to stop when entering or exiting the mall’s parking lots
For the first half of 2024, Parkin reported a 10 per cent increase in total revenue, reaching Dhs421m
The total trading value on the DFM rose by 4 per cent, to Dhs48bn, in the first half of 2024
Parkin reported that total revenue grew by 8 per cent, with public parking revenues up 11 per cent
By the end of Thursday, Parkin’s share price soared to Dhs2.84, putting the company’s market capitalisation at Dhs8.5bn
Dubai Investment Fund sold 749,700,000 shares, equivalent to 24.99 per cent of Parkin’s paid-up capital
The emirate’s continued listing activity is being driven by the implementation of various initiatives such as the IPO accelerator programme
The company will offer around 25 per cent stake, in the emirate’s first privatisation deal this year, giving it an overall valuation of up to Dhs6.3bn
Parkin — spun out of the Dubai Roads and Transport Authority (RTA) late last year — is set to float 24.99 per cent of its shares