Parkin announced the signing of a long-term framework agreement with master developer Arada to operate parking facilities at the Aljada mega project in Sharjah.
The agreement marks Parkin’s first expansion outside Dubai and represents a significant step in the company’s geographic diversification strategy.
Under the agreement, Parkin will become the sole parking operator across Aljada, managing a mixed portfolio of on-street, off-street and building parking assets, including residential buildings, retail malls and commercial premises.
A total of up to 9,900 parking spaces are expected to be phased in between 2026 and 2030.
The project includes:
• Up to 3,500 on- and off-street parking spaces, with around 1,400 spaces expected to go live by the beginning of Q3 2026
• Approximately 6,400 building parking spaces, with around 400 spaces expected to become operational by the end of Q2 2026
Parkin stated that all locations will be integrated into its smart parking ecosystem, with access and payment managed entirely through camera-based technology and auto-pay functionality via the Parkin wallet.
The company expects to invest approximately AED 8 million to AED 10 million in capital expenditure over the life of the contract, primarily towards deploying camera-based systems and expanding parking capacity. Around AED 3 million of the investment is expected during 2026.
Based on the planned rollout of approximately 9,900 parking spaces through 2030, Parkin estimates its cumulative share of revenues from the 10-year agreement at between AED 40 million and AED 50 million.
Parkin stated that the project is expected to be both accretive and cash flow positive over the duration of the contract.
Source: Dubai Financial Market (DFM) Disclosure / Parkin
Disclaimer: This post is for informational purposes only and should not be considered investment or financial advice.