Dubai's Parkin increases revenue despite impact of Iran war

Parkin, Dubai's parking operator, experienced a 14 percent increase in revenue for the second quarter of 2026, reaching Dh364.1 million. This growth occurred despite a decline in the number of public parking transactions, which decreased to 27.2 million from 29.2 million in the same period last year. The decrease in transactions was attributed to various factors, including geopolitical influences, the ongoing use of seasonal cards at unchanged tariffs, and a marginally lower number of chargeable days compared to the previous year.

The report, released by Parkin on Thursday evening, also noted a 27 percent increase in the total number of parking spaces, rising to 268,300. Public parking spaces grew by 8 percent to 203,200. Mohamed Abdulla Al Ali, Parkin's chief executive, explained that the company's revenue growth was primarily driven by its seasonal cards, developer parking, and enforcement segments, which counterbalanced the softer demand for public parking spaces during the quarter.

Al Ali further stated that Parkin has been executing its growth strategy by expanding its total parking portfolio by nearly 57,000 spaces in the past year. In collaboration with the Roads and Transport Authority (RTA), Parkin added 9,900 public parking spaces in the first half of 2026, while its developer parking portfolio more than tripled to 61,500 spaces through several strategic partnerships.