- Parkin operates 197,000 spaces in Dubai
- BATIC has 195,000 in 5 Saudi cities
- Shares in Parkin up 77% since IPO
Parkin, the largest parking management group in Dubai, aims to expand into Saudi Arabia after signing an agreement with the Riyadh-based conglomerate BATIC.
The proposed collaboration with BATIC’s Smart City Solutions subsidiary will focus on technologies to improve traffic flow. It will also enhance the parking experience for Saudi motorists, the companies said in a press release.
Mohamed Abdulla Al Ali, CEO of Parkin, described the link-up as “a significant milestone”.
The companies will use artificial intelligence, real-time data analysis, digital gates, sensors and smart cameras in Saudi car parks.
Parkin operates 197,000 paid parking spaces across Dubai and had 4 million customers in 2023.
It listed a 25 percent stake on the Dubai Financial Market in March 2024. Since its IPO, shares in the company have increased by more than 76 percent.
Shares in BATIC, which operates a portfolio of 195,000 parking spaces across five Saudi cities, have increased by just over 71 percent in the year to date.
Ali said the agreement would underscore Parkin’s “market-leading capabilities in the GCC” and was a “commitment to international growth outside Dubai”.