Dubai’s new 7-storey car park to generate Dh200 million in 25 years (VIDEO)
Parkin and AWQAF Dubai partner for state-of-the-art parking facility in Deira
DUBAI: Parkin, the largest provider of paid public parking in Dubai, has announced the development of a new seven-storey smart parking terminal in the Al Sabkha area of Deira.
This facility, which will offer 350 barrierless parking spaces, is being built in partnership with the Dubai Endowments and Minors’ Trust Foundation (AWQAF Dubai).
The new parking structure is expected to ease parking challenges in one of Dubai’s busiest districts and contribute to the city’s economic and urban development.
Parkin’s new facility in Dubai
Under a memorandum of understanding (MoU), AWQAF Dubai will provide the financial backing for the project, while Parkin will manage the construction, operation, and maintenance of the parking terminal.
The facility will span approximately 175,000 sqft, with an additional 9,600 sqft dedicated to retail space on the ground floor. This combination of parking and retail will increase the facility’s revenue potential and contribute to the local economy.
Parkin has estimated that over the next 25 years, the project will generate Dh200 million for AWQAF Dubai. The addition of retail spaces on the ground floor is expected to further boost revenue, with the parking facility designed to offer smart, barrierless parking technology, ensuring a smoother experience for users.
Innovative features
The new parking facility will feature cutting-edge smart parking technology, which will include real-time updates on space availability and seamless access without barriers. This will provide an efficient and modern solution to parking issues in the busy Deira area, making it easier for both residents and visitors to find parking.
Additionally, the retail spaces on the ground floor will help diversify revenue and offer services to people visiting the parking terminal.
Construction timeline
Construction is expected to begin in the second half of 2025, pending planning approval. The estimated completion time is approximately two years. Once operational, the parking facility will operate 24/7, offering continuous parking services throughout the year. The strategic location of the terminal near commercial offices, hotels, and transport hubs ensures it will serve both local residents and tourists.
Parkin’s experience in managing multi-storey parking facilities across the city positions this project to meet the growing demand for parking in high-traffic areas. The integration of barrierless technology and smart systems will further enhance the efficiency and convenience of the parking experience.
Sustainable development
The new parking terminal aligns with Dubai’s goals for urban development and sustainable growth. It reflects the city's commitment to improving infrastructure and increasing the availability of parking in densely populated areas. The project will also play a role in enhancing the city's transport system, contributing to a more streamlined and efficient urban environment.
Eng. Mohamed Abdulla Al Ali, CEO of Parkin, commented: “As the clear market leader of paid public parking facilities and services in Dubai, we are pleased to partner with AWQAF Dubai to develop and deliver a technologically advanced, multi-storey parking experience in the heart of the Emirate. Our smart, sustainable parking solutions will diversify endowment investments, enhancing returns, while supporting the city’s societal and economic development.”
Ali Mohammed Al Mutawa, Secretary-General of AWQAF Dubai, stated: “Through our partnership with Parkin, we aim to develop impactful infrastructure projects that strengthen our efforts to diversify endowment investments, supporting Dubai’s broader strategy for sustainable development as well as reflecting our dedication to social responsibility and community progress.”
Impact on Community
The new parking terminal is expected to significantly reduce parking congestion in the Al Sabkha area and improve accessibility for residents and businesses in the Deira district. The addition of retail space on the ground floor will also bring commercial benefits, potentially creating new business opportunities and jobs for the local community.