On December 10, Parkin Company announced its plans to build a seven-storey smart parking facility with 350 spaces in Dubai’s Al Sabkha area. The company has partnered with the Dubai Endowments and Minors’ Trust Foundation, Awqaf Dubai, for this project, which will be set up in the busy district of Deira.
The parking facility will cover 175,000 square feet, with an additional 9,600 square feet dedicated to retail space on the ground floor, which will provide extra revenue for Parkin. Over the next 25 years, the project is expected to generate AED200 million for Awqaf Dubai, the company said in a statement.
Under the agreement, Awqaf Dubai will finance the development, whereas Parkin will oversee the management, operation, and maintenance of the barrierless smart parking facility. Construction is set to begin in the second half of 2025, pending approval, with an estimated build time of two years.
His Excellency Ali Al Mutawa, Secretary-General of AWQAF Dubai, emphasized that the project seeks to expand and diversify endowment investments across vital sectors, contributing to Dubai’s ambitious strategic plans: “Through our partnership with Parkin, we aim to develop impactful projects that enhance endowment assets, generating returns that support Dubai’s economic and social development.”
