Parkin, the largest parking management group in Dubai, has signed an agreement with Batic Group, based in Riyadh, to expand its operations in Saudi Arabia.
The collaboration will focus on smart city solutions, utilizing advanced technologies to improve traffic flow while enhancing the parking experience for Saudi drivers.
Mohammed Abdullah Ali, CEO of Parkin, described the partnership as a "significant milestone". The company will employ artificial intelligence, real-time data analytics, digital gateways, sensors, and smart cameras to enhance parking management in Saudi Arabia. As of 2023, Parkin manages 197,000 paid parking spaces across Dubai with over 4 million customers, planning to list 25% share on the Dubai Financial Market in March 2024.
Since its IPO, the company’s stock has increased by over 76%. Meanwhile, Batic, which manages a portfolio of 195,000 parking spaces in five Saudi cities, has seen its stock rise by more than 71% year-to-date.
Ali noted that the agreement will underscore Parkin's market-leading capabilities in the Gulf Cooperation Council countries, committing to international growth beyond Dubai.
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With regard to parking, the Saudi General Roads Authority has previously issued standards on parking spaces for the disabled on the occasion of the International Day of Persons with Disabilities.
Details can be found here:
Parking Standards for Persons with Disabilities in Saudi Arabia
