Parkin, the company set up by Dubai to oversee parking operations in the emirate, has teamed up with conglomerate Majid Al Futtaim to introduce barrier-free parking systems at three malls, as it seeks to expand outside its core public operations.
The systems will be implemented at Mall of the Emirates in Al Barsha, City Centre Deira and City Centre Mirdif by January 1, 2025, under a five-year contract, Parkin said on Wednesday in a regulatory filing to the Dubai Financial Market, where its shares trade.
Parking fees at the malls will remain unchanged. The move is aimed at supporting the infrastructure for the estimated 20 million annual vehicle that park across about 21,000 parking spaces at the three malls, the company said.
The new smart systems are aimed at reducing congestion and enabling “smooth” traffic flow, “enhancing the overall customer experience at some of the busiest and well-known retail locations in Dubai”, Mohamed Al Ali, chief executive of Parkin, said.
“This strategically important agreement … underscores our ability to deliver growth outside of our core public parking market,” he said, adding that Parkin will continue to explore “attractive” partnership opportunities.
Parkin is the largest provider of paid public parking facilities and services in Dubai, operating about 200,000 paid parking spaces. The company's other revenue streams include enforcement and issuance of seasonal permits, parking reservations and other commercial activities.
The company started trading on the DFM in March, surging 30 per cent on its debut. As part of the emirate’s critical infrastructure, Parkin is central to Dubai’s growth plans, and its IPO is among a strategy of growing the emirate's financial market to Dh3 trillion ($816.8 billion).
Shares of the company have nearly doubled to date, and were up more than 2 per cent at Dh4.07 at midday trading on Wednesday.
As part of the new parking system, visitors at the three malls will no longer need to wait at the barriers when entering or exiting mall car parks. Cameras will automatically capture licence plates, tracking each vehicle’s progress and duration of stay, Parkin said.
Customers will be informed about parking costs upon entry by SMS or via Parkin’s mobile app. Parking charges can be made through Parkin’s app or its website, the statement said.
The new parking system is “one of the many smart solutions that we will introduce at our malls”, said Khalifa bin Braik, chief executive of Majid Al Futtaim's asset management unit.
Majid Al Futtaim currently owns and operates 29 shopping malls across the Middle East and Africa region.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
INDIA'S%20TOP%20INFLUENCERS
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Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
JOKE'S%20ON%20YOU
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Mohammed bin Zayed Majlis
Honeymoonish
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The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
Empires%20of%20the%20Steppes%3A%20A%20History%20of%20the%20Nomadic%20Tribes%20Who%20Shaped%20Civilization
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"