Parkin aims for 30% revenue rise in 2025, eyes expansion in Saudi Arabia: CEO

Dubai-listed Parkin expects its revenues to increase by about 30% from AED 405 million to AED 520 million in 2025, after the implementation of the variable tariff, CEO Mohamed Al Ali said.

Discussions with Dubai’s Roads and Transport Authority (RTA) are at an advanced stage to finalize the implementation of the variable tariff, Al Ali told CNBC.

The company is obliged to pay 20% of the revenue to RTA as an exclusive right for the franchise, he noted. Al Ali stressed that the company's focus is on developing public parking spaces in accordance with the exclusive operating contract granted to it. Development areas are fertile ground for the company's operation and thus increase profit. He indicated that the company is in discussions with a number of developers to enhance services.

Parkin has a plan to expand by at least 3% in terms of the number of operational parking lots or those located within the development areas, in addition to evaluating some opportunities outside Dubai, according to the CEO.

He pointed out that the company has external agreements to study the investment opportunities available in the Saudi market. It is in the process of evaluating some offers to present operational and expansion plans outside the UAE in the coming period, Al Ali said.