Parkin Dubai: EV owners may soon have to pay for public parking – News

With the growth of electric vehicles (EV) in Dubai, Parkin PJSC, operator of public parking spaces across the emirate, is exploring monetization opportunities in the electric vehicle sector, the company said on Tuesday.

The effective implementation of rate optimization is a key growth opportunity for Parkin, which announced the expansion of its businesses and services, following the launch of an initial public offering (IPO) and its listing on the Dubai Financial Market (DFM). .

Free for a limited time

Currently, there are public parking spaces allocated free of charge for a limited time throughout Dubai for electric cars. These parking spaces, painted green to indicate their exclusive use for ecological vehicles, can only be used for a maximum of four consecutive hours.

In addition to public parking spaces, several shopping malls, offices and government compounds also have spaces reserved for electric vehicles. A fine of Dh1,000 is imposed on vehicles other than electric vehicles that occupy these reserved green parking spaces.

Parkin, which currently manages a total of 197,000 public and private paid parking spaces, operates across six operational verticals, including on-street and off-street public parking, multi-storey public car parks, developer-owned car parks, seasonal parking permits and subscriptions. , parking reservations and rental services.

Monetization opportunities

Parkin said the exploration of monetization opportunities will be carried out in collaboration with the Roads and Transport Authority (RTA) and the Dubai Electricity and Water Authority (Dewa).

Based on its 49-year concession agreement, Parkin pays RTA a quarterly concession fee equal to 20 percent of the company’s revenue generated from paid public parking in Dubai, subject to inflation-related adjustments.

According to Dewa, Dubai has seen a notable increase in the use of electric vehicles since 2015, with 25,929 electric cars registered by the end of 2023, compared to just 14 owners who registered for Dewa’s EV Green Charger initiative in 2015.

Achieve net zero emissions

DEWA has deployed 382 eco-friendly electric vehicle charging stations across Dubai, and many chargers have dual charging outlets that are available 24 hours a day at locations such as gas stations, public parks, Dewa customer service centers and shopping malls. The public services authority aims to have 1,000 public charging stations by 2025, as part of the UAE’s goal of achieving net zero emissions by 2050.

Parkin, for its part, said it is also committed to net-zero operations by 2050 by implementing fully solar-powered load meters, electronic fines and fines, transitioning to a fleet of hybrid vehicles and expanding the capabilities of smart parking inspection.

[ad_2]