Parkin Expands Operations to Sharjah with Arada Developments Partnership
📋 Key Takeaway: Parkin has entered a long-term agreement with Arada Developments to manage parking facilities at the Aljada mega project in Sharjah, marking its first expansion outside Dubai.
Partnership Details and Strategic Importance
Dubai-based Parkin has signed a significant long-term agreement with Arada Developments to operate parking facilities at the expansive Aljada mega project in Sharjah. This partnership marks Parkin’s first venture outside its home base of Dubai, aligning with the company’s geographic diversification strategy. The agreement allows Parkin to manage up to 9,900 parking spaces across various residential, commercial, and retail assets from 2026 to 2030.
As the sole operator of parking within the mixed-use Aljada development, Parkin’s initial phase will encompass a blend of on-street, off-street, and building parking assets. This includes facilities at retail malls, commercial properties, and residential buildings, with the total portfolio set to be rolled out in stages over the coming years.
Operational Rollout and Smart Technology Integration
The parking facilities will be divided into two main components. The on- and off-street segment is expected to feature up to 3,500 spaces, with approximately 1,400 anticipated to be operational by the beginning of the third quarter of 2026. Meanwhile, the building parking component will include an estimated 6,400 spaces, with around 400 spaces projected to be live by the end of the second quarter of 2026.
Progressive capacity additions will occur across both segments through to 2030. All parking locations will be integrated into Parkin’s smart parking ecosystem, utilizing camera-based technology for entry and exit management, along with an auto-pay feature via the Parkin wallet. This system aims to provide a seamless and automated user experience throughout the Aljada development.
Financial Projections and Revenue Outlook
Parkin anticipates investing between AED8 million and AED10 million ($2.2 million to $2.7 million) in capital expenditure throughout the contract’s duration, primarily for camera-based technology and future capacity expansions. The company expects 2026 to be the most capital-intensive year, with projected spending of approximately AED3 million ($816,800). Based on the full rollout of the parking spaces, Parkin’s cumulative share of revenues over the 10-year contract is estimated to range from AED40 million to AED50 million ($10.9 million to $13.6 million).
The project is projected to be both accretive and cash flow positive throughout the agreement’s term. Eng. Mohamed Abdulla Al Ali, CEO of Parkin, emphasized that this expansion into Sharjah is a key growth lever for the company and an essential component of its investment strategy.
Frequently Asked Questions
What is the Aljada project?
The Aljada project is a mixed-use development in Sharjah that includes residential, commercial, and retail spaces.
When will the parking facilities become operational?
The first phase of parking facilities is expected to be operational by mid-2026.
How many parking spaces will Parkin manage?
Parkin will manage up to 9,900 parking spaces across the Aljada development.
What technology will be used in the parking facilities?
The parking facilities will utilize camera-based technology for entry and exit, along with an auto-pay system via the Parkin wallet.
What is the expected investment for this project?
Parkin expects to invest between AED8 million and AED10 million over the life of the contract.
