Dubai’s parking operator, Parkin, has achieved a milestone in its financial performance, reporting a record-breaking net profit of Dh199.2 million for the third quarter of 2026. This impressive 27% year-on-year surge was largely fueled by a significant uptick in demand for seasonal parking cards and robust returns from developer parking contracts and enforcement activities. While traditional public hourly parking saw a slight dip as more motorists shifted toward the cost-effectiveness of seasonal permits, the company successfully offset this by expanding its total parking network to 272,500 spaces, a 24% increase from the previous year.

CEO Mohamed Abdulla Al Ali highlighted that this double-digit growth underscores the effectiveness of Parkin’s diversified business model. By focusing on high-growth segments like developer parking—which saw revenue climb 69%—and capitalizing on a 37% jump in seasonal card sales, the company managed to strengthen its margins significantly. Looking ahead, Parkin has raised its full-year revenue outlook for permits and remains committed to its dividend policy, supported by ongoing infrastructure upgrades and a strategic collaboration with Dubai's Roads and Transport Authority to modernize the city’s parking landscape.