A multi-storey car parking facility will be constructed in Dubai's Al Sabkha area, providing 350 spaces across seven floors.
The paid parking operator Parkin Company has partnered with the endowment authority AWQAF Dubai to implement the project.
It will be financed by AWQAF, while Parkin will manage the construction, operation and maintenance of the barrier-free smart facility.
Construction could begin as early as the second half of 2025, pending planning approval, with completion expected within two years.
The parking facility will occupy nearly 175,000 sq.ft. of space, with a further 9,600 sq.ft. dedicated to retail space on the ground floor, driving additional ancillary revenues.
This partnership is projected to generate estimated cash flows of AED 200 million for AWQAF Dubai over a 25-year period, as well as an accretive return profile for Parkin once operational, which would increase over the duration of the venture.
"Through our partnership with Parkin, we aim to develop impactful projects that enhance endowment assets, generating returns that support Dubai’s economic and social development," said Ali Al Mutawa, Secretary-General of AWQAF Dubai.
"Our smart, sustainable parking solutions will diversify endowment investments, enhancing returns, while supporting the city’s societal and economic development," added Eng. Mohamed Abdulla Al Ali, CEO of Parkin.
.@AwqafDubai partners with @ParkinUAE to diversify sustainable endowment initiatives, with AWQAF Dubai funding the development & construction of multi-storey parking facilities, while Parkin oversees project implementation, operation & providing services.https://t.co/z29foSTbqu pic.twitter.com/8u5E6LO9ou
— Dubai Media Office (@DXBMediaOffice) December 10, 2024
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