Parkin's IPO Recognised as Best Privatisation in EMEA
The award celebrates Parkin's successful evolution from a government department into a high-performing and profitable listed infrastructure business. The carve-out process and subsequent public-to-private transition in March 2024 resulted in record oversubscription levels achieved on the Dubai Financial Market, with interest from high-quality local, regional and international investors generating AED 259 billion in total demand (US$71 billion), implying an oversubscription level of 165x.
The recognition by EMEA Finance magazine reinforces Parkin's position as the benchmark for successful privatisation in the region, reflecting Dubai's leadership in developing investable and future-ready infrastructure platforms. The Best Privatisation in EMEA award follows last month's Best MENA IPO accolade from Euromoney, further enhancing Parkin's growing reputation for excellence in the transportation industry.
Eng. Mohamed Abdulla Al Ali, CEO of Parkin, commented:
'Winning Best Privatisation in EMEA is a proud moment for both Parkin and Dubai. From the outset, our goal was to deliver a privatisation that set a new regional benchmark in transaction structure, investor interest and long-term value creation. The response to our IPO was extraordinary and what we have achieved since listing reflects the strength of our capex-light, cash-generative business model, our post-privatisation strategy and the ambitions of our team. This award is a testament not only to our success but also to Dubai's leadership in shaping innovative, world-class mobility infrastructure, demonstrating its ability to attract global investors through visionary privatisation initiatives.'
About Parkin Company PJSC:
With a unique blend of operational excellence, technological know-how and enforcement capability spanning almost three decades, Parkin Company PJSC is the largest provider of paid public parking facilities and services in the Emirate of Dubai, with a portfolio of approximately 206k paid parking spaces, as at year end 2024.
Parkin has a dominant position in relation to Dubai's on and off-street paid public parking market and a leading share of the overall paid parking market. Under a 49-year Concession Agreement with Dubai's Roads and Transport Authority (RTA), Parkin has the exclusive right to operate a portfolio of public on and off-street parking (c.184k spaces) as well as public multi-storey car parking facilities (c.3k spaces). Parkin also operates certain developer-owned parking facilities through partnership agreements across the Emirate (c.19k spaces) and provides barrierless, ticketless on behalf of Majid Al Futtaim across two malls. Additional revenue streams include enforcement, the issuance of seasonal permits, parking reservations and other commercial activities.
By deploying state of the art digital payment solutions and intelligent parking management systems that utilise artificial intelligence and big data analysis, Parkin's customers successfully conducted 132m parking transactions in 2024.
Dubai's parking operations were established in 1995 under the Dubai Municipality, before becoming part of the RTA in 2005. In December 2023, Parkin Company PJSC was established through the issuance of Law No. 30 of 2023, successfully completing its initial public offering (IPO) on the Dubai Financial Market in March 2024.
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