Parkin is a critical infrastructure and parking activities provider in a city where car penetration is extremely high and more than 61% of Dubai’s commuters use private cars

Parkin has a c. 30-year track record and is the dominant provider of parking services in Dubai holding a 100% share in the paid public parking market and 91% in the overall paid on-street and off-street parking market (excluding private communities)

Parkin is the 3rd IPO from the RTA, following on the successes of Salik and Dubai Taxi Company

Parkin's robust business model is underpinned by a 49-year concession agreement with RTA, which ensures exclusivity in Dubai's public parking landscape

Parkin has a strong relationship with RTA and operates under a well-defined regulatory framework offering long-term visibility, resilient revenues and cash flows, and an inflation-protection mechanism

Parkin’s business model is capex-light in nature, with robust margins and cash conversion, marked by a [14]% revenue growth from 2022 to AED [779] million in 2023, a Pro Forma EBITDA Margin of [57]%, and [99]% cash conversion, supporting a highly attractive target dividend payout ratio of the higher of (i) 100% of profit for the year; and (ii) free cash flow to equity, subject to distributable reserves requirements

Parkin’s growth is underpinned by Dubai’s ambitious economic plans and anticipated population growth with the demand for public parking expected to be more than 60% higher over the next ten years

Parkin foresees substantial growth in expanding existing public parking and developing areas, collaborating with private developers, optimising its tariff and increasing digitalisation

Parkin's enforcement framework minimises revenue leakage, with ongoing investment in technology, ensuring efficient inspection

Parkin’s ESG strategy is aligned with that of RTA and the wider sustainability ambitions of the Emirate of Dubai, with a commitment to achieve net zero operations by 2050