Parkin signed a 10-year framework agreement with Arada Developments to be the sole parking operator for the Aljada mega project, marking the company’s first entry into the Emirate of Sharjah.
The project includes managing approximately 9,900 parking spaces to be phased in between 2026 and 2030, with initial operations for 1,800 spaces expected to begin by the end of Q3 2026.
Parkin expects a cumulative revenue share of AED 40 million to AED 50 million over the life of the contract, with total capital expenditure projected at AED 8 million to AED 10 million.
The agreement is expected to be both earnings accretive and cash flow positive, utilizing Parkin’s camera-based smart parking ecosystem and digital payment technology.
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