Following its announcement of launching an initial public offering (IPO) on Tuesday, the Parkin PJSC is looking to expand its business by “exploring multiple opportunities with private developers across Dubai.”

Parkin, which is tasked to operate and manage public parking spaces, is currently handling 197,000 on-and-off street paid parking spaces in Dubai. More than 600,000 paid and free parking slots are available across the city.

All areas that currently enjoy free parking at the moment will remain free, and the decision to make this paid will be under the Roads and Transport Authority (RTA), a senior official told Khaleej Times.

Ahmed Hashem Bahrozyan, chairman of Parkin’s Board of Directors, said implementing paid parking is dependent on the demand. “If a certain community or area grows, and there is a need to have paid parking to (regulate demand and supply), we will study to implement paid parking services.

Parkin also announced its business model anchored on Dubai’s expansion plans. The company will diversify revenue streams, including rentals in multi-storey car parks to shops and other commercial services.

Parkin will also offer long-term customer permits to car rental companies and premium parking services in high-demand areas, such as valet and pre-booking facilities. It will also extend parking management services regionally and internationally in collaboration with private and public developers. Expansion areas include both development communities and assets such as shopping malls, airports, and other high-traffic facilities.