Parkin Signs Long-Term Agreement With Arada to Operate 9,900-Space Aljada Parking Portfolio in Sharjah

Parkin Company PJSC has signed a long-term framework agreement with Arada to operate parking facilities at the Aljada mixed-use development in Sharjah, the companies announced May 5, 2026. The deal represents Parkin's first operational footprint outside of Dubai and covers a portfolio of up to 9,900 parking spaces to be phased in through 2030.

Deal Scope and Operational Timeline

Under the agreement, Parkin has been appointed as the sole parking operator across Aljada, a large-scale mixed-use development in Sharjah. The portfolio encompasses on-street, off-street, and building parking assets associated with retail malls, commercial premises, and residential buildings within the project.

The overall portfolio is divided into two components. The on- and off-street element will consist of up to 3,500 spaces, with approximately 1,400 spaces expected to be operational by the beginning of the third quarter of 2026. The building parking component will comprise an estimated 6,400 spaces, with approximately 400 spaces expected to go live by the end of the second quarter of 2026. The remaining spaces across both components will be phased in progressively through 2030.

Smart Parking Technology and Capital Investment

All locations will be integrated into Parkin's smart parking ecosystem, with access and payment managed through camera-based technology at entry and exit points, supported by auto-pay functionality via the Parkin wallet. Parkin expects to invest approximately AED 8 million to AED 10 million in capital expenditure over the life of the contract, with the majority allocated to camera-based technology deployment and, in subsequent years, additional parking capacity. The year 2026 is projected to be the most capital-intensive, with approximately AED 3 million in planned expenditure.

Eng. Mohamed Abdulla Al Ali, CEO of Parkin, said the agreement extends the company's operational scale into Sharjah for the first time. "We are delighted to be deploying our flagship smart parking solution as part of this partnership with Arada, with access and payment managed entirely through cameras at entry and exit points and auto-pay via the Parkin wallet," Al Ali said. "Customers will benefit from a seamless, state-of-the-art experience that reflects the best of what Parkin has to offer. We look forward to a long and successful partnership with Arada."

Revenue Outlook and Strategic Context

Based on the full and timely rollout of approximately 9,900 spaces through 2030, Parkin's cumulative share of revenues over the 10-year contract is estimated at AED 40 million to AED 50 million. The project is expected to be both accretive and cash flow positive over the term of the agreement.

For Arada, the deal aligns with ongoing development activity at Aljada. Ahmed Alkhoshaibi, Group CEO of Arada, noted that the partnership is timed to coincide with several major project milestones. "Parkin's technology-first approach to parking management aligns directly with the new deliveries that will reinforce the milestones Aljada will reach in the coming two years, with the Arada Central Business District, Madar Mall, the Aljada sports complex and many more residential neighbourhoods all set to open," Alkhoshaibi said. "We look forward to working with Parkin to deliver smart, sustainable parking solutions that are fully aligned with our broader infrastructure vision for Aljada."

Geographic Diversification and Market Positioning

The agreement marks a significant step in Parkin's stated strategy of expanding beyond its existing Dubai operations. The company described the Sharjah entry as a notable part of its investment case and a key growth lever.

For Arada, outsourcing parking operations to a specialist operator supports the phased delivery of a development that includes residential, commercial, and retail components across multiple sub-districts. The 10-year framework structure provides operational continuity through the project's build-out period, with space activations tied to the progressive opening of Aljada's various components.