Salik has partnered with Emaar Malls to implement an advanced parking management system at Dubai Mall. The collaboration involves deploying Salik’s technology to create a seamless parking experience without barriers for mall customers.
The system will enable automatic fee collection for parking through vehicle plate recognition, deducting fees from Salik user accounts based on Emaar Malls’ defined business rules. It is anticipated to become operational at Dubai Mall by Q3 2024, and Salik’s revenue will be determined upon the finalisation of the business rules by Emaar Malls.
With over 2 million registered active accounts and 4 million active vehicles, Salik boasts a high penetration rate, with more than 90% of Dubai vehicles already registered. The company will handle the parking management system’s design, financing, development, installation, and management. Meanwhile, Dubai Mall will provide necessary local infrastructure, office space, and car park maintenance.
“We’re pleased to see that parking will be easier and more user-friendly with the introduction of Salik’s transportation solution and expertise, said Ahmed Almatrooshi, Emaar Properties Executive Board Member and General Director of Emaar Foundation. “We believe that this initiative will not only meet, but also exceed, our guests’ expectations, adding value to each visit and reinforcing Dubai Mall’s position as the premier shopping and lifestyle destination.”
Tapping into the private parking market
Salik views the initiative as an opportunity for further expansion, targeting growth in Dubai’s private parking market, estimated at over 50,000 parking spaces. Their plans involve offering seamless access control for residential and institutional parking and a platform for fee collection through the app and vehicle registration plates, aligning with their core business.
“The project is important for the Company’s strategy to offer sustainable and smart mobility solutions to drivers in Dubai, as well as our objective to diversify into complementary revenue streams,” said Ibrahim Sultan Al Haddad, CEO and Board Member of Salik Company. “Salik is ideally placed to provide this seamless and convenient customer journey, with the solution eliminating the need for gates or barriers at Dubai Mall, helping to minimise congestion and traffic for the customers.”
In an earlier update, Salik’s management reaffirmed its full-year outlook for 2023, highlighting robust revenue growth in the third quarter driven by increased trips through its eight toll gates and strong EBITDA margin performance.
The company expects a 9-10% growth in revenue-generating trips in 2023, maintaining an EBITDA margin between 66-67%.
