Transport

Parkin signs deal to develop vertiports for Dubai air taxis

October 3, 2024, 12:57 PM

Parkin will collaborate with UK-based Skyports on Dubai's vertiports

Support network for flying taxis
Working with UK’s Skyports
Set to ‘enhance connectivity’

Parkin, the Dubai government’s parking management company, has signed an agreement to develop the support network for flying taxis in the emirate.

Under the agreement Parkin and Skyports, a UK-based vertiport infrastructure developer, will collaborate on the provision of parking facilities at “vertiport” sites in Dubai, as well as developing new locations across Parkin’s network in the city.

The vertiports are launch and landing areas for electric vertical takeoff and landing (eVTOL) aircraft.

Parkin will generate revenue by managing parking facilities at select Skyports vertiports.

In an agreement with Dubai’s Road and Transport Authority this year, Skyports was granted exclusive rights to design, construct and operate a network of vertiports.

The first phase of the network will have four vertiports in the city, located at Dubai International Airport, the Palm Jumeirah, Downtown Dubai and Dubai Marina.

Joby Aviation S4 aircraft, which have a top speed of 320kph, are expected to reduce the transport time for passengers travelling between destinations.

A journey from the airport to the Palm Jumeirah is expected to take 10-12 minutes by air taxi, compared with 45 minutes by road.

The first vertiport is slated to start operating in the first quarter of 2026, the UAE state-run Wam news agency reported in September, citing Khaled Al Awadhi, director of the transportation systems department at the RTA.

Joby Aviation had previously announced that they would start operations in early 2025.

Mohamed Abdulla Al Ali, CEO of Parkin, said the agreement “represents a significant opportunity to expand the capabilities of our platform”.

“With a shared focus on multimodal transport technologies, this collaboration will enhance connectivity for both residents and visitors across our city, while at the same time supporting Dubai’s green mobility ambitions,” he added.

Parkin was listed on the Dubai Financial Market in March this year at AED2.1 per share. Its current share price is AED3.87 and is valued at AED11.61 billion ($3.16bn).

It has an exclusive 49-year concession agreement to operate and manage approximately 200,000 paid public parking services across Dubai.

Revenues grew 12 percent year on year in the second quarter of 2024 due to an increase in parking spaces and seasonal permits.

Parkin’s top line for the April to June period reached AED206 million, compared to AED184 million a year ago despite the impact of the April floods in the emirate