Dubai, August 19 (WAM) - Parken Co. LLC ("Parken") has signed a memorandum of understanding with Egypt Cities for Asset and Facility Management, Egypt Transport Company, and Redcon Real Estate to explore cooperation opportunities in developing smart parking and mobility solutions in the Arab Republic of Egypt, marking the company's first entry into the Egyptian market.

Under the MoU, the parties will explore potential areas of collaboration and integration through a series of joint activities and initiatives that support the development of advanced parking and mobility solutions.

The memorandum aims to explore opportunities for leveraging Parken’s operational, technical, and advisory expertise in smart parking, public parking, multi-storey parking, as well as planning and development, parking policies, demand management strategies, and technology-enabled mobility solutions.

Areas of cooperation that will be explored also include the potential application of Parken's solutions and technologies in the field of smart parking within the assets of the Egyptian parties’ parking facilities, including automatic license plate recognition technology, AI-powered surveillance cameras, gate-less parking systems, digital permits, and parking management platforms.

These solutions, if implemented, aim to support operational efficiency, digital transformation, and enhanced compliance, while providing a more seamless experience for parking users.

“This memorandum represents an important milestone in Parken’s journey of growth and regional expansion, marking our first entry into the Egyptian market, which will allow us to explore new areas for applying our operational and technical expertise and expanding the scope of our solutions in parking management and smart mobility,” said Mohammed Abdullah Al Ali, CEO of Parken. “We look forward to working with our partners in the Arab Republic of Egypt to explore opportunities through which we can apply Parken’s intelligent solutions in a way that is appropriate for Egypt’s needs and urban development. We believe that technology, data, and operational expertise are key elements for developing more efficient, convenient, and sustainable parking systems, which will help improve the user experience and support quality of life in cities.”

“This cooperation reflects our commitment to supporting the journey of urban development in the Arab Republic of Egypt and contributing to exploring advanced and integrated solutions in the areas of parking and mobility that keep pace with the requirements of accelerated urban growth and the needs of modern cities and communities,” said Mohammed Abu Taleb, CEO of Cities Egypt for Asset Management and Facilities. “We look forward to leveraging Parken’s global expertise, combined with our deep knowledge of the local market, to develop solutions that are appropriate for the Egyptian market and support its future aspirations. We believe that modern technologies and advanced operational expertise will help enhance the efficiency of parking management systems, elevate the user experience, and support the development of more efficient, cohesive, and sustainable urban communities in the Arab Republic of Egypt.”

The signing of the memorandum of understanding was attended by Mohammed Abdullah Al Ali, CEO, and Osama هاشم الصافي, COO from Parken, and Mohamed Abu Taleb, CEO, from Cities Egypt for Asset Management & Facilities, as well as Hesham Taha, CEO, from Egyptian Transport Company.

The memorandum of understanding comes within the framework of Parken’s direction to explore growth opportunities and expand outside the UAE, taking advantage of its operational and technical expertise in new markets, including smart parking and urban mobility.