Ibrahim Sultan Al Haddad, CEO of Salik and Imad Alameddine, CEO of Parkonic signs the 5-year partnership contract.
PC: Gulf News
Salik, the toll-gate operator listed on the Dubai Financial Market, has taken a major step in diversifying its services by forming a strategic partnership with Parkonic, one of the largest privately-owned parking operators in the UAE. This partnership is a new chapter for Salik as it extends its eWallet services to parking facilities across the UAE.
Under the five-year agreement, Parkonic will integrate Salik’s eWallet system into its payment infrastructure covering 107 locations and any future locations it operates in the UAE. This enables vehicle owners to utilize their Salik funds to pay for parking, thus giving a seamless and convenient experience for paying.
Parkonic will promote Salik as the preferred mode of payment across all locations so that users have a hassle-free experience. As recompense for the services of the eWallet service, Salik will get a percentage of the revenues collected on its platform from parking. It is expected to serve over 135,000 parking lots and will be ready in Q1 2025.
Salik’s CEO, Ibrahim Sultan Al Haddad, was optimistic about the partnership, saying, “Our strategic partnership with Parkonic will enable the provision of advanced parking payment solutions across around 135,000 spaces and 107 locations in the UAE. Not only will this boost the UAE’s smart city infrastructure to provide easy, secure, and rapid access to parking services throughout the country, but it further drives the growth of Salik’s ancillary revenues, an important part of our corporate strategy.”
This effort falls within Salik’s overall objectives of revenue growth through organic expansion and strategic partnerships. This can be seen with its new business ventures as of the present.
Diversification Beyond Toll Revenue
As part of Salik’s push to expand beyond its core toll-gate operations, the company has collaborated with Parkonic. On November 24, Salik launched two new toll gates in Dubai, signaling its intent to strengthen its core business while also exploring new opportunities.
Apart from this, Salik has allied with Liva, a leading insurance firm, to launch new motor insurance renewal services for road users in the UAE. This will be part of Salik’s efforts at value-added services for its customers, and that adds further strength to its reputation as a forward-thinking operator.
Salik’s stock is still trading well on the Dubai Financial Market and has approached its 52-week high of Dh5.89 at Dh5.6. The market response indicates investor confidence in Salik’s growth trajectory driven by efforts to diversify revenue streams and innovative solutions.
Through these initiatives, Salik shows its commitment to contributing to the UAE’s smart city vision while positioning itself as a key player in the evolving mobility ecosystem. Its partnership with Parkonic should bring both operational benefits and strong revenue growth, making it a leader in the region’s transportation sector.
