UAE Property 24|7 - Educating Investors!

Dubai Real Estate Tycoon Spends US$9 million on #5 License Plate

dubai-real-estate-tycoon-spends-us9-million-on-5-license-plate

Mr. Balwinder Sahni who is an Indian business man and a well known developer in Dubai, recently spend AED 33 million or US$9 million to buy No 5 license plate for one his six Rolls Royce.

Sahni owns six Rolls Royce cars and according to CNN money, he has ordered two more Rolls Royce. It seems the developer has a lot of love for Rolls Royce and acquiring single digit license plates as well. In 2015, Mr. Sahni spent AED 24.5 million or US$6.7 million to acquire another single digit number plate “9”.

While giving an interview to CNN money, Mr. Sahni described himself as a simple man however he has been receiving a lot of requests for interviews and photos since he bought the number 5 license plate.

UAE has so many such examples in which rich Emirati’s have spend millions to acquire things that they desire. For example, in 2008, Mr. Saeed Al-Khouri who is an Emirati business man spent AED 52.2 million or US$14.2 million to acquire No 1 license plate. This trade stands at the top positions so far in terms of buying single digit number plates during auctions in UAE.

According to Bloomberg magazine, all the money generated from license plate auctions go to Roads and Transport Authority.

Interestingly, a secondary market has emerged for enthusiast Emiratis who want to buy such desired license plates. There are multiple websites which are selling unique license plates and one such deal happened on number.ae where a two digit license plate was sold for US$735,000.

 

Speak Your Mind - We Love to Hear From You!