In the 90’s, a new phenomenon explosion of new business emerged that instantly made some of the most creative minded entrepreneurs millionaires, and that was the domain name registering, buying and re-selling in the after-marketplace.
Today, there’s a new explosion of emerging market in the Middle East, no, not oil, but the buying and re-selling of vanity license plates.
Read the article below and if you have money like that, go to Dubai and participate in this new lucrative emerging market.
Vanity plate sold for $14 million in UAE
Sat Feb 16, 10:51 PM ET
A license plate with nothing but the number “1” on it went for a record $14 million at a charity auction Saturday.
Saeed Khouri, a member of a wealthy Abu Dhabi family, wouldn’t say how many automobiles he owned or which of them might carry the record-breaking single-digit plate.
“I bought it because it’s the best number,” said Khouri, whose family made its fortune in real estate. “I bought it because I want to be the best in the world.”
The oil-rich UAE began auctioning off vanity license plates last May.
Ordinary automobile license plates issued to drivers here — and even most other vanity series plates — carry both Arabic and Western numerals and script, defining the issuing city and country.
Khouri’s plate, however, has only the Western numeral and no letters.
The record sale surpassed the $6.8 million that was paid for an Emirati license plate at an earlier auction with the Western number 5 on it — also without Arabic numerals or letters.
Proceeds from the auctions, which are held in a lavish hotel here, go to a rehabilitation center for victims of traffic accidents.
On Saturday, 90 license plates were auctioned off in all, raising a total of $24 million. The previous five such events raised more than $50 million.