Learning from the industry professionals always helps to avoid obvious mistakes and capture the best experiences. We start a series of articles devoted to the most popular and profitable online auctions and marketplaces in the world. Getting inside of their business will unveil the recipe of success in the industry all over the world.
The first success story comes from the Middle East where driving a bargain is one of the essential rules of life. Nowadays United Arab Emirates is one of the most rapidly growing countries in the world, where economics, trade, culture and life flow evolve with cosmic speed.
UAE Success Story
E-Commerce will be a megatrend for businesses in the UAE, and it is expected to be valued at $10 by 2018, however today UAE has the lowest percentage of online purchase worldwide.
Despite of this fact Emirates Auctions has been the leading auction house in the Middle East since 2005 established by a group of young Emirati business leaders. Emirates Auctions are best known as an official auctioneer for distinguished number plates for various government authorities in the Gulf region. Emirates Auctions also specializes in managing car and real estate auctions for the industrial and government sectors.
Emirates Auctions is the internationally-recognized auctioneer of the Top Ten most expensive license plates in the world, including the Guinness record- breaking world’s most expensive Plate “1” which sold for $14 million in Abu Dhabi in 2008 by Businessman Saeed Abdul Ghafour Khouri.
By the way, auctions involving license plates are a new trend all over the world. But UAE have become shelter to some of the most expensive license plate auctions in the world and the cars that these license plates usually appear on aren’t even worth a tenth of the value of the selling price at auction. The plates are so expensive and people spent millions of dollars because it is the way for them to show their status symbol within the community.
Emirates Auctions found its niche and gained a foothold in the region which led them to membership in the National Auctioneers Association, the world’s largest professional association focused on the auctioneering profession.
Emirates Auctions success secret is to provide the best services and maintain leadership position in the markets. Judging by the absence of any other competitor they do it really well.
Although UAE is still way behind the global ecommerce competition it’s only a matter of time before government striving to transform Dubai into a smart city and market-drivers as Emirates Auctions turn the attention of the ecommerce world to the Middle East.