UPDATE: Plate '1' smashes world record at $14.5mn

TOP DOLLAR: Saeed Abdul Ghaffar Khouri successfully bids for plate number '1' (Victor Besa)

An Emirati businessman broke all records for the world’s most expensive number plate on Saturday, paying 52.2 million dirhams ($14.5 million) for plate number ‘1’ at an Abu Dhabi auction.

Abu Dhabi businessman Saeed Abdul Ghaffar Khouri more than doubled the current record held by Talal Ali Mohammed Khouri who paid 25.2 million dirhams for plate number ‘5’ in May 200, also paying 11 million dirhams for the number '7' plate.

Ghaffar Khouri told ArabianBusiness.com after the auction that he had not bought the plate as an investment, although he predicted its worth would double within two years.

Bidding for plate number '1' had started at 20 million dirhams, and quickly escalated to a war between Ghaffar Khouri and another determined bidder.

Ghaffar Khouri, who described his business as property development and sharemarket-related, said he had been prepared to pay up to 100 milion dirhams for the plate. He was yet to decide which vehicle it would be attached to, he said.

The auction, on behalf of Abu Dhabi police, generated a record 89 million dirhams from the sale of 90 plates, including numbers 96, 100, 212, 1111, 2001 and 31313.

Previous record holder Mohammed Khouri had earlier said he was willing to splash out $15 - $20 million to get his hands on the coveted number ‘1’ plate. However, while he was present at the auction, he is not believed to have successfully bid on a plate.

The UAE now holds the seven most expensive plates in the world.

Auctioneer and managing director of Emirates Auction, Abdulla Matar Al Mannaei, said expectations prior to Saturday's sale were "huge", but that the final value exceeded "our wildest hopes and dreams".

“Distinguished number plate auctions have been a preferred investment option for Emiratis”, Al Mannaei said, adding that there has been an average 20% appreciation in plate values per year.

Five previous auctions raised $56 million from the sale of 393 plates.

100% of plates up for auction on Saturday were sold, Al Mannaei said, with all six digit plates fetching 2 million dirhams or higher.

Ten-year old Hazaa Seif Ali Hammadi bid 2.15 million dirhams for plate number ‘51’ on behalf of his father, an Abu Dhabi businessman.

Proceeds from the auction will go towards building a national rehabilitation centre for traffic accident victims - the first of its kind in the UAE.

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READERS' COMMENTS

vanity plates
Posted by Jayant, mct, Oman on Sunday 17 February 2008 at 10:43 UAE time

Well at least the proceeds are going towards something worthwhile.

Response to obnoxious
Posted by Adel, Doha on Sunday 17 February 2008 at 10:36 UAE time

True, there are more ways of spending this money, however UAE in comparison to the gulf has leaped forward into time drastically, so if someone with such a fortune wants to pay this much for a license, why not? Consider someone buying a very expensive bottle of wine, since drinking is mostly prohibited by gulf regions, residents might find it absurd to pay huge amounts of money on such an item which can be consumed in less than an hour. I believe that everybody should have a bigger eye or be more sensitive to different cultures. Besides, the money did go to charity at the end !

Embarrassed
Posted by Jassem, Abu Dhabi, UAE on Sunday 17 February 2008 at 09:59 UAE time

This is embarrassing for the UAE and its image. This news hit front pages worldwide today... What a lousy way to get there too...

Giving Away
Posted by Haroon Sheikh, Dubai, UAE on Sunday 17 February 2008 at 09:40 UAE time


This story would have been more palateable if Mr. Khouri had also announced a donation of an equal amount to his favourity charity. This would make him seem a true philantrophist (since the proceeds of this auction have also gone to a worth cause).
Sadly, the current story reads like an execrise in vanity.

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