Why Dubai's elite are paying millions for the perfect number plate
From some of the most luxurious properties to the best restaurants in the world, the UAE caters to the needs of the rich and the famous. However, one thing that is truly unique to the country is its craze for fancy number plates. On Saturday, a Dubai businessman shelled out a whopping Dh35 million to snap up the plate DD 5 at a charity auction.
As hefty as the price sounds, it is not the most expensive number plate to be sold in the country. That laurel belongs to an anonymous entrepreneur who spent Dh55 million in 2023 to own the Dubai vehicle number plate P7 after a fierce bidding war. That rewrote a 16-year history created in Abu Dhabi by Emirati businessman Saeed Abdul Ghafar Khouri in 2008 when he bought the number plate 1 for Dh52.5 million.
But what is it that makes number plates such a valuable asset in the country? 'The UAE is one of the only markets in the world where a good plate number is almost like gold,' said Naim Eyvazov, CEO of Evana Homes and a number plate enthusiast. Hailing from Azerbaijan, he said he has not seen a market as competitive as the UAE. 'The country has become a haven for storing your funds or part of your economy in a number plate. I have lived in the US and travelled all across Europe. There is no such thing as a business in fancy numbers like here.'
Naim, who runs his business along with his mother Eva Huri, said the duo religiously attends events by Emirates Auction to understand the market. 'I have always had an eye for fancy numbers, but I never realised what a competitive market it was until we moved to the UAE 12 years ago,' she said. 'You don't have to study or (have a fancy degree) to enter this market. If you spot a good plate number, you can snap it up and make good business out of it.'
Taste of luxury
Naim said that with many dollar billionaires in the UAE, it is not surprising that number plates were such a huge market in the country. 'It means that they have a taste for luxury,' he said. 'These plates are probably the best accessory you can add to your car and your car is deserving of an accessory because you drive it every day. Over here, you even drive more than you walk. So, it is worth spending on it. Whether on the roads or at the destinations you go to, a good number plate gives you instant respect.'
He added that he had invested in a number plate and reaped the result. 'I bought the palindrome number 63363 about eight months ago,' he said. 'Today, the price has already tripled. So, it is a really good investment idea as well because the price of number plates will never go down.'
His theory was that the larger the white space on a number plate, the more valuable it becomes. If you ask me, I would say that the most valuable number plate would be an 11,' he said.
Way of life
For 13-year-old Abdulkader Walid Asaad, numbers are just a way of life. As the son of an avid fancy number plate collector, he has seen his father attend auctions and buy plates that he took a fancy to. 'I have always seen my father being passionate about fancy numbers and that is just in my DNA too,' he said. 'For the last two years, I have been accompanying him to various auctions. Often, I am the youngest in the room.'
On Saturday, the grade eight student along with his father successfully bid for the number plate DD 24, buying it for the handsome price of Dh6.3 million. 'Number plates are an identity,' he said. 'It gives you a status that simply a car cannot. I also have several other number plates as well as fancy phone numbers. It is a passion for my father and me, and I know that this is something I want to continue doing when I grow up.'
The eldest of three children, Abdulkader said that he hopes his younger siblings will follow in his footsteps once they grow up.
Aspiration
When Indian entrepreneur Amjad Sithara, founder and chairman of the BCC Group, first arrived in Dubai in 2008 to work as an employee in a company, the only thing he focused on was to survive. Buying a number plate or even a car was not on his horizon. All that changed the first time he saw the car of his hero — Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai. 'I saw a photo of his Mercedes G-class car with the number plate 1 and was just mesmerised,' he recalled. 'I knew that one day I wanted to buy that car and a similar number plate.'
In 2010, he bought his first vehicle — a Mercedes G-class. 'At the time, I only had money for the car, not a fancy number plate,' he chuckled. 'I could only afford a four-digit number plate. So, I bought the M8598 because that was the only one available. I paid Dh5,000 for it. Today, the value of that plate is Dh25,000. So, it was a good investment.'
Since then, the construction tycoon has amassed 12 numbers of the same series. 'I have T8594, S8595, U8593, and so on,' he said. 'Starting from 2010, every year I would buy a car and for each car, I would buy a number plate of the same series.'
Last month, Amjad splurged on the most expensive plate he has ever bought — a three-digit one. 'After years of dreaming, I finally bought a Rolls Royce and for this car, I decided to go the extra mile and get a three-digit number which was an R859,' he said. 'It cost me Dh450,000. I think of it as a really good investment.'
Although his dream of buying a plate with the number 1 on it remains unfulfilled in the UAE, he bought it in India. 'I like to achieve my dreams, so I went to India and bought the exact same Mercedes G-class and a number plate with 1 on it,' he said. 'That dream was one of the biggest drives for me to achieve everything I have achieved so far.'
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