Dh2b in UAE property sales sought in upcoming auction
South Africa-based Auction Alliance and US-based DoveBid have come together to hold its first auction in the UAE shortly, hoping to sell properties worth Dh2 billion by next year.
"We are holding talks with real estate majors such as Emaar, Nakheel, Damac and Aldar Properties," said Auction Alliance General Manager, Middle East, Ismail Hendricks according to Khaleej Times.
"We are trying to convince them about the various benefits of auctioning," he added.
This is Auction Alliance's first foray outside the southern African market.
"The regional property market has all the right ingredients for us to roll out our service,'' Hendrisk
"There is a healthy supply and demand for great auctions and our focus in the region is certainly on replicating the global success of our land-based property auctions."
Established in 1920 in South Africa, Auction Alliance began operations in Dubai about three months ago with the opening of the office in Dubai Internet City. The company will operate under the combined brand of Auction Alliance Middle East for the auction sale of properties and DoveBid Middle East for the sale of plant, machinery and other used capital assets.