International Auction House launches in Dubai
Boasting 38 offices across North America, Africa, Europe, and Asia Pacific two leading auction groups have combined forces to set up a new entity in Dubai to cater for the growing sales of properties and used capital assets in the Middle East. The new entity is based in Dubai Media City and was officially launched on the 1st of September in the region. The company will operate under the combined brands 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.
Auction Alliance is one of the world’s largest auction companies and is head officed in South Africa; last year the company sold over 1,200 properties using the internationally growing auction method of sale. DoveBid is a US-based auction group and conducts largely Business to Business on-line auctions of capital assets in more than 25 asset categories. More than half of the Global 4000 have conducted multiple auctions under DoveBid programs and include sales for Apple Computer, Boeing, Daimler Chrysler, General Electric, Ford Motor Company, Hewlett-Packard, Lockheed Martin and others.
“We are very excited about the auction opportunities in this market,” says Middle East General Manager Ismail Hendricks. “The property market has all the right ingredients for us to rollout the Auction Alliance service offering which specialises in commercial, residential and vacant land auction sales. 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. We see our niche in connecting buyers and sellers in the property market through land-based auctions. Globally, the number and value of property auctions are spiraling and becoming a first choice method of sale. ”Last year a few auctions were conducted in Dubai and the market seems to have taken to the auction method of sale"
According to Hendricks his group’s analysis reveals that stockpiles of redundant high-value capital assets are ready to be re-sold to both local and global markets. ”We feel that our online DoveBid offering is the perfect platform to auction these assets online. Through this platform we have conducted over 6,000 industry specific auctions throughout the world selling over 10,000,000 individual lots. Buyers from Spain to Singapore have responded by purchasing over US$6 billion in assets.”
A strong auction culture already exists in the Middle East – from vehicles, big machinery, number plates, and property to camels! Auctions are certainly becoming the new and exciting way to buy and sell.
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