The Canadian-run company Ritchie Bros. (RB), auctioneer of industrial equipment, inaugurated last week a three-million-dollars permanent site in the Jebel Ali Free Zone (JAFZ). This is RB’s 21st such permanent site worldwide.
RB, which is traded on the New York Stock Exchange, achieved gross auction sales over one billion dollars in 1999. In the first half of 2000, these sales totaled more than $640 million. The company boasts 80 worldwide offices and over 1,400 full and part-time employees servicing a clientele of 350,000.
The new JAFZ site is 12 hectares in size including a 700-seat venue and a 2000 square meter workshop and refurbishing center. Auctions held since 1997 by RB in JAFZ have grossed $140 million, whereas the current three-day auction is set to take in $14 million. 311 people have signed up for the auction, coming from as far away as Canada, US, Australia, Netherlands, UK, China, Iran and Egypt.
Plans are already underway to hold two auctions next year at the JAFZ complex and one more in Jordan. RB holds over 100 auctions annually. Sales manager Steve Branch said that plans are in order to open several more permanent sites, noting that the worldwide used-industrial equipment market is valued at $100 billion. — (Albawaba-MEBG)