Who Wants to be a Domain Millionaire

UAE-based businessman is set to make millions from the sale of a highly desired web domain name.
Irishman, Brendan O’Shea, business development director for an Abu Dhabi management consultancy, has been offered Dh 4 million by an Abu Dhabi-based Emirati for the web domain name vip.ae, which he registered in early 2007 to promote an event for VIPs in the UAE capital.
O’Shea says: “I was truly surprised when I discovered I owned such a sought-after a web address. I knew I was lucky at the time to buy such a generic name as vip.ae, but I never quite realised the sales value. Obviously I was delighted to receive an offer of Dh 4 million. However, my experience in business has taught me never to jump at the first offer.
“The importance of VIP status is obvious across the Gulf and this is reflected in the value of car number plates, premiums for exclusive addresses, mobile phone numbers and even Blackberry pin numbers, so it makes sense that the web domain vip.ae can be a potential goldmine if owned and developed by the right person.”
This year the web domain horse.ae was reportedly sold to Indian-based technology firm, Ozone Group, for Dh 6 million and questions have been raised over the huge sums being paid for the exclusive domains, with speculators stockpiling domains intent on selling for future profit - a practice called ‘cyber-squatting’.
 But O’Shea explained his good fortune happened through chance rather than design. “I registered the domain for Dh 150 with the intent to start a VIP event in Abu Dhabi, but soon after began to receive offers for purchase, and of course this became increasingly attractive as the figures increased.
“The right generic domain name can be worth a lot if one assesses the commercial value of having such a domain. I have strong confidence in the passion for VIP status in the UAE and the regional economy and this domain address cannot be repeated or matched by anyone.
“Registering domain names is not the business I am in, but I am certainly glad the recent hype over the sale of horse.ae seems to have sparked an interest for valuable domain names.”
And O’Shea explained that he is still entertaining offers. “I set up this domain around 18 months ago and only now, with people talking about the horse.ae sale, are people approaching me with offers in the millions for vip.ae. I’ll continue my plans for a VIP networking event, but will need to come up with a new domain for this project, as someone else will soon be the proud owner of arguably the most exclusive web domain and email address in the Gulf.”