Tuesday 5, April 2016

Dubai – MENA Herald: In line with its move to become a leading global company, Emirates Auction (EA) has revealed the launch of its first subsidiary company in Egypt, ‘Misr Auction’. The move falls in line with the company’s expansion strategy, which aims to tap into newer regional and international markets with enormous growth opportunities and promising investment prospects, in order to serve a wider section of existing and potential customers.

Establishing ‘Misr Auction’ reflects the company’s initial step to expand its presence and demonstrates Emirates Auction’s achievements over the last 10 years—including having sold the most expensive 10 vehicle plates in the world, which has positioned the company among the most prominent regional auction companies. ‘Misr Auction’ will initially focus on organizing and managing real estate auctions. However, the company will later expand its services portfolio to include auctions on cars, collectibles and specialized vehicle plates.

H.E. Abdullah Matar Al Mannaei, Managing Director of Emirates Auction, said, “The remarkable success and the leading position of Emirates Auction in the UAE market has given us the confidence to expand our operations in order to be a global company. We have chosen Egypt to be our first expansion stop after an in-depth study of the region’s promising markets, which showed the need of the Egyptian market to have public and electronic auctions that match the highest levels of professionalism, quality and reliability.”

Al Mannaei further explained that ‘Misr Auction’ has great potential to achieve quality successes, backed by the strategic advantages of Emirates Auction such as its strong presence, advanced technologies, advanced auction systems–confirming the new

subsidiary’s commitment to excellence and innovation in organizing electronic auctions that will meet the needs of a large segment of people who want to buy and sell real estate, goods and cars in Egypt.

“Emirates Auction has made positive effect impact in terms of changing auction concepts in the Arab world by adopting the best global auction systems, like electronic auction systems, which offers key features like reliability, transparency and quality to meet the expectations of its clients. We look forward to the success of ‘Misr Auction’, which will undoubtedly be the starting point towards further promoting Emirates Auction’s success in the electronic auction segment across key growth markets in the Arab region and the world, particularly in terms of the sale of vehicle plates of distinctive numbers,” concluded Al Mannaei.

Emirates Auction, which was established in 2004 in Abu Dhabi, specializes in running car and real estate auctions for the industrial and government sectors, through public or online auctions via its websites which operate in accordance with the highest standards of professionalism, transparency and authenticity. The company has greatly contributed to the development of auction concepts in the Arab World, providing creative methods that facilitate online auctions while ensuring a high level of security and ease of use. The company has made prominent achievements in the field of public and online auctions, especially for car license plates and real estate auctions.