A wealthy bidder has splashed out a world-record 55 million dirhams ($15 million) for a rare car license plate in Dubai, smashing a bar set in the United Arab Emirates more than a decade ago.
A wealthy bidder has splashed out a world-record 55 million dirhams for a rare car license plate in Dubai, smashing a bar set in the United Arab Emirates more than a decade ago.
The UAE has made a habit of auctioning off vanity plates, used by the ultra-rich to show off their status and wealth, for charity. The latest auction broke a record set in 2008 by local businessman Saeed Abdul Ghaffar Khouri, who paid 52.2 million dirhams for a plate bearing the number 1 in Abu Dhabi.Vanity plates have also fetched eye-watering prices outside the Middle East: Someone bought the single-letter “R” plate at auction in Hong Kong earlier this year for HK$25.5 million .
Even moderately paid expats splash out on cars they can newly afford thanks to lower sales tax rates than back home. But the recent Covid-era boom has driven up rents and squeezed middle-class residents.
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