One of the significant stories we hear about the United Arab Emirates, specifically Dubai, is about special car plates. The UAE is one of the few countries where these plates add value to a car more than the car adds to its owner, and the value of special car plates is roughly equivalent to that of gold.
The special car plates market targets the world's wealthiest who like to add a distinctive number to the cars they drive daily, thus distinguishing themselves on the road (in addition to the distinctiveness of their expensive cars, some of which are only available in limited numbers worldwide). Consequently, these plates increase the value of cars, and demand for them increases their prices, reaching prices that make you wonder why people pay such exorbitant sums for a plate. Simply put, they are a great investment.
BinGhatti Chairman: AED 35 Million for DD5 Plate
The DD5 license plate was sold for an astonishing AED 35 million, equivalent to $9.5 million, to the chairman of BinGhatti Properties. The plate was sold during the "Most Noble Number", a charity auction supporting the "Father's Endowment" campaign. The starting price for the plate was AED 15 million, and more than 20 people bid on it until Mohammed BinGhatti ultimately won, holding the bid panel number 7. The host said, "This is the legend, this is the man."
While the price may seem mindblowing to you, it's not the highest ever recorded for a premium license plate auction. In 2023, an anonymous businessman spent AED 55 million to win the P7 plate number in Dubai during a fierce competition. 16-year before that, the Emirati businessman Saeed Abdul Ghaffar Khouri purchased plate number 1 for AED 52.5 million in 2008 in Abu Dhabi.
13-Year-Old Boy Gets DD24 for AED 6.3 million
For 13-year-old Abdul Qader Waleed Asaad, special number plates are a style of life. He grew up with his father, who is passionate about collecting special plate numbers and attends auctions to buy the plates he desires. Abdul Qader confirmed that this passion was passed on to him when he used to attend auctions with his father. He added that he had accompanied him to many auctions, often being the youngest person present.
On Saturday, March 15, the eighth-grade student, accompanied by his father, successfully purchased plate number DD 24 for a remarkable price of AED 6.3 million. The young boy emphasized that he wants to continue collecting special plate numbers when he grows up because he considers them an identity and a status that a car alone cannot give. He will continue to carry on his father's passion.
The presence of many billionaires in the UAE gives these special number plates a high value. They love luxury and distinction, and therefore spend millions on them, many of whom reap the benefits of their investment. Many collectors have long purchased plates at certain prices and sold them for several times their original price as their value increases. Therefore, they are keen to invest in them as well, as their value lies beyond ostentation.
