'World's most expensive number plate' sells for US$15 million in Dubai

A wealthy bidder broke a world record by purchasing a rare car license plate for 55 million dirhams during a charity auction in the UAE. 

The massive sale -  which is roughly equivalent to US$ 15 million - took place during a charity auction organised by Emirates Auction LLC. The identity of the winner has not been revealed.

The license plate, numbered P 7, appears to be a simple number 7 with the letter P on the side. The proceeds from the sale will be donated to the 1 Billion Meals Endowment, which is Dubai ruler Sheikh Mohammed bin Rashid al Maktoum’s global food aid initiative.

 

 

 

 

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Dubai is known for auctioning off vanity plates, which are coveted by the ultra-rich as a status symbol, to raise funds for charitable causes. The previous record for a license plate sale was set in 2008 when a local businessman paid 52.2 million dirhams for a plate bearing the number 1 in Abu Dhabi.

Luxury license plates have also fetched astronomical prices in other parts of the world. Earlier this year, a single-letter "R" plate sold for HK$25.5 million (US$ 3.2 million) at an auction in Hong Kong.

Dubai's economy remains strong despite economic concerns in other parts of the world, and the city has long been a playground for the mega-wealthy, who are attracted by its tax-free lifestyle.

Expats, even those with moderate incomes, are known to splurge on cars thanks to lower sales tax rates than they would find in their home countries.

The recent Covid-19 pandemic however has pushed up rents and put pressure on the city's middle class.