DUBAI // A Jaguar, a Hummer and a Ford Mustang, each with gleaming bodywork and an immaculate interior, join the line-up of cars tempting would-be buyers looking for something special. These luxurious vehicles are being sold at auction, going under the hammer in the fallout from the economic downturn.
Some are being sold by desperate owners unable to keep up the repayments or in dire need of cash as they leave the country after losing their jobs. Others are offered by banks and finance companies hoping to recoup money after repossessing the cars, or by police who impounded vehicles that were never claimed. The number of cars offered at auction has doubled in the past year, according to people who attend the sales regularly, and they often sell for rock-bottom prices.
Although prices tend to rise the week before Eid, that did not deter about 300 people who turned up on Wednesday night at the Golden Bell auction house, based at the used-car market in Ras Al Khor. Potential buyers combed the lot looking to snap up a bargain. They milled around the 110 vehicles, kicking tyres, revving engines and prodding the upholstery. While the sport cars attracted much interest, Dana Shaheen had set her sights on a more modest purchase. She passed her driving test less than two weeks earlier.
"I'm looking for my first car," she said. "I want something like a nice sedan; something that it doesn't matter if I crash it." However, her move for a smart little silver Honda with more than 80,000km on the clock failed, as it was sold for Dh41,000 (US$11,160), about Dh9,000 more than she was prepared to pay. The fast-talking auctioneer, switching between Arabic and English, moved quickly on to the next lot.
The auction process is simple. Buyers put down a Dh3,000 refundable deposit in exchange for a bidding paddle, which has a number written in Arabic and English, and all accounts must be settled within 48 hours of purchase. The glut of discounted cars has not gone unnoticed; the turnout at the weekly auction has grown noticeably. "A year ago you would only have had about half as many people here - and it would only be men. Now, couples come down here and even bring their children," said Mohammed Hamdi, 30.
Originally from Egypt, he works in public relations for Shell and has been visiting the auction regularly over the last two years. "It is a way to make a bit of extra money," he said. "I can come down here and see if there are some good deals and if there is something I like for the right price, I will buy it. "I might drive it for a bit or just sell it. It's no trouble to just put an advert in a newspaper or on Dubizzle (a classified advertising website).
"The majority of people here are car dealers. They come here and pick up extra stock for low prices to fill up their showrooms. "But people are learning it is much cheaper to buy here than go to the used-car showrooms." Praveen George, 28, also a regular at the auction, said shrewd buyers could usually save up to 25 per cent by buying at the auction, but the week before Eid was an exception. "At the start of Ramadan everything was really cheap," he said. "In the first week this place was empty but now it is very busy and the prices have gone up.
"Now it's the final week before Eid so everyone is buying Eid presents. Everything is about 20 per cent more expensive. There are not that many bargains here today." Parish al Falasi, who owns the Al Falasi Motors Showroom in Dubai, picked probably the bargain of the evening. He scooped up a 2007 electric blue Ford Mustang, with white stripe running the length of the car, for Dh55,000. Similar models are being offered on Dubizzle for around Dh80,000.
The dealer said he was delighted with his purchase and hoped to buy three more cars. Like the majority of the prestige cars at auction, the Mustang was being sold by a high-street bank. Standard Chartered, HSBC, Citibank, Mashreq and Osool also sell through the auction house. "[The increase in cars] started about six months ago," said Cyriel Varwisk, 41, a marketing consultant who has lived in the UAE for 16 years and has come to the auction for the last five years.
"The number of cars available went from around 50 or 60 to more than a hundred and then more people started arriving." A Toyota RAV4 2007 model was sold for Dh68,500, the same price buyers might expect to pay on Dubizzle. After an unsuccessful attempt to buy it, Dana, 21, decided to call it a night. "I am a little disappointed," she said. "The prices were pretty high and I had hoped I would get something, but I still have lots of time.
"There are certainly lots of cars out there. I just have to find the right one for me." chamilton@thenational.ae
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
CRICKET WORLD CUP QUALIFIER, ZIMBABWE
UAE fixtures
Monday, June 19
Sri Lanka v UAE, Queen’s Sports Club
Wednesday, June 21
Oman v UAE, Bulawayo Athletic Club
Friday, June 23
Scotland v UAE, Bulawayo Athletic Club
Tuesday, June 27
Ireland v UAE, Bulawayo Athletic Club
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
Company profile
Name:+Thndr
Started:+October 2020
Founders:+Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of+$800,000
Funding stage: series A;+$20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)