A car registration number - UAE 50 - is attracting bids from across the globe in an online auction that experts claim could break a record.
The number plate is owned by a private collector in the UK and is registered with Britain's Driver and Vehicle Licensing Agency - not in the UAE.
But it is being marketed as the ultimate accessory for luxury car owners, including those who descend on London each summer, taking their supercars with them.
Experts said the link with the UAE's golden jubilee celebrations could set off huge offers for the plate originally issued in 1955 in Bristol, making it older than the Emirates.
A copy of the plate is with Mohammed Luqman Ali Khan, a motoring historian who is advising the British owner and connecting him with potential buyers in the Emirates. The anonymous owner bought the plate last year, sensing an opportunity to make a shrewd investment.
He currently has the plate on a grey electric Porsche Taycan.
It’s not a plate significant only for the golden jubilee, it’s a plate for life
Mohammed Luqman Ali Khan
“It couldn’t have come at a better time as we celebrate the golden jubilee of the formation of the UAE and the Expo will be kicking off in October,” Mr Khan told The National.
“It has been generating a lot of interest from collectors, investors and enthusiasts.
“You cannot put an exact value to a plate like this but I wouldn’t be surprised if it goes on to break the world record that stands in Abu Dhabi for the number 1 plate at Dh52.2m ($14.2m).
“It’s not a plate significant only for the golden jubilee, it’s a plate for life.”
Enthusiasts can log onto www.specialnumberplates.com for details and to make an offer.
The plate can be fitted on a car driven in the UK as it is a DVLA registration but could be brought back to the Emirates for display.
Mr Khan hopes the plate will be bought by a UAE resident due to the strong interest in distinctive numbers in the country.
Wealthy visitors from the Gulf, including the UAE, go to London every summer in what has become known as the supercar season.
They take their luxury cars with them on holiday and these can be seen lining the streets of swanky West End areas.
“I would love to see someone from the UAE acquire the number plate. It could be someone from the Emirates who puts it on their car when visiting England,” said Mr Khan, who has been working with the collector on curating vintage cars he owns.
“It’s a favourite visiting ground for UAE nationals and expats. They take their exotic cars with them. They can have UAE 50 on the supercar they drive in central London.”
Unique plates have previously sold for millions of dirhams in the UAE.
Rich spend big on unique car digits
Nine of the world’s top 10 winning bids have been from Abu Dhabi and Dubai.
Unlike plates in the West that feature both letters and numerals, those in the Emirates have just numbers.
A single digit number indicates the owner is an elite wealthy circle with lower numbers indicative of a higher price.
Sequenced and repetitive numbers also have special value.
A Dubai number plate 5 was bought by a property developer Balwinder Sahni for Dh33m at a 2016 public auction and installed on a pearl white Rolls-Royce Phantom.
The highest paid to date has been the UAE AD 1 sold in 2008 for Dh52.2m.
Other plates to make the top 10 are single digit Dubai and Abu Dhabi plates 9, 5, 7 and 2 that sold for between Dh10m and Dh25m.
At number 10 is a Hong Kong plate 28 that went for £1.6m ($2.2m).
The records in the UK may not be quite as high but have been substantial.
A Ferrari dealer paid more than £500,000 for plate 25 O for his Ferrari 250 GTO.
In 2009, a British businessman paid £440,000 to buy the Formula One initials when he picked up an F1 number plate.
The offers for UAE 50 have not been revealed as Mr Khan said the bids are confidential.
The plate was mentioned in a 2018 book titled Car Number Classics that has information and illustrations on the history of motoring and number plates in the UK.
“People fancying or yearning for number plates is a global phenomenon,” he said.
“It’s mistaken that this is only in the Middle East. What makes the UAE stand out is the staggering values we are willing to pay for plates. In the US, people have their name on a number plate. People here look for special numbers.
“One this is for sure, none can match the gravity and seriousness with which UAE citizens and expats go for these plates.”
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The 24-man squad:
Goalkeepers: Thibaut Courtois (Chelsea), Simon Mignolet (Liverpool), Koen Casteels (VfL Wolfsburg).
Defenders: Toby Alderweireld (Tottenham), Thomas Meunier (Paris Saint-Germain), Thomas Vermaelen (Barcelona), Jan Vertonghen (Tottenham), Dedryck Boyata (Celtic), Vincent Kompany (Manchester City).
Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).
Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).
Standby player: Laurent Ciman (Los Angeles FC).
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5