DUBAI / Emirates Business
In line with its move to become a leading global company, Emirates Auction (EA) has revealed the launch of its first subsidiary company in Egypt, ‘Misr Auction’. The move falls in line with the company’s expansion strategy, which aims to tap into newer regional and international markets with enormous growth opportunities and promising investment prospects, in order to serve a wider section of existing and potential customers.
Establishing ‘Misr Auction’ reflects the company’s initial step to expand its presence and demonstrates Emirates Auction’s achievements over the last 10 years—including having sold the most expensive 10 vehicle plates in the world, which has positioned the company among the most prominent regional auction companies. ‘Misr Auction’ will initially focus on organizing and managing real estate auctions. However, the company will later expand its services portfolio to include auctions on cars, collectibles and specialized vehicle plates.
HE Abdullah Matar Al Mannaei, Managing Director of Emirates Auction, said, “The remarkable success and the leading position of Emirates Auction in the UAE market has given us the confidence to expand our operations in order to be a global company. We have chosen Egypt to be our first expansion stop after an in-depth study of the region’s promising markets, which showed the need of the Egyptian market to have public and electronic auctions that match the highest levels of professionalism, quality and reliability.”