Abu Dhabi-based Emirates Auction (EA) has launched its first subsidiary company in Egypt in line with its expansion strategy, which aims to tap into newer regional and international markets.
Misr Auction will initially focus on organizing and managing real estate auctions. The company will later expand its services portfolio to include auctions on cars, collectibles and specialized vehicle plates.
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.”
Al Mannaei further explained that Misr Auction has great potential to achieve quality successes, backed by the strategic advantages of Emirates Auction such as its strong presence, advanced technologies and auction systems.
It will meet the needs of a large segment of people who want to buy and sell real estate, goods and cars in Egypt, he added.
“Emirates Auction has made positive effect impact in terms of changing auction concepts in the Arab world by adopting the best global auction systems, like electronic auction systems, which offers key features like reliability, transparency and quality to meet the expectations of its clients,” Al Mannaei explained.
“We look forward to the success of Misr Auction, which will undoubtedly be the starting point towards further promoting Emirates Auction’s success in the electronic auction segment across key growth markets in the Arab region and the world, particularly in terms of the sale of vehicle plates of distinctive numbers,” concluded Al Mannaei. – TradeArabia News Service
Emirates Auction launches first subsidiary in Egypt
Al Mannaei ... targeting global expansion.
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