The Souq Al Haraj Showroom Auction Raises DH4.780 Million

The Souq Al Haraj Showroom Auction Raises DH4.780 Million

The Souq Al Haraj Showroom Public Auction, organised by the Emirates Auction, managed to raise Dh4.780 million for Sharjah Asset Management, the Investment arm of the Government of Sharjah, by leasing 9 showrooms and setting a record 25% growth compared to the first auction held in January last year leasing 12 showrooms in the market.

One of Souq Al Haraj Showrooms acquired a total value of Dh2 million, while another one set another record price reaching Dh910 thousand. The auction was held at the Sharjah Golf and Shooting Club on Saturday, and was attended by more than 300 people, attracting a large segment of traders and investors who participated in the auction.

The auction, which was the second of its kind to be held on Souq Al Haraj showrooms in Sharjah, witnessed a fierce competition between traders hoping to lease one of the 9 showrooms that were being auctioned off and that were varied in size and location.

His Excellency Abdulla M. AlMannaei, Chairman and Managing Director of Emirates Auction, thanked Sharjah Asset Management and the management of Souq Al Haraj in Sharjah for trusting Emirates Auction with organising the Souq Al Haraj Showroom Auction, which concluded with a new success. AlMannaei considered that the success achieved by the second auction by leasing 9 showrooms and achieving a growth of 25% comparing to the previous auction is added to the record of the successes of the company, which strengthened its position as a specialised destination in public and electronic auctions at the level of the country and the region. He also stressed the eagerness of Emirates Auction to provide the best services to companies that work with them and achieve the best returns for them in line with their needs and aspirations.

AlMannaei noted that the high level of interaction during the auction revealed the desire of traders and investors in the showrooms offered, which is a clear indication of the importance of the market and its role in the automotive trade sector in the country and the region.

Mr. Majed Al Mualla, Manager of Souq Al Haraj for Cars, said: “We organised this auction in collaboration with our strategic partner – Emirates Auction; we are committed to promoting Souq Al Haraj as a leading destination for car dealerships that is the largest of its kind in the Middle East. This event was held in response to dealers and investors’ high demand for showroom leases, and we are keen to ensure transparency and equal opportunity.”

He added that the large number of participants at the auction reflects both Souq Al Haraj’s importance to dealers and investors and the stiff competition for showrooms of different sizes in this market, which offers a significant return on investment.

It is noted that the first Souq Al Haraj Showroom Public Auction, organised by the Emirates Auction in January last year, managed to raise Dh3.825 million by leasing 12 showrooms.