Auction Alliance expands to United Arab Emirates

Posted On Friday, 01 December 2006 02:00 Published by
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Auction group has set up an auction company in Dubai, United Arab Emirates
By Nick Wilson

In its first foray outside the southern African market, auction group Auction Alliance has set up an auction company in Dubai, United Arab Emirates.

The business hopes to take advantage of auction opportunities in property-rich Dubai.

Rael Levitt, CEO of the Alliance Group, the holding company of Auction Alliance, said on Wednesday that auctions were "potentially a massive business" in Dubai.

Auction Alliance is the first property auction house to set up a base in Dubai.

The group, which already operates in Namibia, Botswana, Swaziland and Lesotho, opened an office in Dubai Media City on September 1.

Auction Alliance Middle East, as the new business is called, will be managed by Ismail Hendricks, who relocated from SA to Dubai.

Hendricks was based at Auction Alliance's Johannesburg offices and joined the group late last year.

He was a finalist on the South African version of the television show, The Apprentice.

Levitt said Auction Alliance Middle East was formed by the Alliance Group and Dubai-based investment and consulting company Mondia.

The Alliance Group will hold an 80% interest in the new company, with the remaining stake held by Mondia.

"There have been several massive property auctions held in Dubai over the past 12 months including one auction handled by an Australian auction house where they sold over R2bn worth of properties," said Levitt.

He said Auction Alliance had been approached previously to hold auctions in Dubai.

"We thought it was appropriate to set up shop in the local market," said Levitt.

He said the links between Dubai and South African companies seemed to be "strengthening all the time because a lot of South African companies are setting up shop in Dubai".

Levitt said a lot of Dubai companies were also investing in SA.

He said the new business would create a Middle Eastern buyer network for South African assets.

"A lot of investors have shown interest in South African property. In fact, a month ago we had the largest property developer in Dubai come out on our invitation to come and have a look at property in South Africa," said Levitt.

Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge

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