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Wednesday, November 6, 2024
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UAE to acquire region’s largest industrial plant, construction equipment auction house

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Euro Auctions reported that the average lot price at its latest UAE auction was up 63% compared to a similar event in 2019, as more companies sold well-maintained and newer machinery. As such, auctions are expected to become a popular choice for buyers and sellers of increasingly popular events. Auctions are a quick and efficient way to sell unused or excess inventory, and quick payouts allow companies to quickly reinvest capital into their business. From a buyer’s perspective, their time is used efficiently when they can choose from a wide variety of devices in one place.

Khalifa Economic Zone, Abu Dhabi – Mohamed Al Khadar Al Ahmed, CEO of KEZAD Group, said, “Auctions provide an important option for industrial companies and manufacturers looking to expand their inventories, and this new auction house will help A strategic growth sector for the industry.” Al Ahmed said: “The development of the Euro Auctions project will provide existing and future clients with facilities that can complement their business needs with renowned facilities. It will also bring best-in-class practices to simplify storage and transportation, while providing a transparent bidding process.”

A leading heavy equipment auction company, Euro Auctions operates globally with eight locations in England, Northern Ireland, Germany, Spain, Australia, the US and the UAE. Due to its strong online presence, the company hosts more than 60 auctions per year and markets to an international audience from more than 95 countries around the world. Richard Sweatt, Managing Director of Euro Auctions Middle East, said: “The initiative KEZAD has taken for Euro Auctions provides us with a huge strategic advantage to operate in the region. The site will be outside the free zone, but through an initiative launched by the UAE in 2020, Euro Auctions will remain 100% foreign owned.

From the new site at KEZAD, Euro Auctions can manage the entire auction process for sellers, from collection and delivery to minor repairs. This will allow clients to focus on their core business while reaching a global audience through the diverse buyer platform provided by Euro Auctions.

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