Euro Auctions Middle East is set to establish its largest auction house in the region for industrial plant, construction equipment and agricultural machinery after signing a lease agreement with Khalifa Economic Zones Abu Dhabi – KEZAD Group.
Under the agreement, Euro Auctions Middle East will expand its current UAE operations in KEZAD across a facility of more than 43,000 square metres, with site operations scheduled to commence in Q1 2023.
By collaborating with Abu Dhabi Customs and KEZAD Group, Euro Auctions Middle East retains its 100% foreign ownership and will also have a proportion of the yard categorised as a bonded warehouse, offering import and export customers the same advantages, including less paperwork, as a freezone operation.
Euro Auctions has operations worldwide with eight sites across England, Northern Ireland, Germany, Spain, Australia, the United States, and the UAE. The company conducts more than 60 auctions per year and markets to an international audience from over 95 countries worldwide due to its strong online presence.
With more companies selling well-maintained and newer machinery than ever before, Euro Auctions reported that the average lot price at its most recent UAE auction increased by 63 percent when compared to similar events in 2019. As a result, auctions are expected to become an increasingly popular option for buyers and sellers.
Auctions are a quick and efficient way to sell unused or surplus stock, with quick pay-outs enabling companies to quickly reinvest the capital back into their business. From a buyer perspective, it allows an efficient use of their time when they can pick from a wide variety of equipment all in the one place.
Richard Sweatt, General Manager, Euro Auctions Middle East, said that the opening in KEZAD provides the operation with massive strategic advantages in the region.
“The site will be outside of the freezone, but Euro Auctions will still have 100% foreign ownership through the initiative launched by the UAE in 2020,” he added.
“For UAE customers, this means they no longer have the documentation requirements to deliver and collect equipment from the auction site and they will also have easy access to come and inspect the stock prior to auction day.
“We look forward to enhancing our service offering for local customers in Abu Dhabi and to growing our international footprint thanks to Abu Dhabi’s strategic location and KEZAD Group’s streamlined and cost-effective connectivity to major markets.”
From its new site in KEZAD, Euro Auctions can manage the entire auction process for sellers from collection and delivery to minor repairs, enabling clients to focus on their core business while being able to access a truly global audience through the diverse platform of buyers that Euro Auctions offers.
Mohamed Al Khadar Al Ahmed, Chief Executive Officer, Khalifa Economic Zones Abu Dhabi – KEZAD Group, added: “At KEZAD Group, we are proud to continually enable leading companies such as Euro Auctions to meet growing demand across the region and beyond from Abu Dhabi. Auctions provide an important option for industrial concerns and manufacturers looking to expand their inventory, and this new auction house will contribute to the growth of this strategic sector.
“The development of the Euro Auctions project will provide existing and future customers with facilities that can supplement their business needs through a globally renowned facility, which will bring best-in-class practices to streamline storage and transportation while providing a transparent bidding process.”
