Balwinder Sahani, a Dubai-based, Indian property developer has spent a whopping $9 million on a license plate with a single “5” digit. How about that?!
Owning single digit license plates has long been a trend worldwide but recently, the fad seems to be at its peak in the oil-rich United Arab Emirates. And its moguls are not holding back, shelling out eye-watering sums to acquire the coveted license plates that identify one among the uber class.
The latest owner of the trendy luxury piece, Balwinder Sahani bought the number 5 plate for one of his 6 luxury Rolls Royce Vehicles which he plans to increase to 8 by the end of the year. The purchase took place on the 8th of October 2016 at a government auction participated by a good number of Arab moguls.
But this is not Mr Sahani’s first purchase of the coveted single-digit plate. Back in 2015, he acquired the number 9 plate at a similar government auction for a $6.7 million. The government reportedly holds several of these types of auctions annually.
As lavish as this man appears, he likes to think of himself as a “simple man”. Many have taken to social media to tongue-lash the property mogul for wasting money, but Sahani has a reason for his exorbitant purchase which to be fair is reasonable.
He explained that since Dubai has no income tax, his big purchases on the license plates is his way of giving back to the society as the money will go to Dubai’s Roads & Transport Authority which will help in community development.
“It’s hard, people giving comments without knowing the type of person I am,” he told CNN money. “I believe in giving back, This city has given me a lot”.
He also added; “I always like to give myself a gift every year, When you work very hard, you need to present yourself something.”
As a result of the new buy, Sahani’s celebrity status has received quite the boost. He is often stopped on the streets of Dubai for a selfie. Apparently, he’s got supporters to oppose his critics.
Well, if you still think $9 million is way too much, then be prepared to be shocked when you learn that; THE RECORD FOR THE MOST EXPENSIVE LICENSE PLATE WAS SET BY………..Abu Dhabi-based entrepreneur Saeed Al Khouri, who paid $14 MILLION at a charity auction to acquire the number 1 license plate back in 2008.
That number could even rise more as the fad doesn’t seem to be fading anytime soon. Private companies have emerged to capitalize on the trend, one of such being numbers.ae founded by Abdulkerim Arsanov and his brother. The website which links sellers with buyers experienced a hike in their number of visitors shortly after Sahani’s purchase so much so that it crashed, forcing its owners to improve the server.
The brothers’ biggest deal so far is a two digit license plate sold for $735,000. In Arsanov’s words, “Number plates have become more luxurious than the cars themselves”
The brothers plan to expand their business to include other rich countries like Russia and the United Kingdom. Should they make a record-breaking sale, rest assured Justrichest would let you in on all the scoop. STAY TUNED!