$9 million spent on a license plate

$9 million spent on a license plate

CNN:-For high-rolling drivers in the United Arab Emirates, no car is complete without a single-digit license plate.

The oil-rich country’s wealthy elite are willing to drop millions of dollars to get their hands on one.

 Dubai property developer Balwinder Sahni wanted a highly coveted plate bearing the number 5. He wanted it so much, he bid 33 million dirhams ($9 million) for it at a government auction earlier this month.

It was one of the largest sums ever spent on a license plate, although still lower than the $14 million record set in 2008 by an Abu Dhabi businessman.

Related: The world’s busiest Rolls-Royce dealer is in Abu Dhabi

Sahni found that his big purchase also brought him a lot of attention. He says he can’t go out in public without people stopping him and asking to take a photo — and some aren’t impressed, accusing him of wasting his money.

“It’s hard, people giving comments without knowing the type of person I am,” Sahni told CNNMoney. He described himself as “a simple man.”

The single-digit plates now adorn two of his six Rolls Royce cars. (He also has two more of the luxury vehicles on order.)

It’s also not the first time Sahni has spent serious money on a license plate. He secured a No. 9 plate with a winning bid of 24.5 million dirhams ($6.7 million) at a government auction last year.

Since Dubai has no income tax, Sahni says he sees the hefty license plate purchases as his contribution to the public coffers. He says he believes the money will go to charity and toward improving the city’s infrastructure.

“I believe in giving back,” he said. “This city has given me a lot.”

Dubai’s Roads and Transport Authority declined to comment on how the proceeds from the license plate auctions are spent. The authority holds several a year. Bids can start in the millions of dirhams.

1 Comment

  1. eccentric billionare
    November 5, 2016 at 10:35 am Reply

    these are nice cars they would do in a pinch but I would deem it more suitable if I were going to spend anything over 5mill, for a plate with single digit it would certainly be new but rare automobile also handmade, no offense but rolls Royce are dime a dozen here, would have to be an automobile with character and only a few made, there is no advantage going down highway in a car every other person drives, but in a automobile with a statement behind it not just a digit.

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