The Souq Al Haraj Showroom Auction raises Dh3.8 million

Sharjah, Sunday December 18, 2017:  The Souq Al Haraj Showroom Public Auction, organized by the Emirates Auction, managed to raise Dh3.825 million for Sharjah Asset Management, the Investment arm of the Government of Sharjah, by leasing 12 showrooms.

The auction was held at the Sharjah Golf and Shooting Club on Saturday, and was attended by more than 500 traders and investors. Three showrooms in particular attracted the attention of a large segment of traders and investors that participated in the auction, where they were leased for Dh 1.47 million.

The auction, which was the first of its kind to be held on Souq Al Haraj showrooms in Sharjah, witnessed a fierce competition between traders hoping to lease one of the 12 showrooms that were being auctioned off. The 12 showrooms were located in the new headquarters of the Souq, and were varied in size and location.

Mr Ahmed Juma Al Musharrekh, Director of Souq Al Haraj in Sharjah, expressed his gratitude and appreciation to Sharjah Asset Management for the trust it placed in organizing the Souq Al Haraj Showroom Auction. He also praised the success of Emirates Auction in organizing the event in accordance with the highest standards.

Al Musharrekh stated that organizing the auction comes within the framework of the Souq’s eagerness in strengthening its position as a leading vehicle trading site, and its position as the largest market of its kind in the Middle East region. He also stated that the auction is part of the Souq’s efforts to raise its efficiency, develop its performance in a sustainable manner, and follow the best international practices in this field.

He added that the size of the participation in the auction and the level of competition for the showrooms reflected the importance of the market for a large segment of traders and businessmen, given the high returns of investment and rewards that the traders gain in leasing the showrooms. He added that the returns and rewards for investors are due to the Souq’s leading services, advantages and facilities, convenient procedures and attractive environment for both showroom owners and customers.

HE Omar Matar Al Mannaei, Executive Director of Emirates Auction, thanked Sharjah Asset Management and the management of Souq Al Haraj in Sharjah for trusting Emirates Auction with organizing the Souq Al Haraj Showroom Auction, which concluded with a new success added to the company’s record. He also stressed the eagerness of Emirates Auction to provide the best services to companies that work with them and achieve the best returns for them in line with their aspirations.

Al Mannaei stated that Emirates Auction is beyond proud to have organized this event for Sharjah Asset Management, which is one of the leading real estate asset management companies with a global investment portfolio. He also stated that this step reflects the management’s eagerness to use modern technology and systems in asset management, in accordance to the best global practices and highest standards of excellence and innovation. He added that this step also provides car dealers with opportunities to obtain the appropriate showroom space through public auctions that are organized with the highest degree of transparency, and dynamic and equal opportunities between traders and investors in this sector.

He noted that the high level of interaction during the auction revealed the desire of traders and investors in the showrooms offered, which is a clear indication of the importance of the market and its role in the automotive trade sector in the country and the region.