Euro Auctions Middle East to launch region’s largest auction house at KEZAD
Euro Auctions Middle East, a subsidiary of the Euro Auctions Group, will establish its largest auction house in the region for industrial plant, construction equipment and agricultural machinery at KEZAD. Under a lease agreement signed with KEZAD Group, the integrated trade, logistics, and industrial hub of Abu Dhabi, it will expand its current UAE operations 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 will also have a proportion of the yard categorised as a bonded warehouse, offering import and export customers the same advantages as a freezone operation.
As a auctioneering company for heavy equipment, Euro Auctions has operations worldwide with sites in 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.
Richard Sweatt, General Manager, Euro Auctions Middle East, said: “The initiatives that KEZAD has put in place for Euro Auctions provides our operation with massive strategic advantages in the region. The site will be outside of the free zone, but Euro Auctions will still have 100 percent foreign ownership through the initiative launched by the UAE in 2020. 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.
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.
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, KEZAD Group, said: “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.”
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.