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Public News Emirates Auction, Awqaf and Minors Affairs Foundation Organize Auctions Worth AED58.5 Million

News Date: April 17, 2017
Emirates Auction, Awqaf and Minors Affairs Foundation Organize Auctions Worth AED58.5 Million

Within less than two years of the partnership between Awqaf and Minors Affairs Foundation (AMAF) and Emirates Auction, 230 assets owned by minors under the Foundation’s care have been sold for a total value of AED58.5 million.

The assets that have been auctioned include properties worth AED50,951,975 million, as well as distinguished number plates worth AED4,071,800 million, vehicles estimated at AED2,819,600 million, and other shares and assets valued at AED710,148.

As a preliminary step, these assets were carefully evaluated by Emirates Auction to preserve the rights of their owners and achieve a fair selling price.

His Excellency Tayeb Al-Rais, Secretary General of AMAF, said: “We always take utmost care of minors’ assets through preserving and investing them to help meet the future demands of their owners and achieve financial stability for our minors.

Zainab Jumaa Al Tamimi, Deputy Director of Minors Affairs at AMAF, said: “Our commendable partnership with Emirates Auction has resulted in selling these assets in public auctions while exempting them from the company’s selling fees. Our collaboration with Emirates Auction articulates our shared vision of contributing to charity work and helping minors attain their full financial rights in accordance with the UAE’s laws and regulations.”

For his part, Abdullah Matar Al Mannai, Executive Director of Emirates Auction, said: “We place high priority on charity and humanitarian initiatives as part of our social responsibility mandate and in line with the UAE leadership’s directives to strengthen the values of solidarity and empower various social segments.

“Our collaboration with AMAF started in 2014. Since then we have organized a series of auctions to sell assets and properties owned by the Foundation’s minors. We have ensured a careful evaluation of these assets since their revenues are credited directly to the minors. This initiative is one of the best forms of support given to minors in our society.”

Established in 2004, Emirates Auction is a leading auction company that is specialized in organizing and managing public and online auctions, whose revenues support charitable and humanitarian projects as well as underprivileged social segments in the UAE and abroad.

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