Nakheel auctions cars to secure money

16 Mar 2011

(MENAFN) UAE’s developer, Nakheel, held an auction for a range of cars and motorbikes in order to secure needed money in the time that its parent conglomerate, Dubai World, is trying to reach a debt restructuring deal worth USD24.9 billion, reported the National.

The auction included 10 of its 4x4s and 10 motorbikes and dune buggies. Brands ranged from Nissans to Hummers.

The company was able to secure a total of Dh603,000 only as cars were sold at a prices less than their actual values. A custom-made 2009 Range Rover, with cream leather interior, sold for only Dh213,000.

It is worth noting that Nakheel plans another auction of the same nature. The company declined to comment on the auction.

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