Auction of seized assets brings Dubai Courts profit of Dh82m

Dubai Courts retrieved more than Dh365 million in debts through electronic auctions of seized assets over the past 11 months. From January until the end of November, Dh365,575,450 was made through auctioning cars, properties and others items seized by the courts after cases were lodged against individuals who had not paid their debts, said Yacoub Mohammed Abdullah, head of seized properties.

Mr Abdullah said the sale was conducted by Emirates Auctions and the money raised was then used to repay the debts owed to the claimants. ?The items were valued at Dh283m before the auction was carried out but, when they were auctioned, they were sold for a higher price with a difference of over Dh82m higher than the valued price,? said Mr Abdullah. The profit gained from selling auctioned cars increased by 82 per cent on last year and, for properties, the profit was 28 per cent.