Dubai Launches Secure Online Marketplace for High-Value Number Plate Trading

Dubai is introducing the UAE's first escrow-backed online marketplace for high-value vehicle number plates, aiming to bring security and efficiency to a market that has traditionally relied on informal transactions. The Mazal app will hold buyers' funds until ownership transfer is confirmed, and it aligns with Roads and Transport Authority regulations. The market for these plates, which can reach up to Dh55 million, has been growing by approximately 20% annually.

Key facts

• Dubai is launching the UAE's first escrow-backed online marketplace for high-value vehicle number plates.
• The Mazal app will hold buyers' funds until ownership transfer is confirmed.
• The market for these plates, which can reach up to Dh55 million, has been growing by approximately 20% annually.
• The platform aligns with Roads and Transport Authority regulations.

Sources

• The National