Dubai number plate buyers get escrow protection with new platform
Anyone buying or selling a premium Dubai number plate will now have a way to complete the deal without handing over money on trust alone. Mazal has launched a digital platform where buyers' funds are held securely from the moment a deal is agreed and released only once the official ownership transfer is confirmed. The launch targets a market that has traditionally depended on informal…
Mazal has introduced a digital platform to safeguard buyers and sellers of premium Dubai number plates. The platform holds funds in escrow during the transaction, releasing them only after the official ownership transfer is confirmed. This aims to protect both parties from the risks of traditional informal transactions and independent brokers.
Plates are held in Mazal's custody before being listed for sale, providing a centralized marketplace with live auctions. The platform evaluates plates based on transaction history, market demand, rarity, and number patterns, offering a clearer valuation and reducing uncertainties. For cash payments, Mazal partners with Transguard for secure collection.
The Dubai premium plate market sees 55,000 transactions annually, growing by 20 percent, with the highest sale recorded at Dh55 million and a market value of Dh1.7 billion over three years. Mazal's co-founders stress the importance of transparency, verified ownership, secure payments, and a seamless transaction journey in this unique market.
The Dubai Roads and Transport Authority plans to auction 150 premium number plates starting July 27, while a court in Al Ain annulled the sale of an unowned number plate and ordered a refund.
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