Auctioneering giant Ritchie Bros. achieves $50 million sales at Dubai auctions

Dubai, UAE, 8 October, 2007:  In a first for the Middle East, Ritchie Bros. Auctioneers will broadcast its Dubai and Moerdijk (the Netherlands) auctions 'live' from an exhibition booth at the Big 5 PMV (www.big5pmv.com) next month.  Ritchie Bros., the world's largest industrial auction company, recently conducted two unreserved auctions in Dubai resulting in total gross auction proceeds in excess of US$50 million.

The 'live' broadcast at the Big 5 PMV, the Middle East's newest construction industry event, comes at a time when industry analysts are predicting growth of 15-20 per cent for the heavy equipment market for the next five years, fueled by the large number of current and planned construction projects in the region.

Already well-established in the Middle East and able to access the global marketplace through its presence in over 25 countries around the world, Ritchie Bros. is uniquely positioned to serve this growing market.

Stephen Branch, General Manager Middle East, CIS, Southern Asia said: "The Big 5 PMV provides a great opportunity for us to demonstrate our unreserved auction methods to exhibitors and visitors, as we continue to build our presence in the region."

Organised by Streamline Marketing Group in conjunction with dmg World Media, and taking place at Airport Expo Dubai from 25-29 November, the Big 5 PMV will bring more than 200 plant, machinery, construction vehicle and equipment suppliers together with key buyers from across the region and overseas.  

Ritchie Bros. has been conducting unreserved industrial auctions in the Middle East for ten years, and now conducts four regular two or three-day auctions each year at its auction site within Dubai's Jebel Ali Free Zone.

The Company's June 2007 auction in Dubai generated more than US$24 million in gross auction proceeds and set new site records for on-site attendance, internet registrations and internet sales.

In September, a combined industrial equipment auction with Singapore at the Dubai site attracted more than 500 registered bidders from 47 countries, including 86 who registered to bid online via the company's online bidding service (rbauctionBid-Live). The Dubai auction generated over US$26 million in gross auction proceeds

Established in British Columbia, Canada in 1958, Ritchie Bros. has over 110 offices in more than 25 countries, including 37 auction sites.  In 2006 the company conducted more than 300 unreserved industrial and agricultural auctions around the world, generating gross auction proceeds in excess of US$2.7 billion.

Every Ritchie Bros. auction is completely unreserved. There are no minimum bids or reserve prices and everything sells to the highest bidder on auction day, regardless of price.  Owners are forbidden to bid on their own equipment, ensuring there can be no price manipulation.

"Our commitment to unreserved auctions helps us attract hundreds of interested buyers to every auction, many from outside the region or country in which the auction is being held, helping equipment owners achieve global market value for their surplus industrial assets," said Stephen Branch, General Manager Middle East, CIS, Southern Asia.

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Notes to the editor
The Big 5 will take place at the Dubai International Exhibition Centre from the 25-29 November 2007 and is organised by dmg World Media. It is established as the event of the year for the building and construction industry and attracts both local and international decision makers. Last year's show attracted more than 2,000 exhibitors and over 40,000 trade visitors. Visit www.thebig5exhibition.com

The Big 5 PMV will take place at Airport Expo Dubai from the 25-29 November 2007, home of the Dubai Airshow. The Big 5 PMV runs in conjunction with The Big 5 and is organised by Streamline Marketing Group.  For more information visit www.big5pmv.com

A complimentary shuttle service will transport industry visitors between the Dubai International Exhibition Centre and Airport Expo Dubai.

For further press information please contact:
Danielle Fanning / Tony Lewis
Total Communications
Tel: + 971 4 336 9909
Fax: + 971 4 336 9905
Email: danielle@totalcompr.ae / tony@totalcompr.ae  

© Press Release 2007