Dr. Shaikh Sultan inaugurates Souq Al Haraj as Haytham Sultan, UAE racing driver (left), Shaikh Mohammed bin Saud Al Qasimi, Chairman, Sharjah Asset Management (right) and Abdalla Al Hadidi (extreme right) look on. — Photos by M. Sajjad
One of the classic cars on display on the opening day of the market.
The new Sharjah used car market is strategically located off Shaikh Mohammed bin Zayed Road and Al Dhaid Road.
- The Sharjah used car market caters to a wider region mainly Gulf nations and African countries, industry experts told Khaleej Times.
The market - Souq Al Haraj - aims to support Sharjah's automotive industry, attract more dealers and boost economic activity in the Emirate.
His Highness Dr. Shaikh Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, switched on a virtual engine to mark the official opening of the marketplace, which was built at a total cost of Dh250 million.
The Sharjah Ruler also inaugurated the headquarters of Emirates Auction and the first online car auction, which is the first of its kind in the Middle East. He attended a classic car parade and watched a video about the market and its various facilities. The market is a one-stop-shop where technical tests and Tasheel services are provided on site at special prices, to help save effort, money and time for both buyers and dealers.Buying a pre-owned vehicle from Souq Al Haraj means customers can buy with confidence. Every single vehicle undergoes stringent safety and quality checks. It has 415 showrooms with the capacity of 25,000 cars and 5,000 car parks for visitors.
Sharjah Asset Management, the investment arm of the Sharjah Government, is the responsible body for managing the market, which is strategically located off Shaikh Mohammed bin Zayed Road and Al Dhaid Road, near Sharjah International Airport.
It was not an easy task to relocate the 35 years old Sharjah used car market from Abu Shagara and Bu Daniq.
"It was a challenge to move Abu Shagara market to here. We have been successful to make the move and we feel that the dealers are also feeling the difference," Abdalla Al Hadidi, manager of Souq Al Haraj told Khaleej Times during the official opening of the new market on Thursday.
Talking about the facilities at the new market, Al Hadidi said that there are plenty of display places, dedicated cars parks for visitors and police and Tasjeel is next door.
At the moment only one-third of the total market is operational; the rest will be opened in the next 2-3 years' time in the second and third phase, he informed. "Within a couple of months we will launch the second phase," he added.
Al Hadidi mentioned that the market's rent rates have been fixed after they were carefully discussed with specialised companies, taking into consideration the quality of services, areas of showrooms and retail shops. There is no key money required from dealers, thus facilitating the transfer of most showrooms in Abu Shagara and Bu Daniq to the new market.
Not just the UAE
The Sharjah used car market caters to a wider region mainly Gulf nations and African countries, industry experts told Khaleej Times.
"It's quite a wide market place as we do have buyers coming from Oman, Saudi Arabia and other Gulf countries in addition to Africa," said Gregg Downer, chief real estate officer at Sharjah Asset Management - the body responsible for the market's management.
The used car trading industry in Sharjah dates back to the early 1980s and was based in two hubs - Abu Shagara and Bu Daniq.
The aim of the market, which gained immense popularity in Sharjah and the entire country, was to help residents and locals who are not able to buy new cars find vehicles that suit them and their budget.
Within a couple of years after the establishment in 1980 with five showrooms, the market became popular in other Gulf countries and by 1994 trading opened with African countries.
"By profile, we know that dealers and individuals came from other countries to buy the used cars in Sharjah," Downer informed.
"We receive mixed types of buyers from Africa," he added When it comes to UAE residents, they are mostly on the selling side, according to a used car dealer. Considering the low bank interest rates and low car insurance rates a majority of UAE residents prefer to buy new cars.
They also change cars frequently. A showroom owner, confirmed that he used to sell cars to Gulf nationals from outside the UAE.
Since majority of the dealerships accept trade-ins, car owners can make the best use of this offer. However, Buy and Sell Used Cars
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