A new online marketplace called Mazal is set to launch in the UAE, providing a secure, escrow-backed system for trading high-value vehicle license plates. Historically, this niche market has relied on informal brokers and social media, but the new application aims to formalize the process by holding buyer funds until ownership transfers are officially verified. The platform operates in compliance with Roads and Transport Authority standards to enhance transaction safety. With the market for exclusive, single-digit plates expanding by roughly 20 percent each year, the sector has seen approximately Dh1.7 billion in total transactions over the last three years. By offering verified buyer profiles and a structured environment, the app intends to increase investor confidence in this lucrative status-symbol industry.
Source : The National
Photo : The National
