John Pye Auctions is holding its first auction in the UAE as the company rolls out its first phase of international expansion, reaching out to the Gulf against the backdrop of Brexit.
The auction house is debuting near Dubai in the neighbouring Emirate of Ajman in the United Arab Emirates.
A business delegation of John Pye Directors and Managers initially made a trade visit to the UAE in 2016 and have been working on formalising a trade agreement, developing a UAE business model, launch and development plan since.
John Pye is opening an office for its luxury, retail and property departments in the Ajman Media City Free Zone, which is 17 miles east of Dubai International Airport.
John Pye MD Adam Pye said: “This is a significant step forward in the first phase of our internal expansion. We had originally earmarked continental EU as the first phase but Brexit in summer 2016 put the brakes on that somewhat, with too much uncertainty surrounding the business planning landscape.
“We then brought our UAE project to the fore. There has been a lot of time, effort and investment undertaken so far to reach this stage.
“We are most grateful to our UAE partners for their warm welcome, ongoing interest and very much look forward to developing a long-lasting successful business partnership. The genuine regional demand for the John Pye Auctions model is already tangible from the first key expressions of interest we are registering.
Adam Pye added: “As a family business celebrating 50 years of trade, this is a very proud milestone development in which to round off a milestone year.”
John Pye has been in business development discussions with the Ajman ruling family in the UAE, having been introduced by Manchester entrepreneur Atif Malik, who is the UK ambassador to the Ajman Government and Free Zones and John Pye Partner to the Region.
Atif Malik commented: “When I first encountered John Pye Auctions as a customer almost three years ago the business fascinated me, not just from a UK perspective but also from a UAE perspective.
“The United Arab Emirates is a hub for trade and I can see this being a phenomenal success; there’s a huge demand for a national auctioneer in the country.
“Also, both economically and with Brexit trade horizons widening, it is the right time for John Pye to making this debut in the market. The UAE is open for business and we are here to support growth.”
John Pye Business Development Director Sheldon Miller said: “We have not found anything comparable to the John Pye Auctions hybrid offline and online business auction model in the UAE after two years of project research and development.
“The aim is to replicate the UK’s biggest auction gateway to secondary market end users we have developed now within the UAE. We aim to create an auction bridging trade link between the two countries, for both our clients and customers.
“The UAE has a rich history of being a significant key trading hub not just for the Middle East but also into Africa and India.
“We are in discussions with a handful of very significant UK and international retail clients, who have expressed an interest in the new UAE model for a route into these secondary markets and have also received further enquiries in the last 24 hours since our UAE auction preview has featured on the John Pye Auctions website.”
In the last two years, John Pye has seen an increase of 58% in web traffic originating from the UAE since its initial meetings took place in 2016. Furthermore, the International Monetary Fund has revised its economic growth forecasts for the UAE upwards in 2019 to 3.7%.
Sheldon Miller added: “The Gulf will be of significant international focus in the next few years with Dubai 2020 holding the World Expo and Qatar 2022 staging the football World Cup.
“These are exciting times for the first John Pye international expansion project, which we are confident can deliver significant value to all stakeholders over the medium and long term. We look forward to further positive discussions and projects with our clients and interested parties over the next few years as we develop this entity.”