Illustration
Photo: Baruch Figenbaum
UAE: 3 camels sold for $6.5 million
Emirati businessman Hamdan Bin Ghamen Falahi buys world's most expensive female camel for $2.7 million at Abu Dhabi camel breeding festival. Scope of event's sales in just two days amounts to some $16 million
The camel breeding industry in the Arab Gulf is back in the headlines. Last Tuesday an Emirati businessman purchased a female camel for a record amount of 10 million dirham (some $2.7 million). The acquisition was made during a festival for the camel breeding industry which took place in Abu Dhabi, the capital of the United Arab Emirates.
The event, which received broad media coverage, included no less than 1,200 camel breeders from Saudi Arabia, Oman, Qatar and the UAE.
Hamed Amari, a member of the organizing committee, said Emirati businessman Hamdan Bin Ghanem Falahi spent no less than 24 million dirham (some $6.5 million) on three female camels in one day. This includes the $2.7 million camel.
The businessman spent 9 million dirham ($2.4 million) on another camel and 5 million dirham ($1.4 million) on the third. Amari noted that the scope of sales in last week's festival amounted to some 60 million dirham (roughly $16 million) within two days.
It should be noted that during a hunting fair held in Abu Dhabi last year a female camel was sold for 6 million dirham (some $1.6 million), and was considered the most expensive camel up until now.
The main attraction at this year's festival is the selection of a female camel beauty queen. The prizes for the winner amount to some $ 10 million.
According to sources in the Gulf, the camel raising industry has remained stable, despite the global economic crisis and the recession, which has left its mark on the local markets.
This industry relies mainly on family businesses. Its main target audience is local tycoons, and members of the ruling families, who are sure to keep camels among their assets.
Doron Peskin is head of research at Info-Prod Research (Middle East) Ltd.
