World's Most Expensive Car License Plate sells for Rs 123 crore setting a new world record at Dubai Auction.

According to report by Bloomberg, a wealthy bidder splashed out a new world-record of 55 million dirhams ($15 million or ?123 crore) for a rare car license plate in Dubai, making it the most expensive car license plate in the world.

However, the bidder wished to keep his identity anonymous.

Emirates Auction LLC sold plate number P 7 on Saturday during the "Most Noble Numbers" charity auction at the Four Seasons hotel in Jumeirah, Dubai.

Reportedly, the proceeds, which totaled close to Dh100 million ($27 million)  will go to the Dubai ruler Sheikh Mohammed bin Rashid's global food aid initiative, the 1 Billion Meals Endowment.

“We are proud to announce that the ‘Most Noble Numbers’ charity auction organized by Emirates Auction has set a new world record and entered the Guinness Book of Records!” the auction house wrote in an Instagram post. “Plate number P7 was sold for a whopping 55 million dirham, making it the most expensive number in the world. We are thrilled that the proceeds will go directly towards supporting the ‘1 Billion Meals Endowment’ campaign, which aims to establish the largest Ramadan sustainable food aid endowment fund.” 

The last one was in 2008 by local businessman Saeed Abdul Ghaffar Khouri, who paid 52.2 million dirhams for a plate bearing the number 1 in Abu Dhabi.

According to the Khaleej Times, bids for the sought-after ‘P7’ plate began at Dh15 million ($4 million) on Saturday night and quickly shot up to more than Dh30 million ($8 million). “Sixteen years ago, a world record was set in Abu Dhabi when a number plate was sold for Dh52.5 million. Will we set a new world record?” asked the host. By the end of the night, the highest bidder splashed out Dh55 million ($15 million) to obtain the prized plate

Vanity plates have also fetched eye-watering prices outside the Middle East: Someone bought the single-letter "R" plate at auction in Hong Kong earlier this year for HK$25.5 million ($3.2 million).

Dubai is known for showing off their wealth and live a tax-free lifestyle. While other parts of the world need to worry about their economy, the emirate's economy remains strong - with high oil prices benefitting its neighbors and most important customers. An influx of wealth has buoyed the real-estate market.

Even middle-class expats spend lavishly on cars they can now afford because of reduced sales tax rates abroad compared to at home. But the current Covid-era boom has raised rents and put middle-class people under pressure.

According to a report by NDTV, Businessman Balvinder Singh Sahni, known as Abu Sabah, purchased plate D 5 in 2016 for 33 million dirhams. "Dubai is a city of gold," he said in an interview Monday. "It's a city of big people, secure people, nice people. So everybody wants to show their status."

Sahni told of how when he first visited the luxury hotel Burj Al Arab in 2006, he was refused entry because his car license plate had too many numbers. He was told he needed either a two-digit number plate - or a reservation. "It was always my dream to have a single-digit number," he said. "When I got the chance, and they told me this money all goes to charity, I went all in." A self-described numbers guy, Sahni said the D 5 plate fit because his favorite number is nine, and if you add D (the fourth letter of the alphabet) with five, you get nine.

Reportedly, the plate sold can be transferred to any car registered in the Emirates, supercar or not.