Businessman forks out record 14 million dollars for licence plate at charity auction in Abu Dhabi

The millionaire in the United Arab Emirates are bidding massive sums of money for out-of-the-ordinary car license plates as the Gulf state basks in an oil-driven economic boom.

"It is not huge compared to my family's fortune," Saeed Abdel Ghaffar Khouri said after he bid 52.2 million dirhams (14.2 million dollars) for an Abu Dhabi license plate bearing the single number "1".

Funds from the auction will go to charities, including one to build a hospital for casualties from road accidents.

"Emiratis love cars and everything related to automobiles. They also love giving to charity," Abdullah al-Mannaei of Emirates Auction said.

But the number "1" plate that made the record price was unveiled to prospective buyers attached to a Pagani Zonda -- one of the world's fastest and most expensive cars.

Khouri said that he would have been willing to pay up to 100 million dirhams (27.4 million dollars) to get his hands on the number "1".