A UAE-based businessman is set to make millions from the sale of a highly desired web domain name.

Brendan O’Shea, the Irish business development director in an Abu Dhabi management consultancy, has been offered Dh4 million by an Emirati for the web domain name vip.ae, which he registered in early 2007 to promote an event for VIPs in the UAE capital.

“I was truly surprised when I discovered I owned such a sought-after web address. I knew I was lucky at the time to buy such a generic name as vip.ae, but I never quite realised the sales value. Obviously, I was delighted to receive an offer of Dh4 million. However, my experience in business has taught me never to jump at the first offer,” O’Shea said in a Press release.

“The importance of VIP status is obvious across the Gulf and this is reflected in the value of car number plates, premiums for exclusive addresses, mobile phone numbers and even Blackberry pin numbers, so it makes sense that the web domain vip.ae can be a potential goldmine if owned and developed by the right person,” he added.

Attributing his good fortune to “chance, rather than design”, O’Shea said he registered the domain for Dh150 with the intent to start a VIP event in Abu Dhabi, but soon after, he began receiving offers for purchase which became increasingly attractive as the figures increased. “I’ll continue my plans for a VIP networking event, but will need to come up with a new domain for this project, as someone else will soon be the proud owner of the most exclusive web domain and email address in the Gulf,” he declared.

This year, the web domain horse.ae was reportedly sold for Dh6 million to an Indian-based technology firm.

Khaleej Times