ABU DHABI , United Arab Emirates ( CNN ) -- You expect a motorist to shell out a little extra cash for a vanity license plate . Number 5 fetched $ 6.75 million , now the UAE is likely to set another record . But nowhere is the craze for a unique plate more intense than in the United Arab Emirates , the oil-rich Persian Gulf nation that holds the world record for the six most expensive plates . Here , it 's all about how low you can go -- with people battling it out at auctions to win the chance to show off license plates with the lowest digit . The numbers `` 5 '' and `` 7 '' have already been snapped up , sold for 25 million dirhams ( $ 6.75 million ) and 11 million dirhams ( $ 2.97 million ) respectively . Next week , the country will put up for auction the mother of all vanity plates : the number `` 1 . '' It is expected to immediately set a new record for the most expensive plate in the world . `` As low as the number goes , as high the price goes also , '' said Abdullah Al Mannaei , who runs the license plate auctions in the capital city , Abu Dhabi . `` If it 's a two-digit number , if it 's similar like '99 ' or '22 , ' that goes ( for ) a higher amount . '' It 's no surprise that license plate craze has such a grip on the United Arab Emirates . The tiny nation , slightly smaller than the U.S. state of Maine , is prone to thinking big . It is already home to the world 's largest mall , the world 's largest tower , and -- despite being in the Middle East -- boasts the largest indoor snow park in the world . Talal Khouri , a stock broker in Abu Dhabi , is the proud owner of `` 5 '' and `` 7 . '' He sheepishly admits that yes , it 's a status thing . The license plate `` 5 '' hangs from his shiny red Rolls Royce . An expensive car , but still , 10 times less so than the plate itself . It 's not all ego though . The money that the government raises auctioning off plates goes to a fund that helps victims of car accidents . Abu Dhabi has held five such auctions , selling 300 plates and raising an astonishing $ 56 million . For the business savvy , there 's an added attraction : it 's a good investment . `` I have a number plate on my car , which was worth 35,000 ( dirhams ) four years ago , '' Al Mannaei said . `` And I have an offer now for 400,000 . '' Khouri has his eyes set on snagging the number `` 1 , '' but he is being practical about how much he is willing to spend . `` Um , I ( will ) not pay more than , maximum 15 ( to ) 20 , '' he said . Fifteen to 20 million ? `` Yes , '' he said , seriously . `` Not more . '' E-mail to a friend .
UAE puts up for auction the mother of all vanity plates : the number `` 1 '' Tiny oil-rich nation already holds world record for a plate : $ 6.75M for number 5 . Abu Dhabi has held five auctions , selling 300 plates and raising $ 56 million .