Emirati Arif Ahmed al-Zarouni paid 18 million Emirati Dirham (US$4.9 million) for the sought after number plate, with the final bid 18 times higher than the reserve price.
"My ambition is always to be number one," al-Zarouni told Gulf News after securing the prestigious number plate at an auction in the third-wealthiest emirate of Sharjah.
"I have no plan to win other numbers," he added.
Sharjah License Plate #1 sold for 18 million Dhs at today's Emirates Auction. pic.twitter.com/ekzAkkSW7R— Nasser Al Romaithy (@NasserRomaithy) June 4, 2016
The auction was part of a wider sell-off of "distinguished" number plates, which reportedly generated more than US$13.5 million (50 million AED) on the night.
On top of the number "1" plate, there were a number of other popular numbers on the evening, including 12, 22, 50, 100, 333, 777, 1000, 2016, 2020 and 99999.
How much would you pay for a number plate?A UAE businessman has just paid AED18m for plate "1" in Sharjah.Hope he also donated to charity..— Katie Fielder (@Katie_Fielder) June 5, 2016
While the US$5 million price tag might seem outrageous, it isn't the most expensive sold in the UAE, with the prized number "1" number plate in the country's richest emirate, Abu Dhabi, selling for US$14.2 million (52.2 million AED) back in 2008.
However, because all seven emirates have their own special number "1" plates, there is a chance the record might be beaten next time one of the prestigious numbers becomes available.