New iPhones selling like hotcakes on grey market

Dubai: The new iPhones are selling like hotcakes on the grey market where they are reportedly fetching around three times the original price.

Sheriff Rizwan, CEO and founder of ALSHOP.com, the first online retailer to sell the devices on Friday, said that it is a blockbuster sale so far.

“We got around 200 pieces on Friday afternoon and it was sold out within 20 minutes. Around 40 pre-booked customers flew in from Saudi Arabia, Qatar, Oman, Jordan and Kuwait to collect their devices,” he said.

“We got around 850 phones and only [a few] are left now.”.