Mazad Launches Its Second Online Auction for Several Edamah Properties

This auction follows the first phase of the agreement between Mazad and Edamah to sell local real estate through online auctions – a first-of-its-kind initiative in the Kingdom of Bahrain conducted last year. At that time, six undeveloped land plots were offered in an electronic auction for individual and corporate investors.

Commenting on the occasion, Talal Al Arifi, CEO of Mazad, said, “Our initial collaboration with Edamah was fruitful in the first phase, and we look forward to the second phase, which provides an excellent opportunity for interested buyers to directly bid on these properties, encouraging optimal usage and allowing the private sector to develop them for investment purposes.”

Al Arifi continued, “Mazad offers e-commerce and online auction solutions that meet the highest standards of transparency, fairness, and competitiveness. These online auctions provide equal opportunities for all interested parties – from investors and real estate companies to developers and individuals – to purchase these properties. The auctions are known for easy, secure participant registration and a smooth bidding process.”

For his part, Amin Al Arrayed, CEO of Edamah, said, “This collaboration with Mazad enables Edamah to benefit from the e-commerce solutions that Mazad provides, thereby optimizing usage of the properties in our portfolio. It gives the private sector an opportunity to invest in properties that do not align with Edamah’s current strategies and goals, which focus on our core developmental role and long-term plans that fulfill our founding objectives. We have thus channeled efforts toward expanding our real estate portfolio by undertaking major strategic investment projects. The revenue raised from selling these properties will help fund the national project (the development of Al Jazair Beach), one of the initiatives that supports the priorities and programs of Bahrain’s Economic Recovery Plan.”

Established in 2017, Mazad has become a leading destination for auction services in the Kingdom of Bahrain, partnering with international firms specialized in this field. The company regularly offers properties for sale in cooperation with Arabia Auction through its online platforms. Since September 2020, around 73 properties valued at a total of BHD 19 million have been listed in online auctions. Mazad also sells various assets, including vehicle license plate numbers, movables, equipment, and more.

This article is translated and not the actual content.