In a signing ceremony today at the offices of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, Mazad and Bahrain Real Estate Investment (Edamah) announced their first partnership for the online auction of local real estate.
Representing a strategic alignment between two companies within the Mumtalakat group, the agreement allows Mazad to introduce online auctions in cooperation with renowned specialized auction companies to the real estate market in the Kingdom as part of its asset-sale portfolio.
Connecting property buyers and sellers online for the first time, the live auction is due to kick off on 12th April 2020 for a period of 3 weeks with online bidding for six properties consisting of vacant plots of land.
During the ceremony, Edamah CEO Amin Alarrayed revealed that the first property listed is a 12,000sqm empty plot in Aali, located near Riyadat Mall and the Arabian Open University. The remaining five properties to be included in the listing will be announced in March in order to allow potential buyers and investors enough time to prepare ahead of the live auction.
‘Prospective buyers will not want to miss the opportunity to bid live on these properties, which are entering the market for the first time,’ explained Mazad CEO, Talal AlAraifi.
‘This partnership allows Edamah to benefit from the e-commerce solutions provided by Mazad and is in line with our strategy to be inclusive, optimizing our extensive land bank and providing opportunities for the private sector to develop new properties,’ said Alarrayed.
‘Online bidding with Mazad ensures buyers everywhere can bid on the same terms as all other prospective buyers and purchase assets fairly and transparently. Investors, real estate companies and developers and members of the public interested in property acquisition are on an equal footing when property is sold through an online auction process,’ continued AlAraifi. ‘All buyers have the same easy access, and benefit from the same trusted online buying experience.’
While bidders are expected from the investment and business communities, Mazad and Edamah encourage the general public to participate and explore the possibilities offered by the diverse property listing.
Auctions ensure the asset sale process attracts only serious and qualified buyers as it requires the deposit of a refundable insurance fee, reducing sale time and costs, while providing bidders with a variety of choices.
The Mazad-Edamah partnership will introduce the sale of local real estate through online auctions for the first time in the Kingdom. In its first offering, six empty plots of land will enter a dedicated live auction on 12th April 2020 for a period of 3 weeks.
Mazad, first established in 2017 has pioneered the auction process in Bahrain, having held 63 auctions to date. From vehicle plate numbers at the outset, today the company’s asset portfolio encompasses vehicles and real estate as well.