Edamah and Mazad, an innovative online auction platform, announced their collaboration in conducting the third auction for the sale of plots of land. Mazad will host online auctions for the sale of 12 land assets, strategically selected by Edamah in a variety of locations, including Naim, Muharraq, Salmaniya, and Arad.
Dr. Fahad Al Saad, Head of Strategy and Business Development, said, “This strategic alliance with Mazad is in line with Edamah’s inclusive strategy, optimizing its landbank and offering opportunities for the private sector to develop these prime locations. The auction process aims to provide the highest level of transparency, fairness, and competition, in line with Bahrain’s Vision 2030.”
He added, “The funds raised from this auction will play a crucial role in advancing Edamah’s projects and represents one of the funding strategies Edamah is using to advance national initiatives. We look forward to a successful auction that evidences the potential of Bahrain’s real estate market.”
Mazad CEO Talal Al Araifi said, “Our collaboration with Edamah is obviously important to us and reflects Mazad’s commitment to diversifying its asset sale portfolio and continuing the success of introducing online auctions to the real estate market in the Kingdom. Mazad, with six years of experience in pioneering online auctions, has established itself as a responsible auction house, garnering recognition for its services.”
The properties will be offered on Mazad’s new auction mobile app and website. A new category will be set up to exclusively identify Edamah’s properties and differentiate them from other assets. While bidders from the investment and business communities are expected, Mazad and Edamah encourage the general public to participate and explore the possibilities offered. The last day of the auction will be on the 5th of March 2024.
