MANAMA: An online auction will be held early next month to sell a number of properties owned by Bahrain Real Estate Investment Company (Edamah).

The list of Edamah-owned real estate properties to be auctioned will be announced in the coming weeks.

Mazad, the organiser of Bahrain’s online and offline auctions, said the three-week auction which starts on December 1, will be held in co-operation with specialised companies.

Edamah is the real estate arm of Bahrain Mumtalakat Holding Company, the kingdom’s sovereign wealth fund.

“A variety of real estate properties in terms of location, area and classification would be put up for sale for the first time,” said Mazad, adding that the auction would be open to investors, business owners as well as individuals.

“This auction, which is the first phase, will likely be followed by a number of other similar auctions during the next year,” said Edamah chief executive Amin Alarrayed.

He stressed strategic co-operation with Mazad which provides a platform for e-commerce solutions and offers unique investment opportunities.

Mazad CEO Talal Al Araifi said the planned e-auction represents a premium opportunity for buyers who can bid directly on these properties, which are put on the market for the first time.

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