Mazad set for auction of 12 Edamah properties in Bahrain

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Mazad, a local portfolio company of Bahrain's sovereign wealth fund Mumtalakat, has announced that its upcoming auction will feature a diverse range of 12 unique properties that are owned by Mumtalakat's real estate arm, Edamah (Bahrain Real Estate Investment Company).

This is in line with Mumtalakat’s commitment to enhance collaborative opportunities between its portfolio companies.

Located in prime areas across the kingdom such as Al Naim, Arad, Hamala, Souq Al Muharraq, Salmaniya and Samaheej, these properties comprise buildings, shops, villas, farmland, and land plots, said a statement from Mazad.

Of these, the most prominent are a 3,716 sq m agricultural plot located in Hamala - with a minimum starting bid of BD60,000 ($158,218) that can go upto BD480,000 ($1.26 million) - and also a nursery in Hamad Town, it stated.

"By collaborating with Edamah, we can promote some of Bahrain’s real estate properties, across the region, contributing to the national economy. Mazad is designed to attract qualified buyers and speed up the transaction process by providing a trusted and transparent space in which bidders may engage in equitable competition," remarked its CEO Talal Al Araifi.

"We encourage the general public and corporates to participate in the upcoming auction as we reveal some attractive opportunities on real estate in Bahrain," noted Al Araifi.

In line with Bahrain’s overarching strategic objective of promoting sustainability, the collaboration between Mazad and Edamah will furnish individuals, developers, and investors with the opportunity to expand their real estate portfolios via Mazad's online auction system.

This will enable potential buyers from across the region to participate in a fair and competitive bidding environment, he added.