Bahrain Car Parks Company (Amakin), has signed a partnership agreement with Mazad, a Bahrain-based public auction specialist company, to organize and manage public auctions of Amakin’s non-core business properties.
Under the partnership, Amakin, a key player in the parking management and real estate sector and a publicly-listed company on the Bahrain Bourse, will enable buyers to get exclusive and best rates in its demand assets market.
Additionally, this key alliance will stimulate and boost investments in the Kingdom, while also creating a strong rivalry. The project will be open for buyers online, ensuring a safe and seamless experience.
The auction platform provided by Mazad will support facilitating the market expansion, efficiency and revenue optimization. The auction is expected to be a vital step in Bahrain’s efforts to boost investor confidence in the real estate sector.
“Our partnership with Mazad reflects our underlying commitment in the market to promote the principles of transparency, fairness and competitiveness across key sectors in the Kingdom. Furthermore, auction environments create more interest and demand, while encouraging buyers to find and assess investments and development opportunities in a much faster way.“
Commenting on the partnership, Mr. Talal Aref AlAraifi, CEO of Mazad, said that “We are pleased to have partnered with one of Bahrain’s key players within the real estate sector. We have provided a solid platform and solution to grow Bahrain’s real estate investment market. This further diversifies our asset-sale portfolio, and is another step towards achieving our goals.“
Mazad, a subsidiary of Bahrain Mumtalakat Holding Company, was established in April 2017. It organized the Kingdom’s first private vehicle registration number plates auction in 2019, achieving record auction returns. The revenue from its first auction, which was conducted in collaboration with UAE-based Arabian Auctions, totaled an outstanding $4.56 million.