Edamah Mazad auction exceeds expectations by 59%
Manama, March 11th 2024 – Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), announced the successful closure of an auction for 12 plots of land in locations across Bahrain. Held in collaboration with Mazad, an innovative online auction platform, the auction surpassed all expectations, exceeding the valuations set by an independent international property firm by a remarkable 59%.
The auction attracted interest from a range of sectors, including the financial and investment communities. With over 750 bids received, the event demonstrated a high level of engagement and competition for properties, reflecting robust demand for prime real estate in the Kingdom.
Edamah Head of Strategy and Business Development, Dr. Fahad Al Saad said, “Investor confidence in Bahrain’s real estate market remains strong, supported by the government’s ongoing commitment to sector development. The results of this auction are truly impressive, with the sale prices surging far beyond our expectations. The 59% increase over the independent valuation demonstrates the value and potential of the Edamah land portfolio.”
He added, “We extend our gratitude to our strategic partners, Mazad and all participants, bidders, and stakeholders involved in making this auction a success. We are preparing for our next auction, which we believe, will include a greater diversity of land offerings, and we look forward to announcing more details soon.”
CEO of Mazad, Talal AlAraifi, said, “We are delighted by the resounding success of the Edamah properties auction, which serves as a testament to the high demand and allure of the real estate sector, emphasizing its ongoing potential for growth. The remarkable outcomes further reaffirm Mazad’s dedication to delivering exceptional auctioning solutions and facilitating prosperous transactions for both buyers and sellers.”
This successful auction not only highlights the strength of Bahrain’s real estate market but also Edamah’s commitment to driving forward national initiatives in line with Bahrain’s Economic Vision 2030.
The online auction was for the sale of land assets, strategically selected by Edamah in a variety of locations, including Naim, Muharraq, Salmaniya, and Arad.
About Edamah
Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain. Incorporated in 2006 to manage and expand an assorted portfolio of real-estate in Bahrain, Edamah has established itself as one of the Kingdom’s leading property developers. With an unwavering commitment to its founding principles of quality, efficiency and sustainability, and in line with the highest standards of transparency and corporate governance, Edamah strives to transform the Kingdom’s diverse and dynamic property sector. Edamah’s portfolio will also include projects in the leisure and entertainment and industrial sectors.