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Bahrain Car Parks seals partnership deal with auction expert Mazad

January 10, 2022

Bahrain Car Parks Company (Amakin), a key player in the parking management and real estate sector, has signed a partnership agreement with Mazad, a key public auction specialist company, to organise and manage public auctions of Amakin’s non-core business properties in the kingdom.

The strategic partnership will enable buyers to get exclusive and best rates in the market for Amakin in demand assets, said a statement from the company.

Moreover, this key collaboration will stimulate and boost investments, while creating fierce competition in the kingdom. The project will be open to buyers online ensuring a safe and seamless experience, it added.

CEO Tariq Aljowder said: '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,' he added.

Mazad CEO Talal Aref AlAraifi said: 'We are pleased to have partnered with one of Bahrain’s key players within the real estate sector. This further diversifies our asset-sale portfolio, and is another step towards achieving our goals.'

'The platforms we provide in partnership with the renowned player in this sector supports facilitating market growth, efficiency and revenue optimisation. We believe that auctioning is a vital move for Bahrain to take to increase investor trust in the real estate sector and we have provided a solid platform and solution to do just that,' he added.

The live auction is due to kick off on January 16 and auction details will be announced soon.