Mazad, a local portfolio company of Bahrain Mumtalakat Holding Company, and Kanoo Real Estate, a division of the influential and well-known Yusuf bin Ahmed Kanoo Group in the region, have announced a strategic partnership.
To enhance the distinguished platform’s asset inventory and solidify its standing as the go-to location for auctions in Bahrain and the larger Gulf area, Kanoo Real Estate will grant Mazad access to its broad portfolio of high-value assets and equipment.
“We are thrilled to be partnering with Kanoo Real Estate, which is a part of the Yusuf Bin Ahmed Kanoo Group, a pioneer in the regional business landscape,” said Talal Alaraifi CEO of Mazad.
“Their extensive asset and business portfolio will be invaluable as we continue to grow our network and bring even more exceptional offerings to discerning buyers and investors in Bahrain and beyond,” he stated.
To plan and oversee auctions throughout the kingdom, Mazad was established in April 2017. In order to maintain high standards, it works with globally recognized auction houses to manage auctions for a range of assets.
It has successfully held public auctions for unique car license plate numbers since its founding—a first for Bahrain. Building on this achievement, Mazad has added a wide variety of assets, including real estate projects and automobiles, to its auction portfolio.
According to Alaraifi, the collaboration benefits both companies by enabling them to take advantage of one another’s existing connections and industry knowledge, which expands the scope, diversity, and caliber of Mazad’s auction services.
On the tieup, Talal Fawzi Kanoo, Chairman of Kanoo Real Estate said: “We are thrilled to collaborate with Mazad, to further elevate the auction experience in the Kingdom of Bahrain.”
“Through this partnership with Mazad, who continue to set the standard in the auctioning industry, we aim to enhance the local auction market by offering some of the most sought-after essential assets through an exceptional auctioning platform,” he noted.
Mohamed Abdulelah Al Kooheji, the Chief Executive Officer of Kanoo Real Estate, said: “We are proud to join forces with Mazad, a renowned pioneer in the auction industry. This strategic partnership allows us to curate an exceptional auction experience, offering top-tier assets to the local market through an innovative and user-friendly auction platform.”
Kanoo Real Estate has commercially managed the asset requirements of the Yusuf Bin Ahmed Kanoo Group since its founding in 1890.
Having a large regional presence in major cities across the Kingdom of Saudi Arabia, Bahrain, and the United Arab Emirates, Kanoo Real Estate boasts an extensive portfolio of mixed-use, industrial, residential, office, and retail properties.
