Mazad seals partnership deal with Kanoo Real Estate
MANAMA, July 25, 2024
Mazad, a local portfolio company of Bahrain Mumtalakat Holding Company, has announced a strategic partnership with Kanoo Real Estate, a subsidiary of the Yusuf bin Ahmed Kanoo Group, one of the region's most prominent and influential business conglomerates.
Under the terms of the partnership, Kanoo Real Estate will provide Mazad with access to its diverse portfolio of high-value assets and equipment to expand the esteemed platform’s asset inventory and strengthen its position as the premier destination for auctions in Bahrain and the wider Gulf region.
"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.
Mazad was founded in April 2017 to organize and supervise auctions in the kingdom. Tasked with managing auctions for a variety of assets, it collaborates with internationally renowned auction houses to ensure high standards.
Since inception, it has successfully launched public auctions for special vehicle license plate numbers, a first in Bahrain. Building on this success, Mazad has expanded its auction portfolio to include a diverse range of assets, from vehicles to real estate projects.
Alaraifi said the partnership serves complementary to both organizations, by allowing them to benefit from each other’s established relationships and industry insights, thus enhancing the reach, variety and quality of Mazad’s auctioning 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.”
Since its inception in 1890, Kanoo Real Estate managed the Yusuf Bin Ahmed Kanoo Group’s asset requirements commercially.
With an expansive portfolio of mixed-use, industrial, residential, office and retail properties, Kanoo Real Estate has a significant regional footprint in major cities throughout the Kingdom of Saudi Arabia, Bahrain and UAE.-TradeArabia News Service
