Mazad ties up with Arabian Auction

Manama : Mazad and Arabian Auction have signed an agreement to manage the auctioning of Bahraini private vehicle number plates due to take place on Thursday. 

The agreement was signed by Talal Aref Alaraifi, CEO of Mazad, on behalf of Mazad and Abdulla Mattar Al Mannai, Executive Director of Emirates Auctions. 

The CEO of Mazad, Talal Aref Alaraifi, highlighted that this agreement with Arab Auction is an important step for Mazad, as the company looks to enhance its links with those companies that have wide-ranging experience in organising auctions on a large scale and to internationally recognised standards.

Alaraifi added that the agreement signed by both the companies yesterday will entrust Arab Auction with the supervision and organisation of the first auction of private vehicle number plates to take place in the  Kingdom’s  history.

Alaraifi went on to explain that through the deal, Mazad will benefit from Arab Auction’s longstanding experience in organising auctions of this scale.

In this regard, Alaraifi stressed that the proceeds generated from the auction will be transferred to the Ministry of Finance.

Alaraifi noted that as companies such as Mazad grow in expertise, these prominent businesses will make an even larger contribution to the Kingdom of Bahrain’s efforts to build a diversified economy. 

He then expressed his appreciation to the Arab Auction for their part in this important agreement.

For his part, Al Mannai expressed his delight at signing the agreement with Mazad, which he explained was a positive opportunity for Arab Auction to develop its commercial footprint in the Kingdom of Bahrain. 

In this regard, he went on to note that Bahrain’s commercial infrastructure and organisational structure encouraged businesses like Arab Auction to set-up operations in the Kingdom.

Earlier,  Mazad Chief Executive Officer Talal Aref Al-Arifi had said that the public auction would be held in accordance with best standards and practices, particularly transparency.

“Special serial vehicle number plates starting from 600,000 will be on offer at the auction” he said, expecting a big rush to buy the numbers 600,000, 606,060, 600,600 and 600,006. 

Proceeds of the private vehicle auction will be transferred to the Ministry of Finance.