Proceeds of Mazad’s first auction delivered to the Ministry of Finance

His Excellency the Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, today met Mumtalakat’s CEO, Mr. Mahmood Hashim Al Kooheji, and Mazad’s CEO, Mr. Talal Arif AlAraifi, in order to complete the transfer of the proceeds generated from Bahrain’s first private vehicle number plates auction to the Ministry of Finance. The Auction revenues have reached BHD 1.72 million.

The Minister of Finance highlighted the important role played by Mumtalakat and Mazad in conducting the first private vehicle number plates auction, which he said represents a vital step in promoting principles of transparency, fairness and competitiveness across key sectors in the Kingdom. The Minister of Finance also highlighted that the transfer directly supports ongoing efforts to introduce new and innovative ways to generate revenue.

Mr. Mahmood Hashim Al Kooheji stressed that this step demonstrates Mumtalakat’s commitment to supporting the Kingdom’s diversification efforts. Mumtalakat’s CEO went on to highlight the success of Bahrain’s first private vehicle number plates auction, and reaffirmed the organisation’s eagerness to continue delivering projects that help advance the national economy.

The CEO of Mazad, Mr. Talal Arif AlAraifi, also highlighted that the first private vehicle number plates auction is a shining example of the sort of creative approach necessary to drive competition in Bahrain’s business environment. Mr. Talal AlAraifi went on to note the significant role of the Ministry of Interior in ensuring the successful conclusion of the auction.

Notes to editors:

In April this year, Bahrain’s investment arm Mumtalakat announced the launch of Mazad, a new entity responsible for conducting auctions and online auctions in the Kingdom. The establishment of Mazad represents an important step in promoting principles of transparency, fairness and competitiveness across key sectors in the Kingdom.