New digital auction platform launched

A new digital auction platform and refreshed website have been launched by Mazad, the nationally mandated overseer of public and electronic auctions.

The new digital auction platform, available as an app on Android and iOS devices, is part of Mazad’s new strategy which aims to create innovative solutions enabling the purchase of a variety of assets using the most advanced digital technologies.

The new application includes the ability to locate assets for sale using Google Maps and automated bidding that allows bidders to set their maximum bid price, after which the system will automatically bid on their behalf until the predetermined price is reached.

Mazad will incorporate new features in the platform which will include adding new auction categories, such as new unique car plate ranges and a variety of real estate opportunities.

The new website, Mazad.app, also gives users complete access to all information and documents pertaining to assets for sale, allowing bidders to complete all auction procedures electronically, from registration and insurance fees to the actual sale including paying the remaining balance and registering the assets online.

Talal Al Araifi, chief executive of Mazad, said: “We are excited to announce the launch of our new digital auction platform, which is in line with our new strategy, as we actively seek to stay at the forefront of innovation in today’s rapidly evolving digital landscape. Our goal is to provide seamless services that connect potential clients to our diverse range of auctions, ensuring a streamlined and convenient experience for all.”

Mazad is a local portfolio company of Bahrain’s sovereign wealth fund Mumtalakat.

Source: https://www.gdnonline.com/Details/1288183/New-digital-auction-platform-launched-