Rinse the rice in a fine-mesh sieve with cool water until the water runs clear to remove any excess starch. Another option is to soak it in cool water for 30 minutes. Drain well.
Bring 2 1/2 cups of water to a boil in a kettle.
To a pot over medium heat, add the olive oil, butter, garlic, and rice. Stir to coat all the rice grains with the butter and oil. Toast the rice for 2 to 3 minutes.
Add the hot water, salt, and bay leaf. Stir and then bring to a boil. Once boiling, drop the heat to low, cover, and simmer for 12 minutes.
After 12 minutes, turn off the heat. Leave it covered for 5 to 10 minutes until the rice is perfectly cooked and tender.
Take off the lid and fluff the rice with a fork.
Transfer the rice to a bowl. Add the lime juice, lemon juice, and chopped cilantro and mix. Serve warm!