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 to 14 minutes.
After 12 to 14 minutes, turn off the heat. Leave it covered for 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!