Rinse the rice in a sieve with cool water until it runs clear to remove any extra starch. You can also soak it in cool water for 30 minutes and then drain well.
Bring 2 1/2 cups of water to a boil in a kettle.
In a pot over medium heat, add the olive oil, butter, garlic, and rice. Stir well to coat all the rice grains with the butter and oil. Let the rice toast for 2 to 3 minutes.
Add the hot water, salt, and bay leaf. Stir it up and bring it to a boil. Once it's boiling, reduce the heat to low, cover the pot, and let it simmer for 12 minutes.
After 12 minutes, turn off the heat and let it sit covered for 5 to 10 minutes until the rice is perfectly cooked and tender.
Remove the lid and fluff the rice with a fork.
Transfer the rice to a bowl and add the lime juice, lemon juice, and chopped cilantro. Mix it all together and serve it up warm!