Posted by Neil King
Dubai has been selected to house a regional branch of the Irex Group, the worlds' first global real estate securities exchange.
Irex Group, which is a strategic alliance between the International Real Estate Exchange Group (IREX) of Saudi Arabia and egX World of Canada, announced yesterday (June 21st) that it was planning to launch its first group of exchanges, Irex Europe/Mena and Irex Canada in 2012.
According to Emirates Business 24/7, the company is now seeking authorisation to set up an operating branch in Dubai to service issuers and manage listings for the Middle East and North Africa region.
The company aims to create and operate a regulated securities marketplace for the listing and trading of real estate assets in key financial centres around the world.
"Dubai is the preferred location for the regional branch of the real estate exchange due to its infrastructure and regulatory framework that will help launch the exchange," said Safar Al Harthi, executive chairman of the Irex Group.
"There is no final decision yet because we received invitations from three GCC states to host the regional exchange. Dubai was the first to invite us and is the preferred location. Dubai is our first priority."