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Draft law for real estate exchange approval needed, says IREX Group
27 Jun 2010
This is the opinion of Safar Al Harthi, IREX Group executive chairman, who explained to Gulf News why Dubai was recently chosen as the hub for a new global real estate securities exchange, rather than Saudi Arabia.
"We can't keep waiting [for] ... the law we need to set up," he said, going on to remark that it is about time the real estate industry had its own tailored solution similar to stock and commodities exchanges - and this could become a reality in Dubai within the next couple of years if the legalities are sorted out.
He spoke days after the Saudi Arabian IREX announced its collaboration with egX of Canada to launch a global real estate securities exchange. This will start with three - Vancouver, London and Dubai - and PricewaterhouseCoopers has been appointed to handle the merger.
Bahrain and Qatar were also considered for the hub serving the Mena region, Mr Al Harthi added.
"Canada is already licensed and tested but we have to reapply under our new venture. So it will take around 18 to 24 months to kick off, same for London."
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