International Real Estate Exchange Group (IREX) of Saudi Arabia and egX World of Canada teamed up to create the first global real estate securities exchange, with the first group of exchanges slated for autumn of 2012 in Dubai, Canada and London. The joint venture firm named IREX Group will be the world's first global real estate securities exchange. The new company will create and operate a regulated securities marketplace for the listing and trading of real estate assets in key financial centers around the world. The merger of IREX and egX World has brought together over 10 years of research and development of proprietary systems to launch an exchange focused solely on the real estate sector. IREX conceptualized and developed a business model that offers primary and secondary services to raise the level of transparency and disclosure towards securitizing real estate assets. egX World completed the development of all business processes, systems, policies and procedures to create, implement and operate a regulated real estate securities marketplace. By combining the business models, listing products and services, IREX Group will be the first real estate hub to provide a modern marketplace to convert immovable assets into tradable securities. These specialized exchanges will operate on the premises of transparency and liquidity, delivering full support to an open, fair and regulated marketplace, offering issuers and investors access to real estate on a global basis. IREX Group Executive Chairman Safar Al Harthi said “establishing a strategic partnership was the next logical step in our mission to launch the first real estate securities exchange. With the volume of securitized real estate currently in the global stock exchanges at 3 percent and the volume of un-securitized global wealth in real estate exceeding 90 percent; not only is this market untapped, it is also unregulated. IREX Group has together invested in building a framework to launch a network of regulated exchanges providing efficiency, fairness and transparency to the real estate sector that will capitalize on this tremendous opportunity.”
