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Gulf's first property index created

Al Mazaya Real Estate Development has launched the first property index in the region under the name of Al Mazaya Real Estate Index.

  • Staff Report
  • Published: 00:00 February 3, 2007
  • Gulf News

Dubai: Al Mazaya Real Estate Development has launched the first property index in the region under the name of Al Mazaya Real Estate Index.

Shaikh Tariq Bin Faisal Al Qasimi, chairman of the Emirates Investment Group and chairman of Emirates Global Islamic Bank, attended the ceremony where the announcement was made. Mazaya and Sahara Group both cooperated in developing this index.

"After three years of sustained effort, this dream has finally seen the light," said Khalid Esbaitah, managing director and CEO of Al Mazaya Holding. "Despite the lengthy preparation time leading to this moment, today and only today, is the day we can say that the journey of a thousand miles has begun. This indicator, which has long been dreamed about is only one of a set of ideas that we look forward to achieve in creating. "

Reliable indicator

This index is considered the first of its kind in the region, according to Mazaya, who claims it measures the prices of properties right across the GCC, while other indexes only measure the prices of the property firms' whose shares are listed in the region's bourses.

Experts say that it is the first reliable indicator to provide information, statistics and projections on the real estate sector in the Arab World. It will provide a level of transparency in market dealings that is unbiased and objective as a means to ensure that the flow of bilateral investments into the region is maintained. The index allows for the comparison between real estate prices in different GCC countries and the development of these prices through secondary indexes calculated for these countries.

"In the region's evolving market we have recently begun the launching of many projects and ideas that will support the development and growth of the real estate sector."

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