The region's first index to measure property is officially launched

This announcement was made during a ceremony at Fairmount Hotel Dubai where Sheikh Tariq Bin Faisal Al Qassimi, Chairman of the Emirates Investment Group and Chairman of Emirates Global Islamic Bank attended along with a number of property experts, investors, businessmen and media.

"Mazaya" and "SAHARA Group" both cooperate in developing this index, where the latter had established the primary information and the electronic data needed for it to function. This index is considered the first of its kind in the region, and is unique as 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 Bourse. 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.

During the celebration, Khalid Esbaitah, Managing Director and CEO, Al Mazaya Holding presented Al Mazaya's achievements to the gathered audience illustrating the projects they have under development across the Arab World, especially Kuwait and Dubai.

Esbaitah said: "After three years of sustained effort, this dream has finally seen the light. 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. "
He added: "We are proud to cooperate in this project with such a unique and distinguished group such as SAHARA, especially since this organization has a long track record of integrity, transparency and first rate performance in all of its business dealings. We hope that this project is the first of many with SAHARA."

"We know through our experience in management and investments, and through the handling of some of the biggest property projects in the region that the Arab Market is in need of a reliable source of statistical information, which up until now has not existed. The establishing of this index is a great turning point in the real estate sector of the Arab World. This step would not be possible without the courage and vision of "Al Mazaya"", said Dr. Ahmed M. Samerai, Founder and Chairman of SAHARA Group.

"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. These forms of initiatives are essential for the Arab World's advancement, in order to protect all the successes we have achieved so far". He added.