Al-Mazaya Launches Real Estate Index

DUBAI, 3 February 2007 — Al-Mazaya Real Estate Development has launched the first property index in the region. Mazaya and Sahara Group jointly developed the Al-Mazaya Real Estate Index, where the latter had established the primary information and the electronic data needed for it to function. This index is considered to be 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 bourses.

According to experts the index 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. “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,” said Al-Mazaya Holding Managing Director and CEO Khalid Esbaitah.

“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,” he said.