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. In 2007 and 2008, egX World received approval in Canada from both the British Columbia Securities Commission and the Ontario Securities Commission to operate a real estate securities exchange.
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 is led by Safar al Harthi, Executive Chairman, and Leo Chamberland, President and CEO. Mr al Harthi is the Chairman of IREX. As the founder of RBNCO, a Saudi Real Estate Bourse established in 1999, he has worked very closely with the Saudi Shoura Council for almost five years to draft laws requisite for the establishment of the specialised real estate exchange. Furthermore, in 2006, he was assigned by the secretary of the Arab League to form the Arab Realtors Union and currently holds several memberships from reputed bodies in the region.
Mr. Chamberland is the Founder and CEO of egX World, leading a team of real estate and regulatory professionals to achieve the first-ever recognized real estate securities exchange in the world. As egX’s senior officer, he was instrumental in raising substantial capital financing to secure the Company’s position of world leader in designing the processes, technologies and infrastructure to meet the market trend of securitizing real estate assets. Prior to egX Group, Mr. Chamberland was President of Virtual Motion Media, a venture capital company, and also President of Chamberland & Associates, a financial services company.
Safar al Harthi, Executive Chariman of IREX Group, said:
“We are very pleased to introduce IREX Group. 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% and the volume of un-securitized global wealth in real estate exceeding 90%; 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. We look forward to the next 18 months as we begin our application process to transform our vision into reality.”
Leo Chamberland, President and CEO of IREX Group, adds, “egX World is the first company to have ever obtained recognition as a securities exchange specialized for real estate – a challenge that took several years to achieve in Canada – a nation respected for its long-established and highly regulated financial markets. Now, by bringing our two companies together, our vision of establishing and operating real estate securities exchanges can become a reality. IREX Group will lead the way in real estate securitization and financing for small-scale to mega projects and will utilize state-of-the-art technology to facilitate real-time trading and reliable clearing and settlement. As we move forward and embrace the exciting evolution within the real estate industry, we believe IREX Group is well positioned to provide added values for its real estate investors, issuers, investment dealers and real estate developers alike.”
IREX Group intends to launch its first group of exchanges, IREX Europe/MENA and IREX Canada in the fall of 2012. The Company will be seeking authorisation from the Financial Services Authority (FSA) to operate an IREX exchange in London (UK); whilst setting up an operating branch in Dubai (UAE) to service issuers and manage listings for the Middle East and North Africa (MENA) region. IREX Europe/MENA will be headquartered in London, and subsequent branch offices will be established in various EU member states and the MENA region. IREX Canada will be headquartered in Vancouver, British Columbia.
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