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News & opinion

25 SEP 2018

Fostering the growth of valuation in Saudi Arabia’s real estate industry

Reliable and qualitative valuations are an essential underpinning for nearly every financial decision made in the global marketplace, making it crucial for professionals to maintain public confidence in this high-risk area of surveying practice.

To further develop the real estate valuation profession in Saudi Arabia, RICS and the Saudi Authority for Accredited Valuers (TAQEEM) have entered into a significant collaborative initiative under a Memorandum of Understanding agreement.

The collaboration aims to professionalise the valuation sector in KSA, where members of both organisations adopt and work on a foundation of common international standards supported through training, development, professional credentials and regulation. This will drive transaction efficiency by generating improved transparency and market confidence in the real estate and related financial sectors.

Another key aspect of the collaboration is the recognition from TAQEEM of MRICS status, allowing RICS Chartered Valuers direct admission to the organisation at Fellowship level, granting them the opportunity to save time and costs when entering the Saudi market.

This MoU represents a great opportunity for RICS and TAQEEM to work together to drive trust into real estate related valuation practices and provide transparency and confidence to investors and many other real estate related stakeholder groups in KSA. It also offers a clear learning and development platform for valuers in KSA to gain appropriate recognised professional credentials through the two organisations.

Robert Jackson
RICS Regional Director

We spoke to Ahmed Sabry, the Managing Director of TAQEEM Academy and RICS KSA working group member, to get his insights regarding this agreement and his views on its importance to the real estate industry in Saudi Arabia.

What is the significance of this partnership to the real estate market in KSA?

This collaboration will allow both organisations to recognise each-others designated valuers. It will also set an example for further partnerships across property disciplines such as quantity surveying and project management, amongst others.

Why is it essential to implement international standards in the market?

In a world of multinational firms, cross borders transaction and dual listed stocks, valuers need to speak one language. Implementing international standards will save double effort, ensure consistency, gain public trust, boost investments, drive transparency and confidence in the market.

What are the benefits of the collaboration between RICS and TAQEEM to the valuers in KSA?

This collaboration will assure that TAQEEM training is approved by RICS and fit for qualifying valuers and that TAQEEM’s fellows possess the education, experience competencies required to penetrate the International markets. It will also grant RICS qualified valuers the opportunity to enter the Saudi market and save them a lot of time, double efforts and extra costs.

To find out more about RICS membership please contact us.

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