KSA: The Saudi Authority for Accredited Valuers (TAQEEM) announces the launch of the Arabic version of the RICS Valuation – Global Standards, effective from 31 January 2020, also known as the ‘Red Book’ which comes as an extension to the collaborative efforts between the Royal Institution of Chartered Surveyors (RICS) and Taqeem. This also supports Taqeem's and RICS’ endeavor to achieve mutual designation and recognition between the two organisations. The Arabic Red Book is a useful reference resource for Arabic-speaking valuers and other stakeholders, as well as being a mandatory standard for RICS members against which they are regulated.
The Red Book contains mandatory professional, technical and performance standards as well as advisory valuation applications for all RICS members undertaking asset valuations and is published to support and further explain the application of International Valuation Standards (IVS). Practitioners in Saudi Arabia must already comply with the International Valuation Standards (IVS).
The General Secretary of Taqeem Mr. Soltan AlJorais, said “One of Taqeem's main roles is improving the operational and the organisational environment of the valuation profession and providing global standards, practice guidance and qualification programs to increase the competencies of valuation practitioners. We are also keen on alignment and collaboration with international professional valuation organisations that are willing to support valuation professionals in the Kingdom. This professional cooperation is an example of how we can help create trust and confidence in the KSA market, driving transparency and attractiveness for investors. To achieve this, we must support the profession to apply the highest ethical standards, education and professional excellence and eventually a greater good for the community".
RICS Managing Director EMEA, Robert Jackson, said “International Standards are critical to the development of the markets in the Middle East and the Arabic version of the Red Book will allow Arabic speaking valuers to mitigate significant risk and adhere to appropriate valuation best practices. Our collaboration with Taqeem has enabled us to drive trust in the marketplace, providing confidence and transparency to investors and other real estate related stakeholder groups in KSA.”
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About TAQEEM:
The Saudi Authority for Accredited Valuers (TAQEEM) was established as a body of an independent, non-profit and judicial nature, operating under the Ministry of Commerce. Taqeem has the role of organising and developing the valuation profession, qualifying and accrediting Valuers across asset classes. Taqeem aims to regulate and develop the valuation profession, accredit qualified valuers and apply the International Valuation Standards to increase the community trust and awareness in the valuation profession.
About RICS:
RICS is a global professional body. We promote and enforce the highest professional qualification and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve. The work of our professionals creates a safer world: we are proud of our profession’s reputation and we guard it fiercely.
For more information, please contact:
RICS in Middle East and Africa: commsmea@rics.org
© Press Release 2020
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