An agreement has been signed between the Royal Institution of Chartered Surveyors (RICS) and ENBD REIT which states that the Shari'a-compliant real estate investment trust will only use RICS registered valuers to conduct valuations on their behalf.
By doing so, ENBD REIT recognise the level of professionalism RICS regulated valuers bring to the real estate market; reducing risk and giving them greater confidence in valuations conducted in the region.
“The accurate valuation of assets, both tangible and intangible, plays an essential role in financial and real estate markets. The collaboration between RICS and ENBD REIT is recognition of the commitment to support and foster consistency and transparency in conducting valuations in the Middle East. RICS Valuer Registration provides assurance of quality valuation material produced that is following the Red Book, ultimately raising ENBD REIT’s confidence in a valuation provided by an RICS qualified valuer to be undertaken in line with the established international benchmark.” - Robert Jackson, RICS Managing Director, EMEA
All RICS valuers must adhere to a risk monitoring and quality assurance programme, which checks compliance with the RICS Red Book, and incorporates the International Valuation Standards. The RICS Valuer Registration scheme is recognised globally as one of the most rigorous sets of standards for valuation, and it details mandatory practices for professionals undertaking valuation services. The scheme, which was introduced in 2011, is now mandatory for RICS professionals in most countries around the world, with about 16,000 registered valuers worldwide.
With the industry evolving at a fast pace, establishing transparency of data and encouraging more accurate financial reporting is vital in supporting businesses and de-risking financial markets for the public good.
As one of the leading real estate investment trusts in the GCC region, ENBD REIT – which is managed by Emirates NBD Asset Management – has a property portfolio valued at USD 450 million, making accurate valuation essential.
“Accurate and transparent valuation of our portfolio is key for decision making, providing us with a clear view of the performance of our assets in the context of the broader market. Valuations are also of vital importance to our shareholders and prospective investors, among other performance metrics. We’re pleased to work with RICS to continue to provide our shareholders with access to high-quality and transparent portfolio valuations,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
Valuation, as a discipline, is a critical part of the financial system and its stability. Valuations consist of a range of data that inform the decisions of governments, investors, lenders and providers of property services, making accuracy a vital component of the process.
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For more information, please contact:
RICS in Middle East: Lynne Davidson, Marketing & Communications Manager on ldavidson@rics.org or Tel: +971 (0) 4 446 2808
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.
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