The collaboration is extensive in its objectives but with the overarching intention to further develop the valuation profession and real estate valuation industry in KSA.
The parties will have their members adopt and work to common international standards of valuation supported via training, development, professional credentials and regulation. This will drive improved transparency and confidence into the real estate market and related financial industries involved in real estate investment and transactions.
Sultan Al Jorais, Secretary General of TAQEEM commented: “As a regulator we regard RICS as an important partner. This MoU paves the way to an agreement that recognizes TAQEEM real estate designated members as RICS members after mapping educational, experience and membership requirements of each respective organizations. Moreover, TAQEEM real estate training program will be considered as RICS ‘approved’ course and ‘fit for purpose’. We believe that this MoU also provides a great opportunity for RICS qualified members to enter the Saudi Market which will add value to the profession.”
Through the collaboration, the Parties will work to map out reciprocal direct entry to the respective organisations for valuation practitioners who are actively valuing real estate, and with immediate effect, RICS chartered valuers will be granted interim membership of TAQEEM at Fellowship level, subject to certain mandatory requirements.
This will be positively received by the market as the two organisations work together to advance and develop professionals in the kingdom.
Robert Jackson, Managing Director for RICS in the MENA region commented: “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.”
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About RICS:
RICS promotes and enforces the highest professional qualifications 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. We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
For more information, please contact:
RICS in Middle East: Lynne Davidson, Marketing & Communications Manager on ldavidson@rics.org or Tel: +971 (0) 4 391 3675
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 and Investment. 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.
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