Saudi real estate valuers to benefit from RICS stamp of approval

LONDON - Real estate valuers in Saudi Arabia are set to have their industry credentials further boosted following a preliminary agreement signed with the UK-headquartered Royal Institution of Chartered Surveyor (RICS).

Under the terms of the memorandum of understanding [MoU), members of the Saudi Authority for Accredited Valuers (Taqeem) are to benefit from training courses and qualifications approved by RICS.

RICS has accredited at least 118,000 professionals working in the development and management of land, real estate, construction and infrastructure.

It is expected the newly formed partnership will see the two parties work together to ensure their members reach internationally recognized standards of valuation which will bring greater transparency to Saudi Arabia’s property market and help boost investor confidence in the sector.

“Ths 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,” said Sultan Al Jorais, Secretary General of Taqeem in a statement on Sept 24.

The Taqeem real estate training program will be considered as a RICS ‘approved’ and ‘fit for purpose’ course, he said, while RICS chartered valuers are also set to be granted interim membership of Taqeem.

“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,” said Al Jorais.