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Description

Due to the utmost need to enhance the valuation profession in the Kingdom of Saudi Arabia which is considered a vital element to secure public savings and fund assets, the Law of Accredited Valuers was issued pursuant to Royal Decree no. (m/43), dated (09/07/1433H) defining valuation as the process which determines the fair value of real estates, economic establishments, equipments or properties of different types for a specific purpose. The significance of the valuation profession lies in its need in many sectors, such as banks, insurance companies, real estate companies and state bodies in charge of expropriating ownerships. Valuation leads these sectors to important economic decisions, such as purchasing, selling, acquisition, merger, inheritance and partnerships division, disputes settlement, compensations, determining investment feasibility and substitution and the like. The Saudi Authority for Accredited Valuers "Taqeem"​ considers the valuation profession a promising profession in KSA and shall contribute to create many excellent job opportunities. The Authority aims to develop the valuation profession to reach a level par with notable professions, such as medicine, engineering and the like, through setting forth the necessary standards for the valuation assignments of real estates, economic establishments, equipments and movable property and so on. In addition to developing the valuation profession, raising the level of employees operating in such profession in terms of the ethical, technical and professional aspects, qualifying the young cadres via specialized programs as well as accrediting qualified valuers to practice the profession in all valuation sectors.