TAQEEM and RICS collaborating on developing the valuation profession and real estate industry in KSA
The Saudi Authority for Accredited Valuers (TAQEEM) and the Royal Institution of Chartered Surveyors (RICS) have signed an MoU which will see them collaborate on developing the valuation profession and real estate industry in KSA.
According to RICS, the move is intended to drive improved transparency and confidence into the real estate market and related financial industries involved in real estate investment and transactions, “the parties will have their members adopt and work to common international standards of valuation supported via training, development, professional credentials and regulation,” it said in a statement.
“As a regulator we regard RICS as an important partner. This MoU paves the way to an agreement that recognises TAQEEM real estate designated members as RICS members after mapping educational, experience and membership requirements of each respective organisations,” said Sultan Al Jorais, secretary general, TAQEEM “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 organisations plan to map out reciprocal direct entry for valuation practitioners who are actively valuing real estate. With immediate effect, RICS chartered valuers will also 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,” said RICS.
“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,” said Robert Jackson, managing director for RICS in the MENA region.