Move is expected to create trust and confidence in the KSA market, says RICS and Saudi Authority for Accredited valuers (TAQEEM)
An extension to the collaborative efforts between the Royal Institution of Chartered Surveyors (RICS) and the Saudi Authority for Accredited valuers (TAQEEM) has seen the launch of an Arabic version of the RICS Valuation – Global Standards.
Also known as the ‘Red Book’, it will serve as a useful reference for Arabic-speaking valuers and other stakeholders, as well as being a mandatory standard for RICS members against which they are regulated.
According to a statement, the translation of the Red Book supports Taqeem’s and RICS’ endeavor to achieve mutual designation and recognition.
The Red Book is said to contain mandatory professional, technical and performance standards, as well as advisory valuation applications for all RICS members undertaking asset valuations, and is published to support and further explain the application of International Valuation Standards (IVS). Practitioners in Saudi Arabia must already comply with the International Valuation Standards (IVS).
“One of Taqeem’s main roles is improving the operational and the organisational environment of the valuation profession and providing global standards, practice guidance and qualification programs to increase the competencies of valuation practitioners. We are also keen on alignment and collaboration with international professional valuation organisations that are willing to support valuation professionals in the Kingdom. This professional cooperation is an example of how we can help create trust and confidence in the KSA market, driving transparency and attractiveness for investors. To achieve this, we must support the profession to apply the highest ethical standards, education and professional excellence and eventually a greater good for the community,” said the general secretary of Taqeem, Soltan AlJorais.
RICS MD EMEA, Robert Jackson added, “International Standards are critical to the development of the markets in the Middle East and the Arabic version of the Red Book will allow Arabic speaking valuers to mitigate significant risk and adhere to appropriate valuation best practices. Our collaboration with Taqeem has enabled us to drive trust in the marketplace, providing confidence and transparency to investors and other real estate related stakeholder groups in KSA.”