The Ministry of Commerce and Investment announced the extension of the transition period for accredited residents to complete the eligibility requirements for obtaining fellowship status before the end of 2023, in addition to amendments to the executive regulations of the Accredited Residents System, which were approved by the Board of Directors at its 16th meeting.

The decision, approved by His Excellency the Minister of Commerce and Investment and His Excellency Dr. Majid bin Abdullah Al-Qasabi, Chairman of the Board of Directors of the Saudi Authority for Appraisers, covers those who have passed the Authority’s accreditation exams and may practice the profession after obtaining a license from the Ministry of Commerce.

For his part, the Authority’s Secretary-General, Engineer Sultan Jreis Al-Jreis, affirmed that these decisions will contribute to improving the operational and regulatory environment for the valuation profession and will restrict the practice of valuation to licensed entities rather than allowing it to be practiced individually. Al-Jreis explained that the importance of the valuation profession lies in the need of most sectors—such as banks, insurance companies, real estate firms, and government agencies involved in expropriation—for its assistance in making critical economic decisions, such as decisions regarding purchases, sales, acquisitions, and mergers, as well as the dissolution of partnerships,, dispute resolution, compensation, and determining the feasibility of investments and their implementation. He noted that the Authority is working to develop and regulate the valuation profession, qualify practitioners, and provide training courses for them.