The Saudi Authority for Accredited Valuers, in agreement with the Royal Institute of Chartered Surveyors (RICS), to work toward qualifying and supporting practitioners in the profession in accordance with a system of unified international standards supported by training, development, regulation, and professional qualification.
The memorandum signed by both parties aims to raise professional standards by drawing on international experience, thereby increasing the international presence of the Authority’s members, as well as developing the valuation profession and the real estate valuation industry in the Kingdom, This serves as an impetus to improve transparency and increase confidence in the real estate market and financial sectors related to real estate investment and transactions.
The Authority’s Secretary-General, Engineer Sultan Al-Jreis, stated that the memorandum paves the way for an agreement recognizing the Authority’s members in the field of real estate appraisal as members of the Institute, following a review and approval of the educational and professional requirements and membership conditions of each organization, The Institute will also accredit the training program offered by the Authority to qualify real estate appraisers. This agreement presents an exceptional opportunity for Institute members to enter the Saudi market, representing added value for the profession.
Through this collaboration, the two organizations are working to lay the groundwork for direct access to mutual recognition among professional members in the real estate appraisal sector of both organizations, Institute members will be granted provisional fellowship status, subject to specific mandatory requirements, which will have a positive impact on the market as the two organizations work together to develop professionals in the Kingdom.
For his part, RICS Director Robert Jackson said: This memorandum of understanding represents an opportunity for the Institute to work with the Authority to strengthen confidence in real estate valuation practices and provide transparency and credibility to investors and other groups and parties involved in real estate in the Kingdom, The memorandum also provides a good platform for appraisers in the Kingdom to learn and develop in order to obtain appropriate professional recognition from both organizations.
