RIYADH — The Secretary General of the Saudi Authority for Accredited Valuers (Taqeem) Issam Al-Mubarak underscored the importance of valuation profession during the launch of “The Reality and Future of Business Valuation in KSA" conference last Tuesday at Ritz Carlton Hotel, Riyadh.
In his welcoming speech, he said “the importance of valuation profession lies in the need of many sectors like banks, insurance companies, real estate companies and state agencies concerned in expropriation to provide helping in making important economic decisions, like buying, selling acquisition , merging decisions and distributing partnership, inheritance , conflict resolution, compensations and determining the benefit of investments and applying them etc.”
About the partnership with the International Institute of Business Valuation IIBV, Al-Mubarak said: "The authority is keen to make the requirements of its membership and its qualifying programs compatible with the international standards to the valuers’ requirements, to achieve that the international valuation standards was adopted as valuation standards in the kingdom.
And the authority has joined the membership of international institute of business valuation IIBV as well as membership of a number of international organizations in all of America, Canada, and China."
Saudi Minister of Commerce and Industry Dr. Tawfiq Al-Rabiah in his speech focused on the issuance of the accredited valuers law by which the Saudi Authority for Accredited Valuers was established as one of the most important authorities, in order to serve and promote the national economy, and to regulate and supervise the profession, and to qualify professional cadres who able to give the true value for business assets and economic establishments.
He added: “The authority according to its law has put the required standards for the valuation of real-estate, economic establishments, equipment and movable property etc., developing the valuation profession, improving the level of their employees, terminating its practice as a business and turning it into a prestigious profession with its standards and independent qualification.”
The first day of the conference focused on the international qualifications requirements for business valuers, the reality of current business valuation in Saudi Arabia, the requirements of its valuation according to the international standards, business valuation for unlisted companies in money market and the importance of professional valuation by qualified specialists.
Abdullah bin Hamad Al Fouzan, chairman of KPMG in the Middle East and South Asia, emphasized that valuation industry is international advanced industry controlled by a lot of international standards, and it is positively affecting many activities like real estate valuation and assets valuation.
“This conference is considered an important leap in order to create developed valuation industry by qualifying and training valuers complying with international valuation standards.”
He added: “Our role in KPMG in valuation industry is an expansion to our role as accountants and chartered auditors especially that the core of our work is to justly make sure of the assets valuation, and the financial conditions valuation for establishments.
We believe in the importance of developing the profession and entering new levels, which makes the Saudi valuation industry in the level of international valuation industries, and the avoidance of random individual practices by some companies or valuers, which don’t comply with the lowest international valuation standards.”
“The Reality and Future of Business Valuation in KSA" conference is the first of its kind in highlighting on results of the market study, which is carried out by the authority in the current situation for valuation profession, attracting the international experts who provide the best international practices and standards in this field and presenting the proposed legislations which were provided by the authority. — SG
