RIYADH — The Saudi Authority for Accredited valuers (TAQEEM) announced the launch of the Arabic version of the RICS Valuation – Global Standards, effective from Jan. 31, 2020, also known as the “Red Book” which comes as an extension to the collaborative efforts between the Royal Institution of Chartered Surveyors (RICS) and (TAQEEM) and supports TAQEEM's and RICS’ endeavor to achieve mutual designation and recognition between the two organizations. It is a useful reference resource for Arabic-speaking valuers and other stakeholders, as well as being a mandatory standard for RICS members against which they are regulated.

The Red Book contains 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).

TAQEEM’s General Secretary Soltan AlJorais, said, “One of TAQEEM's main roles is improving the operational and the organizational 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 organizations 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."

RICS Managing Director EMEA Robert Jackson said, “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.” — SG