RIYADH — The Saudi Authority for Accredited Valuers (TAQEEM) and the Royal Institution of Chartered Surveyors (RICS) announced the approval of the mutual designation agreement, in which TAQEEM members will be able to apply for the AssocRICS and/or MRICS designation depending on their experience and proven competencies.

TAQEEM is the very first organization in the Arab world to gain this mutual recognition. This will positively increase the level of professionalism and supports the real estate valuation market in the Kingdom.

It will also improve TAQEEM members' confidence and provide them with a great opportunity to expand their business on an international level, empowered by the strong and solid education that they have received in TAQEEM.

The designations will allow for a diverse market in the Kingdom, as existing RICS MRICS and FRICS members can apply for TAQEEM's fellowship thus allowing them to practice in the Kingdom.

According to this reciprocal agreement, TAQEEM Fellows will be able to acquire the MRICS designation after passing a course by TAQEEM titled “Health and Safety, Sustainability and Team Work” and another online course provided by RICS titled: “Work Ethics”, and finally provide one proposer who is either an RICS MRICS or FRICS.

MRICS members will be able to acquire TAQEEM fellowship after passing two courses which are: “101 — The Regulatory Framework of Real Estate Valuation in KSA and Code of Ethics and Conduct of the Valuation Profession” and “107 — Property Law and Town Planning Principles.”

The Secretary General of TAQEEM, Sultan Aljorais, said: “The designations are an extension to TAQEEM’s international partnerships and compatible with the international professional practices in the valuation sector and a testament to the quality of TAQEEM's training programs and its aim to be on par with other esteemed organizations. It is also an opportunity for global valuation companies to work in the Kingdom, after other conditions are met.”

Robert Jackson, the managing director of RICS in EMEA, added: “Our collaboration with TAQEEM has been a great opportunity for RICS and TAQEEM to work together and further professionalize the valuation sector in KSA, where members of both organizations adopt and work on a foundation of common international standards underpinned by strong codes of conduct and ethical standards, all of which are subject to ongoing regulation. Through our mutual designation agreement, valuers in KSA can gain a clear learning and development platform through recognised professional credentials,which will deliver trust and confidence into the real estate sector in KSA.

It is worth to mention that TAQEEM has a number of mutual designation agreements from around the world, such as the mutual designation agreement with ASA American Society of Appraisers in the machinery and equipment valuation sector where TAQEEM’s fellow members can attain the ASA fellowship and finally the training programs in the business valuation sector have been approved by the International Institute of Business Valuers (IIBV). — SPA