TAQEEM, a government organisation, established in 2013, has the role of organising and developing the valuation profession, qualifying and accrediting Valuers across asset classes. It is responsible for ensuring that Accredited Valuers are adequately qualified, increasing public trust in valuation, and raising professionalism and ethical practice. TAQEEM is also mandated to ensure that the Accredited Valuers Law, assets implementing regulations and valuation manuals are adhered to in Saudi Arabia.
Chartered Surveyor, Ahmed Sabry FRICS, joined TAQEEM in 2014. An ambitious strategy was developed to bridge the gap between the existing market situation and to provide a roadmap to leading global best practices, which reflect market priorities and accommodate existing practitioners.
TAQEEM adopted IVS (International Valuation Standards) in 2014, translating its 2013 and 2017 versions into Arabic. Further, it partnered with IVSC, RICS, AI, JPPH, IIBV and ASA to develop training programs and phased designation schemes based on required competencies, experience and assessment by examination, report reviews and panel interviews.
TAQEEM has developed training programs for Real Estate, Business valuation, Machinery & Equipment, as well as ‘Train the Trainer’ programs. Around 300 courses were delivered for approximately 10,000 trainees across the Middle East. By mid-2018, TAQEEM awarded about 1250 associate and accredited memberships to real estate and business valuers from 30 nationalities and licensed more than 400 companies after completing all associated requirements. This has led to job creation in the market and tens of thousands of assignments with values exceeding $650 billion, further demonstrating the growing confidence in the surveying profession and its significance to the economy.
By 2019, TAQEEM aims to celebrate its first fellow members across asset classes and expand to regulate new valuation disciplines such as precious stones and metals. TAQEEM will continue to serve the society and the public interest while assisting in the growth of the profession in the region.