التقييم المستقل.. صمّام أمان الأسواق وميزان العدالة الاقتصادية   

In modern markets, trust is not built on the volume of transactions or the size of capital but on the existence of independent regulatory systems that ensure fair decision-making and transparency of value. Among the most important of these systems is the profession of valuation; serving as the "neutral eye" that stands between all parties in the market process: the seller and the buyer, the investor and the financier, and between economic ambition and the risks of fictitious asset inflation.

Professional valuation is not merely a number written in a report or a personal judgment subject to mood or interests; it is an independent scientific process based on international standards, local regulations, and market governing legislation aimed at reaching the "fair market value" that reflects the true nature of the asset under normal market conditions.

Independence... the essence of the profession and the condition of trust

When valuation loses its independence, markets lose their balance. Therefore, the complete independence of the appraiser is the cornerstone of any mature market; the professional appraiser does not work for one party but for the economic truth itself. This is why best global practices emphasize the necessity of complete separation between valuation entities and parties with direct interests, whether they are developers, financiers, brokers, or even executive entities within the market.

Major markets do not view valuation as a supporting service but as an independent system in itself that plays an indirect regulatory role over pricing quality, financing integrity, and fairness of transactions. Thus, valuation reports have become a pivotal element in financing decisions, listings, acquisitions, offerings, financial reports, and risk management.

International standards and local regulations... the language of economic justice

In a world where interests intertwine and transactions accelerate, professional standards become the true regulator of the market. Here lies the importance of international valuation standards, led by the International Valuation Standards Council, Taqeem, which has established a unified global framework for valuation practices that ensures integrity, transparency, and comparability between markets.

However, international standards alone are not enough unless they are translated within local regulations and legislation. Each market has its own characteristics, regulations, maturity level, and nature of risks. Therefore, the integration of international standards and national laws is what creates a professional valuation environment capable of protecting the market from price exaggerations or collapses resulting from inaccurate valuations.

In advanced markets, systems consider any professional deviation in valuation a direct threat to market stability; as it may lead to asset inflation, mislead investors, or create dangerous funding gaps.

Valuation... one of the tools for monitoring market performance

Modern regulation is no longer limited to tracking violations or monitoring transactions; it has come to rely on reading the "value" of assets within the market. Here, the deep role of valuation emerges as an indirect regulatory tool that reveals pricing distortions and mitigates conflicts of interest.

When valuation reports are independent and based on strict professional foundations, they create an objective reference that helps regulatory entities monitor market performance and its participants, preventing artificial price inflation or manipulation of values to achieve short-term gains.

The existence of accurate and reliable valuations directly reflects on:

* The integrity of financing decisions.

* The accuracy of financial statements.

* The protection of investors.

* The stability of the financial sector.

* Enhancing trust in the investment environment.

Thus, valuation has become not just a professional activity but a part of the regulatory framework of the modern economy.

The role of regulatory entities... the need for independent review committees

One of the most important elements of market maturity is the presence of a regulatory body capable of verifying the quality of valuation reports and their compliance with realistic market standards and conditions. Here, the importance of establishing independent committees under the supervision of regulatory bodies becomes evident, tasked with reviewing major reports and ensuring the soundness of methodologies and the absence of conflicts of interest or professional biases.

This model is practiced to varying degrees in many global markets, where sensitive valuation reports—especially those related to financial statements, funds, offerings, and major financings—are treated as documents with a direct impact on market stability and investors' rights.

The existence of such committees does not imply skepticism about the profession but reflects its importance and deep impact on the economy. The greater the value of assets and the complexity of transactions, the higher the need for more professional oversight on the quality of the valuation itself.

Transparency begins with "fair value"

A transparent market is not one where prices are high but one where everyone can understand the reasons behind these prices. Here, the role of valuation comes into play in creating a common language between the investor, the financier, the regulator, and the decision-maker.

Independent professional valuation reduces ambiguity, narrows the information gap, and empowers investors to make informed decisions based on facts rather than speculation or unstudied forecasts.

Therefore, strong economies view valuation as one of the pillars of economic transparency, just as they view accounting, auditing, and governance.

What do global experiences say?

The best global models have not treated valuation as a formal procedure but have considered it an independent institution within the market system. In markets like the United Kingdom, the United States, and Singapore, the independence of appraisers has been reinforced, licensing requirements have been raised, and practice has been linked to governance and institutional oversight.

Moreover, regulatory entities in these markets do not rely solely on the existence of a valuation report but are concerned with how it was prepared, who prepared it, whether it is independent, and to what extent it adheres to recognized professional standards.

These experiences have proven that the most stable markets are not necessarily those with the greatest liquidity but those with the highest degrees of transparency and professional discipline in determining value.

Valuation is not a marginal activity revolving around numbers but one of the pillars of economic justice. It is the first line of defense against fictitious asset inflation, a tool for protecting investors, a means to enhance transparency, and an independent system that contributes to market stability and maturity.

As markets evolve, the need for independent professional valuation governed by clear standards and effective oversight increases; because fair value is not just a number... it is the foundation of trust in the entire economy.