انطلاق المؤتمر السعودي الدولي للتقييم بالرياض

Under the patronage and attendance of Minister of Finance Mohammed bin Abdullah Al-Jadaan, the Saudi International Valuation Conference kicked off today at the headquarters of the Saudi Chambers Federation in Riyadh, under the slogan "Towards Regional Leadership," with the participation of about 1,000 officials, companies, experts, and specialists in the field of valuation.

The conference is organized by the Saudi Chambers Federation, represented by the National Valuation Committee, in partnership with the Saudi Authority for Accredited Valuers, to showcase the latest trends in valuation, leading local and international experiences, and the best global models, to discuss ways to enhance the attractiveness of the business environment in the sector, and mechanisms for enabling and institutional support for the profession.

Comprehensive Development Renaissance

The President of the Saudi Chambers Federation, Hassan bin Mujaib Al-Huwaizi, stated in his speech that the Kingdom is witnessing, under the support of wise leadership, a comprehensive development renaissance across various sectors, considering the valuation sector as the cornerstone that enhances market confidence and receives attention from government entities.

He affirmed that the Saudi International Valuation Conference reflects the importance of valuation in the success of investments as it serves as a mirror for market integrity and a compass for development, noting that the quality of valuation is no longer an option but an economic necessity for a more sustainable future.

For his part, the Chairman of the National Valuation Committee, Hamad bin Ali Al-Shuwair, clarified that the Saudi International Valuation Conference embodies the support that the valuation sector receives, which has contributed to a qualitative leap in the valuation market, indicating that the valuation system is a cornerstone for preserving rights and protecting individuals and the economy, with its adoption in the systems of white land fees and expropriation, as well as the Capital Market Authority, pointing to the role of the Saudi Authority for Accredited Valuers in developing the profession, and highlighting the competencies that Saudi valuers possess that qualify them for global leadership.

Enhancing Financial Market Efficiency

The CEO of the International Valuation Standards Council (IVSC), Nicholas Talbot, stated that "the council is working on developing consistent and high-quality international valuation standards (IVS) that encompass various asset classes around the world, which enhances the reliability of valuation and increases the efficiency of financial markets. The Saudi Authority for Accredited Valuers is a strategic global partner contributing to the development of the valuation profession in the Kingdom and integrating international expertise with local practices."

He indicated that the partnership with "Taqeem" resulted in the opening of the council's regional headquarters for the Middle East and Africa in Riyadh, in a step that reflects the Kingdom's advanced position in the sector, noting that the IVSC Investor Forum includes major global investors with assets exceeding $23 trillion, addressing the most prominent challenges and opportunities in the valuation field, including legislation, data availability, local frameworks for financing and taxation, intangible assets, and the use of technology.

For his part, the Chairman of the Board of the Economics Association, Dr. Ahmed Abdulkarim Al-Muhaimid, stated that "the establishment of the Saudi Authority for Accredited Valuers in 2013 made the Kingdom the first Arab country to establish an independent body to regulate the valuation profession according to global standards, in light of the importance of a global real estate market valued at over $393 trillion," pointing out that the British and German experiences have formed a global standard that has transformed valuation from mere estimation to a precise science, reviewing the developments in the field of valuation in the digital age with the emergence of global valuation standards IVS, the use of artificial intelligence, and the integration of ESG (Environmental, Social, and Governance) standards into valuation processes.

(20) Specialized Valuation Entities and Companies

The conference was accompanied by an exhibition that featured more than (20) specialized entities and companies in valuation, showcasing the services provided to beneficiaries in the field of valuation across its various branches.

The conference will continue its activities tomorrow with (4) panel discussions featuring a selection of officials and experts, the first of which will address increasing the attractiveness of the business environment in valuation, the second will discuss enabling and institutional support for the valuation profession, while the third will highlight the role of international organizations in developing the valuation profession, and the fourth session will review the best local and international practices in the field of valuation.