Taqeem engages with RICS on valuation standards
RICS to develop a professional development program for Taqeem
The Saudi Authority for Accredited Valuers (Taqeem) has signed a knowledge sharing and training agreement with the Royal Institution of Chartered Surveyors (RICS).
Taqeem has commissioned RICS to develop a professional development program, to be delivered via the Taqeem Academy in Riyadh for senior government staff, other relevant public sector stakeholders and appraisal committee members involved in eminent domain in the Kingdom.
The new professional development programme, which will be delivered in early 2015, is a continuation of Taqeem’s efforts to provide training for private and public sector employees and candidates who wish to participate in valuation-related activities and will improve and develop the performance of accredited valuers according to internationally accepted standards.
The training, which is being developed and delivered by RICS, will focus on international best practice within eminent domain, including compensation, principles of asset valuation using International Valuation Standards, the legal implications of eminent domain as well as case studies and practical application.
RICS has been chosen to partner with Taqeem on this project in their capacity as a global professional body committed to promoting and enforcing the highest professional qualification and standards in the development and management of land, real estate, construction and infrastructure.
Eminent domain, or ‘compulsory purchase’ as it is also known, is exercised when governments use their legal capacity to buy or take rights over private property to be developed for the benefit of the public. Examples may include airport expansion, road and rail / metro projects.
The Saudi Minister of Commerce and Industry, and Dr. Tawfiq bin Fawzan Al Rabiah, chairman of the board of directors, Taqeem, recently announced that Taqeem will continue its efforts to increase the professional knowledge and competency of valuation practitioners.