Minister of Commerce and Industry Tawfiq Al-Rabiah

Minister of Commerce and Industry Tawfiq Al-Rabiah has said that the Saudi Authority for Accredited Valuers (Taqeem) has been playing an important role in the Saudi economy since its establishment.

“Taqeem regulates and supervises the valuation profession, which is involved in various sectors of the Kingdom’s trade and industry,” he said.

Al-Rabiah made the statement during the Kingdom’s first conference on the reality and future of business valuation in Saudi Arabia, in Riyadh.

He added that Taqeem also sets the criterions for Saudi nationals to qualify as valuation professionals in the Kingdom.

He also took the opportunity to thank the conference sponsors such as KPMG, Ernst & Young, and the Saudi British Bank (SABB).

Issam Al-Mubarak, Taqeem secretary general, also underlined the importance of valuation as a profession in the Kingdom.

“Valuation as a profession plays an important role in making important decisions in various sectors such as banking, insurance, real estate, among many others,”Al-Mubarak said.

Al-Mubarak added that valuation is needed in buying, selling, partnership, inheritance, solving conflicts, compensations and determining investment benefits, among others.

Referring to the partnership with the International Institute of Business Valuation (IIBV), Al-Mubarak said: “Taqeem is keen to make its programs compatible with international standards.”

He added that Taqeem has also become a member of international organizations in the United States, Canada and China.

Abdullah bin Hamad Al-Fouzan, KPMG chairman in the Middle East and South Asia, said that the valuation industry is globally advanced and controlled by a lot of standards.

He added: “Our role in KPMG valuation is an expansion of our job as accountants and chartered auditors; the core of our work is to make a just assets valuation.”

Michael Badaham, IIBV executive director, and Lee P. Hacket, fellow of the American Society of Appraisers, also addressed the conference.

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