Interview with Soltan Aljoras from TAQEEM, the Saudi Authority of Accredited Valuers
1. The Law of Accredited Valuers was issued in 2011, leading to the formation of The Saudi Authority for Accredited Valuers (“Taqeem”). How has Taqeem been organized? What are its long term goals?
The law was issued in 2012. TAQEEM is a non-profit authority, which has a corporate personality and an independent budget. It is supervised by the Ministry of Commerce and Industry, and the Board Members are led by the Minister.
The long-term goals:
• Prepare, develop and adopt uniform standards for valuation sectors combined, and standards for each of its sectors;
• Set general rules for fellowship examination in each valuation sector;
• Organize continuous professional education courses to raise the proficiency of valuers, and participate in symposiums as well as local and international valuation committees;
• Conduct research and studies, and publish periodicals and books on valuation-related topics; and
• Set appropriate measures for field monitoring, to ensure compliance of accredited Valuers with valuation standards.
2. The law identifies three asset classes: Real Estate, Economic Entities (Business Valuation), and Equipment and Movable property. How many members do you anticipate overall, and how many in business valuation?
We are anticipating 600 members by 2017, and for Business Valuation we are anticipating 300 members by 2017.
3. Plans for Real Estate, and Economic Entities are well underway. Do you have plans for Equipment and Movable Property?
Yes, the Machinery and Equipment sector is in our plan for 2016.
4. Are there any Business Valuation programs offered at Kingdom of Saudi Arabia (KSA) universities? What are your plans to collaborate with these universities?
In the finance departments in the universities there are few subjects for Business Valuation, but we are working with the Ministry of Education to accredit some courses as part of our accreditation program
5. How does Taqeem plan to serve Valuers in other Arabic speaking countries?
We already translated the International Valuation Standards (IVS) to the Arabic language and we are enhancing the translation every year. The Arabic-translated IVS is already published on the TAQEEM web site. We will introduce, with IIBV, in 2016 some business valuation courses in Arabic speaking countries.
6. The iiBV is assisting Taqeem with a conference for business Valuers scheduled for November 3rd and 4th, 2015 in Riyadh, where you will discuss plans for Business Valuation in the KSA and Gulf states. Will registration be open to any interested parties? What types of people do you anticipate attending?
The conference will focus on the Business Valuation status in KSA and the new regulation for it. All stake holders will be invited (Central bank, Stock Exchange Authority, Accounting Authority, Investment Banks, Investment Companies, and Business Valuation Companies) and will be open for interested individuals to register.
7. What is the timeline for implementing these education programs and regulations?
By law, December 2017 is the effective date for the regulations and membership implementation.
8. The KSA stock market opened to foreign investors last June. Do you anticipate any effects upon Taqeem’s organizing and education activities in Valuation from that?
International investors will be looking for accredited Valuers to provide Business Valuation, and this will increase the need for education and be compatible to the international standards.
9. What’s your favorite travel story?
The most favorite story that comes to mind is when we were introduced to IIBV . We were on a business trip to discuss the Real Estate Valuation education program and it was then we were introduced to IIBV.
Interviewer: Ray Moran