Taqeem launches the training program ‘Expropriation of real estate for public utility’

In the framework of the Saudi Authority for Accredited Valuers’ (Taqeem) efforts of regulating the real-estate valuation profession and developing the performance of its practitioners, the Authority in cooperation with the Royal Institution of Chartered Surveyors (RICS) launched a training program last Sunday on the 4th of October regarding the expropriation of real-estate for public utility and temporary seizure of property. The training program will last for two weeks in Riyadh.

This training program is considered the first of its kind provided by the authority regarding this topic. According to the set training courses plans, the program will be held many times during the current year and the year after with the purpose of addressing a specific section, which is the ‘Valuers’, and that before putting the law for those interested in participating in the expropriation committees for public utility, and temporary seizure of property. It should be noted that this training program will be one of the main requirements of the committees’ experts’ members.

To highlight the significance of these courses, its necessity, and the publication of its programs by the competent authorities, Mr. Essam bin Hamad Al-Mubarak, the Secretary-General of the Saudi Authority for Accredited Valuers (Taqeem) said, ''the processes of expropriation for public utility in the kingdom are considered the biggest of its kind worldwide because of the presence of massive projects for the country’s infrastructure, this motivates us in (Taqeem) to arrange and organize many training courses that correspond with these processes, and makes associates and trainees able to identify the best international practices in the valuation profession for the purpose of expropriation and applying it according to international appraisal standards.”

Mr. Al-Mubarak also pointed out the fact that this program aims at providing a comprehensive understanding of the expropriation law of real-estate for public utility, temporary seizure of  property and applying it in the kingdom. He also stressed that we can benefit from the most successful international expertise and experience in valuation practices and expropriation in the international market. “This program will generate experts from the kingdom and trainers from the Royal Institution of Chartered Surveyors (RICS),” he said.

For facilitating the registration processes of this program and other programs, the Saudi Authority for Accredited Valuers (Taqeem) launched a website for courses, tests and all other activities, which will be held by the authority. The website works through the electronic services of Qema, as an electronic services window provided and developed by the authority, and allows those who benefit from its services to create their own files.

It is worth mentioning that after the utmost need to enhance the valuation profession in the Kingdom of Saudi Arabia, which is considered a vital element to secure public savings and fund assets, the Law of Accredited Valuers was issued pursuant to Royal Decree no. (m/43), dated (09/07/1433H) defining valuation as the process that determines the fair value of real estates, economic establishments, equipment or properties of different types for a specific purpose, The Accredited Valuers (Taqeem) started its activities aiming at developing the valuation profession to the level of a prestigious profession such as medicine, engineering…etc. by setting the necessary standards for the valuation of real estate, economic entities, equipment, and  movable property  and so on.