“The Reality and Future of Business Valuation in KSA" conference starts its activities in Riyadh

Under the auspices of his excellency, the Saudi Minister of Commerce and Industry , the chairman of the  Saudi Authority for Accredited Valuers  ( Taqeem) Dr. Tawfiq Al-Rabiah, and by the presence of number of specialists and international experts in valuation from the International Institute of Business Valuation IIBV, The Saudi Authority for Accredited Valuers (Taqeem) launches its conference “The Reality and Future of Business Valuation in KSA" on 3rd of November at Ritz Carlton Hotel, Riyadh.  

After welcoming , the Secretary General of the Saudi Authority for Accredited Valuers  ( Taqeem),  Mr. Issam Al-Mubarak delivered a speech in which he praised the support of the chairman of the Authority, the minister of commerce and industry, and he talked about the importance of valuation profession saying: “ the importance of valuation profession lies in the need of many sectors like banks ,insurance companies , real-estate companies and state agencies concerned in expropriation to provide helping in making important economic decisions, like buying , selling acquisition , merging decisions  and distributing partnership, inheritance , conflict resolution, compensations and determining the benefit of investments and applying them etc.”

About the partnership with the International Institute of Business Valuation IIBV Al-Mubarak  declared: " the Authority is keen to make the requirements of its membership and its qualifying programs compatible with the international standards to the Valuers  requirements, to achieve that the international valuation standards was adopted as valuation standards in the kingdom. And the authority has joined the membership of international institute of business valuation IIBV as well as membership of a number of international organizations in all of America, Canada, and China ".

After that , Mr. Michael Badaham , the executive director of the international institute of business valuation presented special definition of the institute, succeeded him Mr. Lee P. Hackett, the fellow of the American Society of Appraisers presented summary about the importance of economic establishments. Then his excellency Dr. Al-Rabiah presented special speech in which he focused on the issuance of the Accredited Valuers law by which the Saudi Authority for Accredited Valuers was established as one of the most important authorities, in order to serve and promote the national economy, and to regulate and supervise the profession, and to qualify professional cadres who able to give the true value for business assets and economic establishments.

He added: “the Authority according to its law has put the required standards for the valuation of real-estate, economic establishments, equipment and movable property etc., developing the valuation profession, improving the level of their employees, terminating its practice as a business and turning it into a prestigious profession with its standards and independent qualification.

After that his Excellency honored the conference sponsors, KPMG, Ernst & Young and the Saudi British Bank (SABB) thanking him for their support in such important economic events. In the first day meetings, the actual conference program started and focused on the international qualifications requirements for business Valuers, the reality of current Business Valuation in Saudi Arabia, the requirements of its valuation according to the international standards, Business Valuation for unlisted companies in money market and the importance of professional valuation by qualified specialists.

 In the same context, Mr. Abdullah bin hamad Al Fouzan, the chairman of KPMG in the Middle East and South Asia, emphasized that valuation industry is international advanced industry controlled by a lot of international standards, and it is positively affecting many activities like real-estate valuation and assets valuation. And we can say that this conference is considered important leap, in order to create developed valuation industry by qualifying and training Valuers complying with international valuation standards.

He added saying: “our role in KPMG in valuation industry is an expansion to our role as accountants and chartered auditors especially that the core of our work is to justly make sure of the assets valuation, and the financial conditions valuation for establishments. We believe in the importance of developing the profession and entering new levels, which makes the Saudi valuation industry in the level of international valuation industries, and the avoidance of random individual practices by some companies or Valuers, which don’t comply with the lowest international valuation standards.   

It worth mentioning that “The Reality and Future of Business Valuation in KSA" conference is the first of its kind in highlighting on results of the market study, which is carried out by the Authority in the current situation for valuation profession, attracting the international experts who provide the best international practices and standards in this field and presenting the proposed legislations which were provided by the Authority. The conference lasts for two days.