TAQEEM Launches New IVSC Office In Riyadh To Strengthen Valuation Standards Across The Region

The International Valuation Standards Council (IVSC) has inaugurated its regional office in Riyadh, a significant step in promoting high-quality valuation standards across the Middle East and Africa. This initiative, backed by the Saudi Authority of Accredited Valuers (TAQEEM), aims to strengthen the valuation profession in Saudi Arabia and beyond.

TAQEEM's CEO, Eng. Faisal Al-Mandeel, expressed pride in this achievement. He stated: "TAQEEM is honored to support the IVSC in launching its regional office in Riyadh. This reflects our shared commitment to enhancing the valuation profession, promoting the best global practices, and ensuring valuation plays a vital role in driving economic growth, investment, and public trust."

The new office will serve as a hub for engaging with stakeholders both locally and regionally. It will facilitate the adoption of International Valuation Standards (IVS) and promote independent and transparent valuations in various sectors such as capital markets, financial reporting, investment, and policymaking.

IVSC CEO Nicholas Talbot highlighted the significance of this development by saying: "We are delighted to open our regional office in Riyadh, underscoring the growing importance of the Middle East and Africa in the global valuation landscape. With TAQEEM’s strong support, we look forward to deepening our partnerships and advancing our mission of fostering transparent and consistent valuation practices worldwide."

This new establishment will also contribute to IVSC's broader mission of creating a global valuation profession based on transparent standards. These standards are developed through international collaboration and public consultation, ensuring they meet global needs effectively.

By setting up this regional center, IVSC aims to enhance its presence across the Middle East and Africa. The office will act as a platform for collaboration with local entities to ensure that valuation practices align with international norms.

The strategic partnership between TAQEEM and IVSC is crucial for boosting the valuation profession within Saudi Arabia. It reflects a commitment to adopting best practices globally while supporting economic growth through reliable valuations.

This initiative marks a pivotal moment for both organisations as they work together to elevate valuation standards across regions. The Riyadh office is expected to play a key role in achieving these objectives by fostering transparency and consistency in valuations worldwide.

With inputs from SPA