CBRE adds valuation services to its expanding portfolio in Saudi Arabia.
September 2020, Riyadh, KSA – Leading global real estate advisor CBRE has added valuations to its expanding portfolio of services, following the signing of a new agreement on behalf of CBRE Rowad Al-Riyadh Real Estate Valuation Company with the Saudi Authority for Accredited Valuers (TAQEEM). As the Kingdom’s official regulator for the valuation profession, TAQEEM works to implement laws that allow valuers to practice in accordance with the International Valuation Standards. By signing an agreement with the regulator, CBRE can provide its clients in Saudi Arabia with world-class valuation advisory and feasibility studies to ensure that they have access to the insights, data and expert counsel that they require to make sound investment decisions.
Saudi Arabia’s real estate industry continues to experience impressive growth as a result of a number of key Government initiatives that promote foreign direct investment in line with the key pillars of the Vision 2030 plan, foreign ownership and increased tourism to the country. By becoming a TAQEEM registered valuation provider, CBRE can provide its clients with the assurance that the real estate firm is working alongside the sector’s trusted regulator to provide transparent advice. It also provides confidence to international and regional entities alike that they are receiving world-class counsel, in line with international best practice.
In signing the agreement, CBRE pledges to drive improved transparency in the nation’s real estate market by adopting and working towards common global standards supported via training, development, professional credentials and regulation.
Simon Townsend, General Manager (FRICS & Fellow Taqeem member) and Mohammed Alsubhi (Taqeem member) of CBRE Rowad Al-Riyadh Real Estate Valuation Company, attended the official signing of the agreement, alongside of CBRE MENAT Managing Director, Nicholas Maclean, at a ceremony in Riyadh on 11th February 2020. Mr Sultan Al Jourais, General Secretary and Mr Faisal Al Mandeel, Deputy Secretary-General from TAQEEM were also in attendance.
Commenting on the signing, Simon added: “CBRE entered the KSA market in Riyadh in late 2018 (now having a second office in Jeddah), and since then has been working collaboratively with all relevant bodies to secure the accreditation required to be able to offer its clients the world-class services that our company is renowned for. Notwithstanding the current market conditions, Saudi Arabia continues to develop into a global economic powerhouse, with inward investment at its core, we can expect to see a further opening and growth of the country’s real estate industry, across all key sectors. CBRE is dedicated to supporting the further advancement of this industry by providing its clients with best-in-class valuation advisory services to enable market participants whether existing or new to have enhanced confidence when considering their Kingdom projects. We have been working closely with the team at Taqeem throughout the process (including providing a valuation webinar for all members during Ramadan) and appreciate the enthusiasm and support shown not just to ensure CBRE can enter the market but also to supporting the valuation profession.”Taqeem commented: “It has always been our intention to welcome professional firms into the market and it is our pleasure to be able to extend that through CBRE Rowad Al Riyadh for their Valuation Services. CBRE has over 500 offices globally and we welcome their expansion within the Kingdom, as they are the world’s largest real estate advisory company. We look forward to engaging with CBRE and appreciate their commitment to not just the market but also through their collaboration with Taqeem through global knowledge transfer within our local markets.”