09/10/2016
Deputy Secretary General of the
Saudi Committee for authenticated residents
Sultan Al jurais the keenness of the Committee on the localization of the
evaluation profession in the Kingdom, by graduating of national qualifications able to evaluate the
institutions and localization and Arabization the study curriculums, as well as
the development of the regulatory environment for the profession, revealing that evaluation will only deal with
the field of institutions approved
and licensed, to organize the profession of assessment in general.
He
stressed at a workshop held Wednesday October 5, 2016 in Asharqia Chamber that the Committee
is seeking to improve the regulatory environment for business evaluation,
because there is an urgent need to upgrade the profession of evaluation, which
is one of the most important elements of the maintenance of savings and evaluation
of public money, the importance of the profession lies in the needs of most
sectors such as banks, insurance companies and real estate companies and
government authorities concerned with the expropriation of properties to help
in making important economic decisions as a decision to buy and sell and
acquisitions, merger and partnerships divisions, inheritance, conflict
resolutions and compensation and the feasibility of investment
He
mentioned that all economic sectors need the qualified evaluator services, even
feasibility studies also the acquisitions
and investments and so on, pointing that 56% of workers in the profession of
economic establishments evaluate their non Saudis, and 58% of the evaluations
are made through banks and investment companies not individuals, estimating the volume of transactions in the activities of (small
acquisitions and investments and public offerings in the Kingdom) at about 2428
billion riyals a year.
He
added that 95% of workers in the evaluation do not have approved certificates
in the institutions evaluation, while each year about 12,000 report issue to evaluate
institutions at an estimated annual increase of 7.4%.
