In Saudi Arabia, the Law of Accredited Valuers was issued in 2012, which led to the formation of the Saudi Authority for Accredited Valuers, known as TAQEEM. This is a nonprofit authority with an independent budget that is supervised by the Ministry of Commerce and Industry. It is the government regulator for business valuations in Saudi Arabia.

Ray Moran (MG Valuation LLC) recently interviewed Soltan Aljorais, a TAQEEM vice president, and asked how the organization plans to serve valuers in other Arabic-speaking countries. “We already translated the International Valuation Standards (IVS) to the Arabic language and we are enhancing the translation every year,” says Aljorais. “The Arabic-translated IVS is already published on the TAQEEM website. In 2016 we will introduce, with the IIBV, some business valuation courses in Arabic-speaking countries.”

TAQEEM is a member of the International Institute of Business Valuers (IIBV), an umbrella organization of business valuation professional organizations that promotes the sharing of best practices in business valuation through its program of education courses delivered globally. Other members include the American Society of Appraisers, the Canadian Institute of Chartered Business Valuators, and the China Appraisal Society.

You can read the full interview in the December 2015 issue of Business Valuation Update.