Taqeem concluded the first training course in real estate expropriation

The Authority for Accredited Valuers (Taqeem) concluded specialized training course in expropriation of real-estate for public utility, and temporary seizure of property, in cooperation with the Royal Institution of Chartered Surveyors (RICS). The course was held earlier this month in Riyadh for two weeks, and it was attended by nearly 30 trainees.

This course is considered the first of its kind provided by “Taqeem Academy” (the educational arm of the Authority regarding this topic). According to the training programs plan It is scheduled to be held several times during the current year and the year after, with the purpose of addressing a specific section, which is the ‘Valuers’, and that before putting the law for those interested in participating in the expropriation committees for public utility, and temporary seizure of property. It should be noted that this training program will be one of the main requirements of the committees’ experts’ members.

On the importance of these specialized courses and its necessity, Mr. Ahmed Sabri, the executive director of the Academy said, ” the operations of expropriation for public utility in the kingdom – without exaggeration – considered the largest of its kind worldwide, both in terms of quantity and compensation amount, and that is due to the huge infrastructure projects that established by the country, and the expansion of the Two Holy Mosques. That requires organizing the valuation profession, and preparing training courses which contribute in providing comprehensive understanding in expropriation of real-estate for public utility in the kingdom, and identifying the best methods of applying the law, and the best international practices in the valuation profession, especially for the purpose of expropriation and applying it according to international appraisal standards. In order to achieve that, the Authority seeks to get benefit from the best successful international expertise and experience in valuation practices, and expropriation in the global markets, as this course was provided by experts from the kingdom and trainers from the Royal Institution of Chartered Surveyors (RICS) ”.

The course dealt a definition regarding the real-estate expropriation law for public utility in the kingdom, and discussed practical applications about estimating the compensations inside or outside development limits. As well as providing examples of multiple systems and major projects for expropriation in the public utility in different countries, and informed the trainees about the main valuation methods which are globally recognized, besides putting forward special introduction regarding international valuation standards, code of conduct and ethics of valuation profession, sampling methods and reporting. It used interactive methods based on engaging trainees in seminars, workshops, and compensation of valuation committees’ simulation models, and negotiation skills exercises.

The special curriculum of this course has been prepared after meeting with representatives from different parties, Such as ministries, authorities, chambers of commerce and others; to discuss the challenges facing the expropriation law and its application in the kingdom. Then some of the proposed solutions and recommendations to help in facing those challenges has been put.

This training program is part of an integrated solutions package, including the automation of expropriation procedures to cancel slowness, and shorten the time between the issuance of expropriation decree until disbursement of compensation, and listing the globally recognized valuation methods in the implementing regulations draft of the law, besides seeking the assistance of committees’ experts’ members in the Authority, to ensure efficiency, avoid conflicts of interest and commitment to the code of conduct and ethics of valuation profession, as well as tight supervision .