(Taqeem) concludes “The Reality and Future of Business Valuation in KSA” conference

By specialized wide range presence, “The Reality and Future of Business Valuation in KSA” conference – which is held in Ritz Carlton Hotel, Riyadh, and organized by the Saudi Authority for Accredited Valuers (Taqeem) – concluded its activity for the second day, which included set of sessions, panel discussions and special opinions surveys for all concerned with the profession, and for those who follow up its progress.

The main speakers are Mr. Sultan Al jorias, the Deputy Secretary of the Authority, Mr. Lee P. Hackett, the member of American Society of Appraisers, Mrs. Mary Jane Andrews, the Investigative Forensic Accountant specialist, Mr. Michael Badham, the Executive Director of International Institute of Business Valuation IIBV. In their sessions they focused on the role of the international valuation standards council in presenting the globally agreed professional standards, and the need of complying with it for any business valuation practice. As well as presenting the executive regulations of business valuation discussing the required decree for the Valuer, the training requirements that he supposed to have, besides the experience requirements and license and registration conditions, also the obligations of the accredited values and ethics and code of conduct.

In this regard, Mr. Al Jorais explained the main reason of this conference, which aimed with the International Institute of Business Valuation to explore economy and accounting specialists opinions on the implementing regulations, which will be launched by Authority to regulate and organize the profession. The regulations will be adopted after the consultation with these specialists.

About the meaning of the required valuation, the Deputy Secretary of the Authority defines what is meant by valuation, which is to give the true value of the establishments, included all public and private economic establishments, and the valuation should be practiced by Valuers who successfully passed the qualifying programs imposed by the Authority. Valuation in this mode attracts foreign investments, revives the economy of the country and gives confidence to local investors.

On the other hand, the participant speaker in the conference Samar Obaid, Transaction Advisory Services Partner in EY, manifests the different dimensions to evaluate the listed companies in money market, considering the valuation as a main key for the current economy context, especially when listed companies face a multitude of scenarios which require business, which reduces the investments risk and puts the establishment in its right place, raises the safety rates and increases the confidence of the stakeholders most of the time.

Obaid added: “the importance of valuation regarding listed companies doesn’t lie only in that benefits but it also its importance increases with its effects on the administrative and operative decisions. We don’t just want to determine the valuation profession, but it is more important what we see today in this conference, like participations and inquires which show the interest of people about this matter. We share today hand in hand with the Saudi Authority for Accredited Valuers highlighting on the valuation standards, and we ask seriously to comply with it.

And there was a talk about the role which is played by the training courses in qualifying and preparing the Valuers of economic business. Academic and trainers in special department answered all questions related to the terms of enrollment of that courses, with displaying the courses dates, the axes and the organizers. The conference was concluded by panel discussion dealt with improving methods of valuation profession to the remarkable professions, the ability of achieving that and the required time to achieve that.

The conference gathered hundreds of specialists in investment, real-estate and accounting from inside and outside Saudi Arabia. In addition to presence of media which reflects the level of awareness of the importance of such events on the revival of the Saudi society as a whole.