ARTICLE · 31 DECEMBER 2015

Saudi Arabia Update - December 2015

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The MoCI warned practitioners of real estate valuation from carrying on their profession without obtaining a temporary membership from the Saudi Authority for Accredited Valuers (the Authority) authorizing them to do so.

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MoCI warns unlicensed real estate valuators

The MoCI warned practitioners of real estate valuation from carrying on their profession without obtaining a temporary membership from the Saudi Authority for Accredited Valuers (the Authority) authorizing them to do so. This is a step towards implementing the Ministerial Resolution No. 531 regulating the transition phase for the carrying on of the profession of real estate valuation. Accordingly, each practitioner must obtain a temporary membership from the Authority before 31 December 2015. The temporary membership will enable members to provide valuation services to courts, financial institutions and banks for the purpose of real estate financing and for restoration of rights in cases of attachment, execution, distribution of inheritance, acquisition and merger.

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