New policy for calculating the experience of accredited appraisers in Saudi Arabia

In a move aimed at enhancing the efficiency of the valuation sector in Saudi Arabia and strengthening the credibility of the profession, the Saudi Authority for Accredited Valuers (Taqeem) has approved a new and comprehensive policy for calculating the professional experience required to obtain the fellowship certificate. This step comes in response to the rapid growth of the Saudi economy and the pressing need for qualified national talent that meets the highest international standards.

A regulatory framework to promote transparency and professionalism

The Authority confirmed that the new policy represents a regulatory framework that clearly defines the experience requirements for each branch of valuation, as well as the mechanisms for documenting and approving them. These procedures aim to enhance transparency and provide applicants with a clear vision of their career path. This step is of paramount importance in light of the Kingdom's Vision 2030, which relies heavily on accurate asset valuation in privatization projects, real estate finance, and expropriation, making valuation accuracy a fundamental pillar of financial and economic stability.

Experience requirements and working hours required

According to Article 3 of the new policy, a minimum of two years of experience in appraisal work at licensed establishments is required. The authority has detailed the number of hours required for each specialization to ensure professional development and the acquisition of practical experience, as follows:

• Real estate appraisal branch: Requires 3000 hours of experience, with a maximum of 1500 hours per year.
• The Economic Establishments Evaluation Branch requires 2000 hours, with a maximum of 1000 hours per year.
• Machinery and Equipment Evaluation Branch: Requires 2000 hours, with a maximum of 1000 hours per year.
• Vehicle Damage Assessment Branch: Requires 3500 hours, with a maximum of 1750 hours per year.
• Precious Metals and Gemstones Branch: Requires 2500 hours, with a maximum of 1250 hours per year.

Strict reporting standards and diverse expertise

The authority didn't just set hours; it also established specific criteria to ensure the appraiser's competence. The policy requires members to diversify their participation across different appraisal stages and to prepare reports covering a variety of assets and purposes. For example, in the real estate branch, a minimum of 30 reports covering residential, commercial, and other assets is required, utilizing the three appraisal methods (income, market, and cost). In the vehicle damage branch, 1,000 reports covering damages ranging from minor to major are required.

Electronic documentation and accreditation mechanism

In an effort to automate procedures, the authority clarified that applications for experience accreditation are submitted exclusively through the online portal. The relevant department reviews and decides on applications within 30 days of receiving all required documents. The policy emphasizes that experience older than five years will not be accepted, and that all experience must be officially documented and verified. This prevents unprofessional practices and safeguards the rights of compliant practitioners.