• The following phrases are defined as indicated next to each, unless the context indicates otherwise:

• 1- Profession: Valuation profession.

• 2- Ministry: Ministry of Finance.

• 3- Minister: Minister of Finance.

• 4- Authority: Saudi Authority for Accredited Valuers.

• 5- Law: Law of Accredited Valuers.

• 6- Valuation: The process of estimating the value of real estate, economic establishments, or movable property of various types – excluding financial securities – according to a specific type of value and for a specific purpose.

• 7- Branch of machinery, equipment, and movable property: This includes, for example: transportation equipment, construction equipment, office devices, general building contents, and all interests, rights, and obligations related to them.

• 8- Register: The register in which accredited valuers are recorded with the authority.

• 9- Valuers Registration Committee: The committee that reviews and decides on registration applications in the register.

• 10- Valuation Standards: The standards adopted by the authority.

• 11- Accredited Valuer: A natural or legal person licensed to practice the profession in accordance with this law.

• 12- Council: The Board of Directors of the authority.

• This Law aims to set controls and standards necessary for valuation activities of real estate, economic entities, equipment, movable properties and the like, promote the profession of valuation and improve the proficiency of valuers.

• A natural or corporate person may not practice the profession in any sector without obtaining a license to practice in that particular sector.

A record shall be established in the Authority for each branch of evaluation, in which the names of the accredited evaluators shall be registered if they are natural persons. However, if they are legal persons, they shall be registered — in addition to that — in the professional companies register at the Ministry of Commerce, and they shall be subject to the provisions of the Companies Law.

• A person applying for registration shall:

  • 1. be a Saudi national;

  • 2. be legally competent;

  • 3. be of good conduct, and not convicted of "hadd" [Sharia prescribed punishment], or of a crime impinging on honor or integrity, unless rehabilitated;

  • 4. have practical experience in valuation in the sector in which he applies for a license, according to the Implementing Regulations; and

  • 5. be an active member in the Authority.

The Implementing Regulation specifies the evaluation activities for which the Council deems it necessary to have an additional period of experience to practice. The duration of the suspension stipulated in this Law does not count towards that period.

• A- A committee called the (Registration Committee of Appraisers) shall be formed within the authority by a decision of the Council, consisting of three members, including a legal advisor and a practicing appraiser from each of the different appraisal branches.

• The Council shall appoint a substitute for the member in case of absence, and the term of membership in the committee shall be (three) years, renewable for similar periods.

• B- The committee shall convene in the presence of all its members and shall issue its decisions by majority vote, provided that the representation of appraisers in the committee meeting is limited to the practicing appraiser in the branch mentioned in the registration claim. The committee shall decide on the registration claim in accordance with what is stipulated in this law and its executive regulations, and the decision must be reasoned in case of rejection of the claim. The claimant may appeal to the Board of Grievances if their claim is rejected by the committee, in accordance with its regulations.