Pact signed to open real estate appraisal company in Oman
MUSCAT: Asawer Real Estate Development Company, Value Experts Company - Saudi Arabia, celebrated the signing of the agreement for the inauguration of Value Expert - Oman at a ceremony held at the W Hotel in Shatti Al Qurum, in the presence of a large number of their excellencies, CEOs and mediapersons.
During the ceremony, Eng. Siham Al Harthy, Chairman of the Board of Directors of Value Expert Oman said, “We are happy today as we and our partners, Value Experts Company, celebrate the opening of the first real estate appraisal company, as the idea came to the economic and legal necessity of business. And with the age of industry, exchanges began to become complicated, with the expansion of international trade and the emergence of companies and with the succession of economic crises, business organisations became in need of more disclosure and transparency.
Siham Al Harthy added, “The importance of controlling the real estate appraisal lies to maintain the vitality of the real estate market and the sustainability and stability of the real estate sector. It also clarifies the value and risks and helps to avoid fraud and money laundering in the real estate aspect. It is also difficult to revive financing operations without evaluation reports that follow modern scientific standards to be built on its bases such as financing plans and conditions and determining the guarantees that preserve the rights of the financial institution and lenders, and it also helps to build investment strategies calculated with risks.”
A real estate appraisal is not only limited to financing, insurance, merger, division and liquidation projects but also includes sales, purchases and leasing, through various types of investment. Thus, a transparent database can be created that can be based on investments, and also contributes to attracting more investments.
The partnership between Asawer Real Estate Development and the Saudi Value Experts Company came to launch the Valuation Experts Company to create more professional practices in real estate appraisal and to confirm the role of the private sector in contributing with government agencies to achieve the aspirations of Oman Vision 2040.
Value Expert Oman will be the first supporter of the Omani cadres industry that follows a scientific methodology that supports The real estate market with accredited international residents by providing training services in cooperation with accredited Saudi trainers, in addition to its main work, which is providing real estate evaluation services in its various branches and sharing global experiences in the development of evaluation between the Sultanate and the Kingdom of Saudi Arabia.
Engineer Alaa Al-Thaqafi from Value Experts Company - Saudi Arabia said, “We are happy today as we celebrate with our partners Asawer Real Estate Development Company the opening of Value Expert Oman. Value Expert started in Saudi Arabia in 2015 as an accredited agency to practice real estate appraisal by the Saudi Authority for Accredited Valuers and was able to expand rapidly in the Kingdom of Saudi Arabia thanks to its trained human cadre and its international alliances with appraisal companies Real estate in the world, and the company started its activities in Oman in close partnership with Asawer Real Estate Company to serve the interests of the Sultanate to achieve the Oman 2040 vision.”
Value Expert international standards
International accreditation is an important requirement to achieve the quality and accuracy required in the real estate appraisal process. Value Expert is one of the first companies to obtain international accreditations in the field of real estate appraisal as it follows the International Valuation Standards (IVS) and abides by the Code of Ethics of the Valuation Institute The American Appraisal Al Institute, which is affiliated with the Saudi Authority for Accredited Valuers, implements real estate appraisal reports according to sound practical methods in compliance with (USPAP) Uniform Standards of Professional Appraisal Practice.
Abdul Khaleq Al Busaidi from Value Expert Oman also spoke about the company’s vision. “In the Valuation Experts Company, we strive to provide the best practices in real estate appraisal and also contribute to spreading awareness about the importance of valuation in the Omani society through conducting specialised evaluation courses and workshops. “We also seek cooperation with certified trainers in all branches of evaluation to qualify and train Omani youth contribute to achieving the aspirations of Oman Vision 2040,” he said.