Dubai Land Department (DLD) organised the annual meeting of the International Valuation Standards Council (IVSC) which was held in Dubai over four days.
DLD was the meeting’s principal sponsor, recording an active participation through Emirates Real Estate Solutions (ERES), the technical arm of DLD. The meeting attracted more than 120 participants from 27 countries (members of the international organisation), as well as real estate evaluators, businessmen, government leaders, and a wide range of delegations representing official and private bodies. It also witnessed the organisation of several workshops and private and public panel discussions, as well as speeches and presentations by experts and specialists in the developing evaluation criteria.
HE Sultan Butti bin Mejren, Director General of DLD, said: “We are proud to sponsor IVSC’s annual meeting where we saw an opportunity to highlight the tremendous developments we achieved in applying the highest standards in the various processes of real estate regulation, registration, and valuation. We are now on the threshold of a comprehensive, technological revolution in all real estate transactions. Over the past few years, we have been eager to fully align with the Dubai Blockchain Strategy launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF) last October, and that is ushered by Smart Dubai.”
Bin Mejren affirmed that DLD partners with several government and private sector institutions with the aim of supporting the Emirate’s comprehensive development and improving performance standards, including the application of the best and most efficient solutions to upgrade government services to unprecedented levels of excellence.
Bin Mejren stressed that Dubai was chosen for IVSC’s annual meeting for its leadership position in the real estate sector and for adopting best practices in the field. This will contribute to the adoption of local valuation standards and align them with international ones, thus raising the quality and efficiency of real estate valuation in Dubai.
Mureed Mustafa, Director of Operations at ERES, highlighted the importance of providing smart solutions for the real estate sector by developing smart channels and applications that rely on blockchain and artificial intelligence, with the aim to strengthen Dubai's global position as a preferred destination for living, working, and investing.
During a panel discussion that took place concurrently with the annual meeting, Mohammed Al Dah, Senior Director of the Technical Affairs Department at DLD, praised IVSC’s efforts for the developing of evaluation criteria and for the mutual partnership it has enjoyed with DLD since 2010. He also stressed the qualitative leap that DLD has achieved in this field of evaluation to become a global hub for excellence.
IVSC is an independent, non-profit organisation established in the USA and headquartered in London. The Council develops and promotes technical and ethical standards to conduct valuations on which investors and others depend on. It is also responsible for developing international evaluation standards and associated technical guidance to ensure effective protection of public interests. It participates with other active entities in the regulation of financial markets to ensure understanding and implementation of the matters related to the valuation.
To develop its technical standards and guidelines, IVSC follows a process of issuing discussion papers and disclosing drafts, where the meetings are open to observers. IVSC published a set of updated international evaluation standards in July 2011 which includes several diverse projects to further develop technical standards and guidelines.
