The Council of Ministers approves the establishment of the Saudi Authority for Accredited Valuers. The Authority will be responsible for valuation of real estates, economic entities and movable property.
According to the format appended to the decision, the Accredited Valuers Law is approved. The Law aims to set the regulations and standards necessary for valuation of real estates, economic entities, equipment, and  movable property as well as develop the valuation profession and improve the level of valuation practitioners.
Thus, an Authority under the title of "the Saudi Authority for Accredited Valuers shall be established.. This Authority  shall be a non-profit, corporate personality with an independent budget and working under the supervision of the Ministry of Commerce and Industry.
For the first three years, the Saudi Authority for Accredited Valuers shall be managed by a board of directors which consists of: the Minister of Commerce and Industry as the chairman, a representative of the Ministry of Municipal and Rural Affairs as a member, a representative of the Ministry of Justice as a member, a representative of the Ministry of Finance as a member, a member of the faculty of a department related to valuation in one of the Kingdom's universities and the Minister of Higher Education to assist him, a representative of the Saudi Council of Chambers of Commerce and Industry assigned by the council and six practicing valuers assigned by the Minister of Commerce and Industry. A Royal Decree is prepared to regulate this.