The Camel Club and the Saudi Authority for Accredited Valuers have drafted a memorandum of understanding that leads to the development of approved criteria for assessing the market value of camels. The club and the authority agreed to define all that is needed to facilitate the setting of standards.
The agreement included the Camel Club contracting with a consulting firm or a distinguished consultancy to prepare a market study for the camel sector in all regions of the Kingdom, with the Commission entering into setting the scope of the study and agreeing to review the quality of the outputs and supervise the work.
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According to the areas of cooperation, the accredited valuers body will determine a professional guide for evaluating camels as biological assets and the intangible assets they include, such as fame and others. The authority will develop a training program to evaluate camels, and specify the conditions for joining it within the movable property branch, in accordance with the system.
The memorandum of understanding concluded in response to the desire of the Camel Club to enhance cooperation with the assessors body in the field of market assessment of camels and their market value according to deliberate and accurate criteria based on reliable information about the camel sector in a comprehensive manner. The memorandum came as the club seeks to benefit permanently from its cooperation with the authority, as it has competence in evaluation and because of its experience in providing specialized consultations and preparing research and refereed studies.
The agreement signed, today, Wednesday, by Eng. Bandar bin Ali Al-Qahtani, Executive Director of the Camel Club, and Faisal bin Badr Al-Mandeel, Acting Secretary-General of the Saudi Authority for Accredited Residents, confirms the club’s keenness to organize and sustain cooperation, considering the issue of camels as a cultural, heritage and economic heritage of the Kingdom of Saudi Arabia.
His Excellency Eng. Faisal bin Badr Al-Mandeel, Acting Secretary-General of the Saudi Authority for Accredited Residents, said that signing this memorandum is an extension of the authority’s partnerships with various government agencies to accelerate and integrate business and efforts made to contribute to achieving the Kingdom’s Vision 2030, considering that evaluation work carried out in accordance with the approved foundations and standards will enhance Confidence of camel owners to take their decisions and preserve their rights.
For his part, Eng. Bandar bin Ali Al-Qahtani, Executive Director of the Camel Club, expressed that this memorandum fulfills the leadership’s directives in the principle of enhancing integration between agencies and partnerships to achieve Vision 2030. It is also a response to the Camel Club’s desire to develop the camel sector economically and to enable banks, investment funds and investors to invest in camels according to The correct economic foundations and standards.
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