Kuwait Finance House (KFH), in collaboration with Gulf University for Science and Technology (GUST), successfully concluded the first-of-its-kind Certified Real Estate Appraiser Program designed for KFH employees.

Led by a team of specialists, the program offers the latest technical and professional methods in real estate, with accreditation from local and international authorities. This comprehensive program, designed to benefit both real estate agencies and individuals interested in the sector, aligns with KFH's commitment to social responsibility, particularly in the area of real estate valuation.

KFH Group Chief Human Resources and Transformation Officer, Zeyad Abdullah AlOmar said that the one- of - a kind Certified Real Estate Appraiser Program stands out for its ability to meet the demands of both the job market and the real estate valuation sector. It is a comprehensive course of study that could even be considered a major in itself, forming a strong foundation within university curriculums.

He added that "The program is crafted by KFH's team of professional real estate appraisers alongside professors from GUST. This collaboration brings immense value by combining KFH's practical experience with GUST's academic expertise."

He noted that the program which emphasizes KFH leadership in the real estate market, consists of modules including real estate appraisal requirements, trainees’ skills enhancement, development of the real estate market and related activities, as well as other factors and updates such as the multiple types of properties, jurisdictions of competent authorities, real estate transactions follow-up and the diversity of related legislations and decisions. The program also caters to those outside the real estate industry.

AlOmar commended the contributions of KFH real estate experts and GUST professors in designing and delivering the program. He highlighted that the program enriched participants with valuable information and experiences.

Meanwhile, KFH Group Chief Operations Officer, Abdulla Abu Alhous explained that the Certified Real Estate Appraiser program showcases KFH's leadership in the real estate market and aligns with its commitment to social and national responsibility. The program equips participants with the knowledge and skills to uphold the highest standards of professional practice, as outlined by regulatory bodies, ultimately contributing to improved business governance and performance.

He added that the program is the result of the integrated efforts by KFH’s Human Resources and Real Estate Valuation department in collaboration with GUST. He also emphasized that the real estate market requires this type of programs due to their scarcity on the one hand, and the significant demand for real estate appraisal services by government bodies, banks, private sector institutions and individuals on the other.

“KFH continues its efforts by launching programs and utilizing KFH’s expertise as well as the academic capabilities of GUST, which enhance the real estate appraisers and stakeholders such as bank employees and customers,” Abu Alhous said.

Stressing the importance of collaboration, he noted that KFH has strengthened its efforts with government bodies like the Ministry of Commerce and Industry and the Central Bank of Kuwait to ensure optimal program implementation. He further emphasized that professionally conducted real estate appraisals generally contribute to a smoother flow of real estate financing operations in Kuwait.

Abu Alhous explained that the Real Estate Appraiser Program has been prepared according to international approaches, combining both local and world-class assessment criteria. He pointed out that the program is divided into three levels as follows:

Level One – The Certified Appraiser: this level focuses on laws and regulations governing the residential sector in Kuwait.  It also covers the Real Estate Appraisal standards (nos. 101, 102 and 103) along with the Real Estate Profession code of conduct and charter.

Level Two – Senior Certified Appraiser: At this level, trainees are introduced to the valuation of investment real estate, residential complexes, international valuation standards and various appraisal methods.

Level Three: Advanced Certified Appraiser: This advanced level teaches trainees the means for evaluating commercial and industrial real estate, as well as B.O.T projects.

Abu Alhous emphasized KFH's commitment to developing real estate appraisal mechanisms. “This is crucial for protecting the rights and assets of institutions, companies, banks, and interested clients. It also helps mitigate risks associated with real estate financing. By ensuring governance in real estate agencies with unified and transparent methods and standards, conflicts of interest can be avoided. This ultimately fosters growth and stability for real estate holdings, which are vital for both customer transactions and the national economy,” he added.