KUWAIT CITY, Oct 16: Kuwait Finance House (KFH) announced the launch of its Real Estate Appraisal Program, in collaboration with the Gulf University for Science and Technology (GUST). This is the first program of its kind in Kuwait and is designed for individuals interested in the real estate sector. It also aligns with KFH's Corporate Social Responsibility (CSR) strategy, leveraging its leadership and extensive experience in the real estate field.

Thelaunch of the program was announced during a conference in the presence of KFH Group Chief Human Resources and Transformation Officer, Zeyad Abdullah AlOmar, KFH Group Chief Operations Officer, Abdulla Abu Alhous, Deputy General Manager Public Relations and Media, Yousef Al-Ruwaieh, GUST president, Professor Bassam Alameddine, as well as Head of GUST Executive Education, Professor Abdullah AlFalah.

During the conference, AlOmar said that the training program for real estate appraisers was developed by a team of specialists, researchers, and experts in the field. This comprehensive program covers both theoretical and practical aspects of the profession of real estate appraiser, highlighting the importance of preserving real estate wealth and using reliable sources to assess property value and make informed investment choices.

AlOmar also stated that offering this training program to real estate offices and individuals interested in the field, and working towards its recognition as a professional certification both locally and globally, aligns with KFH's extensive expertise in the real estate industry. It is also part of KFH's ongoing commitment to developing and governing the real estate appraisal sector in accordance with the latest technical and professional standards.

AlOmar highlighted that the program covers various topics such as real estate appraisal requirements and improving trainee skills, advancements in the real estate market and associated activities, competencies of regulatory bodies, and the variety of laws and regulations.It also includes valuable information related to working in the real estate appraisal field, including worker skills and abilities, as well as the professional and practical basis for determining the fair market value of different types of properties.

AlOmar commended the expertise of the real estate appraisal professionals at KFH and the professors and researchers at GUST who assisted in creating this program. He expressed optimism that their efforts will lead to success and the training program will meet its objectives. AlOmar also hoped for continued collaboration between KFH and GUST on different initiatives to support the national economy, following professional standards and practices at the local, regional, and global levels.

KFH Group Chief Operations Officer - Abdulla Abu Alhous

KFH Group Chief Operations Officer, Abdulla Abu Alhous, thanked GUST for their efforts in preparing the Real Estate Appraiser program, noting that the program showcases KFH’s leadership in the real estate market, ultimately contributing to improved business governance and performance, according to the business standards and professional practices, as outlined and adopted by regulatory bodies.

He highlighted the significance of these programs in meeting the huge market needs, especially amid the increasing demand for real estate appraiser services from government entities, banks, companies and individuals.

Abu Alhous noted that this program enhances the work of real estate appraisers. He further emphasized that professionally conducted real estate appraisals can streamline real estate financing operations, accurately estimate property market value for both banking and investment purposes, and contribute to wealth growth, economic diversification, and organized real estate transactions.

He added: “Undoubtedly, KFH’s keenness to promote the real estate appraisal mechanism stems from its crucial role for protecting the rights and assets of institutions, companies, banks and interested clients, thus mitigating risks associated with real estate financing.” he remarked, “By ensuring governance in real estate activity 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 the overall economy.”

Abu Alhous explained 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.

He extended his sincere gratitude to all the people involved in the preparation and presentation of this important training program. He expressed his hope that it would effectively contribute to graduating a cohort of real estate appraisers that are capable of accurately assessing properties and establishing professional standards in assets valuation.”

President of GUST- Professor Bassam Alameddine

Meanwhile, GUST president, Professor Bassam Alameddine, said:” The partnership between GUST Executive Education and KFH highlights their collaboration in the academic and real estate sectors. This collaboration has the potential to enhance the skills of KFH employees, real estate professionals, and all participants in these programs and workshops.”

He stressed the importance of this type of programs as part of GUST’s strategic partnership to take part in the development of the real estate sector and the Kuwaiti economy.

Alameddine concluded: “We at Gulf University for Science and Technology are eager to organize advanced training courses in collaboration with KFH. We reaffirm our commitment to this partnership and our openness to future training initiatives. We appreciate KFH’s continued confidence in GUST.”

Head of GUST Executive Education Center – Prof. Abdullah AlFalah

Meanwhile, Head of GUST Executive Education, Professor Abdullah AlFalah, said: “The Real Estate Appraiser program has taken over one year of completion in order to provide a different type of training than the traditional programs available in Kuwait. It is designed according to international standards and complies with the local requirements and regulations.

He lauded the collaboration between GUST Executive Education and KFH, one of the leading providers of real estate appraisal. “This exchange of expertise with KFH, combined with GUST’s pioneering knowledge in preparing academic curricula will lead to creating exceptional training programs that enrich the real estate market in Kuwait.”

AlFalah emphasized the significance of this program in meeting the real estate market circumstances, ultimately driving the Kuwaiti market forward. He pointed out that the program resulted in preparing three books that are compliant with the appraisers’ assessments in Kuwait. “The program will qualify the trainees for the British fellowship program in addition to an international accreditation in the real estate appraisal field.”

He stressed that the strategic partnership between GUST and KFH was not limited to the real estate appraisal program but also extended to include other various programs targeting the vital sectors in the Kuwaiti market.