Welcome to IVSC Middle East & AfricaAdvancing trusted, transparent valuation across two continents

From its regional office in Riyadh, Saudi Arabia, the IVSC is bringing the global standard-setter closer to the valuers, regulators and investors of the Middle East and Africa.

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Riyadh, Saudi Arabia IVSC’s second regional office Serving the Middle East & Africa

A regional home for global valuation standards

The IVSC has established a regional office in Riyadh, Saudi Arabia — its second base outside Europe, following Singapore in 2022. From Riyadh, the office serves the whole of the Middle East and Africa: two distinct, dynamic regions where International Valuation Standards (IVS) are increasingly embedded in law, regulation and professional practice.

Riyadh was a natural choice. Saudi Arabia and the wider Gulf are among the fastest-growing investment markets in the world, and the Kingdom’s valuation regulator has built one of the most advanced valuation-regulation frameworks anywhere — with IVS at the foundation of the standards its accredited valuers are required to follow.

From this base, IVSC MEA coordinates region-wide efforts to advance IVS: providing technical expertise, partnering with national valuation authorities, professional bodies and standard-setters from the GCC to West, East and Southern Africa, and convening the conversations that build confidence in valuation across both regions. The IVSC is grateful to Taqeem, the Saudi Authority for Accredited Valuers, for its support in bringing the IVSC’s presence to the region.

The Taqeem headquarters in Riyadh, home of the IVSC's Middle East and Africa regional office
Taqeem headquarters, Riyadh — home of the IVSC’s MEA regional office

Two regions shaping the global financial system

As the Middle East and Africa become ever more influential in the global financial system, high-quality, consistent and internationally agreed valuation standards are central to the region’s positioning.

6member states of the Gulf Cooperation Council — home to some of the world’s fastest-growing investment markets
54countries in Africa, where national regulators and professional bodies are increasingly embedding IVS in law and practice
$97bnrecord foreign direct investment into Africa in 2024 — up 75% year on year
$5tn+estimated assets under management held by GCC sovereign wealth funds — around 40% of the global total

Sources: UNCTAD World Investment Report 2025; Global SWF / Deloitte (2025).

The work of the MEA office

Four priorities guide IVSC’s engagement across the Middle East and Africa. Select a priority to read more.

Provide technical expertise and regional perspective to refine and advance the International Valuation Standards (IVS), ensuring they reflect the realities of MEA markets. The MEA Committee channels regional insight directly into the IVSC’s standard-setting process, from consultation responses to emerging-asset topics.

Work alongside national valuation authorities, standard-setters and regulators — from Taqeem in Saudi Arabia and the Dubai Land Department to ESVARBON in Nigeria and the SACPVP in South Africa — to embed IVS as the foundation of regulated, professional valuation across both regions.

Support valuation professional organisations, training providers and qualifying bodies to raise capability, ethics and credibility across diverse and rapidly evolving markets — helping the next generation of valuers in the Middle East and Africa qualify to a global benchmark.

Engage investors, regulators, professional firms and academia through roundtables, thought leadership and events that bring the MEA valuation community together — from conferences in Riyadh and Cairo to summits in Cape Town and Johannesburg.

The story of IVS adoption across the region

From the Gulf to West, East and Southern Africa, governments and regulators are embedding IVS in law and professional regulation. Explore the case studies.

Middle East — Saudi Arabia

Saudi Arabia: IVS at the foundation of a regulated profession

Taqeem, the Saudi Authority for Accredited Valuers, is the statutory regulator of the valuation profession in the Kingdom, established under the Accredited Valuers Law (Royal Decree No. M/43). Taqeem has adopted IVS as the foundation of its licensing and accreditation framework: accredited valuers must work to Taqeem’s IVS-based standards, and the authority has produced the official Arabic translation of IVS. The latest edition of IVS, effective 31 January 2025, is adopted in the Kingdom.

Source: taqeem.gov.sa; Accredited Valuers Law, Royal Decree No. M/43

EntitySaudi Authority for Accredited Valuers (Taqeem)
MechanismAccredited Valuers Law (Royal Decree No. M/43); IVS-based Saudi valuation standards
ScopeAll accredited valuers in Saudi Arabia — real estate, business, machinery & equipment and other sectors
Africa — Nigeria

Nigeria: first in Africa to domesticate IVS

ESVARBON, Nigeria’s statutory regulator for estate surveyors and valuers, worked with the IVSC and RICS to produce the Green Book — the Nigeria Valuation Standards — launched in Abuja in December 2018. The Green Book formally adopts IVS by requiring all members to follow it, making Nigeria’s valuers the first real estate profession in Africa to formally adopt and domesticate IVS into a national standard. Nigeria’s Financial Reporting Council has since established a Directorate of Valuation Standards and developed valuation regulations for financial reporting, with IVS as the underlying reference, scheduled to take effect from January 2026.

Source: IVSC — ESVARBON; FRC Nigeria, ED Valuation Regulations 2024

EntityEstate Surveyors and Valuers Registration Board of Nigeria (ESVARBON); Financial Reporting Council of Nigeria (FRC)
MechanismThe Green Book — Nigeria Valuation Standards (2018); FRC Valuation Regulations for financial reporting
ScopeAll registered estate surveyors and valuers; valuers engaged in financial reporting
Middle East — United Arab Emirates

Dubai: IVS mandated in one of the world’s most international property markets

The Dubai Land Department’s Emirates Book Valuation Standards — mandatory for all valuers in Dubai — fully incorporate IVS, embedding the standards in one of the world’s most active cross-border real estate markets. The valuation profession in the emirate is regulated under Executive Council Resolution No. (37) of 2015, which governs the registration, qualification and discipline of valuers.

Source: IVSC — Dubai mandates the use of IVS; Dubai Land Department

EntityGovernment of Dubai — Dubai Land Department
MechanismEmirates Book Valuation Standards, incorporating IVS; Executive Council Resolution No. (37) of 2015
ScopeAll registered valuers practising in the Emirate of Dubai
Africa — Kenya

Kenya: IVS in the valuation of the nation’s public assets

In March 2024, Kenya’s Cabinet approved the transition of all public sector entities from cash to accrual accounting with effect from 1 July 2024 — a reform requiring reliable, consistent valuations of public assets. The National Treasury’s Government Assets Valuation Policy Framework references International Valuation Standards, alongside IPSAS and IFRS, as the standards for valuing public sector assets. Kenya’s professional valuers are regulated by the Valuers Registration Board under the Valuers Act (Cap 532).

Source: Kenya National Treasury — Government Assets Valuation Policy Framework

EntityGovernment of Kenya — National Treasury; Valuers Registration Board
MechanismCabinet decision (March 2024); Government Assets Valuation Policy Framework; Valuers Act (Cap 532)
ScopePublic sector asset valuations across all public entities; registered professional valuers
Africa — South Africa

South Africa: IVS within the national valuation standards

The South African Council for the Property Valuers Profession (SACPVP), the statutory regulator established under the Property Valuers Profession Act No. 47 of 2000, has adopted the South African Valuation Standards (SAVS) — which include the International Valuation Standards — ensuring that registered valuers in Africa’s most developed capital market practise in line with international norms.

Source: SACPVP — South African Valuation Standards

EntitySouth African Council for the Property Valuers Profession (SACPVP)
MechanismProperty Valuers Profession Act No. 47 of 2000; South African Valuation Standards (SAVS) incorporating IVS
ScopeAll registered professional property valuers in South Africa

Some of the leaders working with us in the region

The IVSC’s regional team in Riyadh works hand in hand with the Middle East & Africa Committee — senior valuation professionals, regulators and academics from across both regions.

IVSC staff team

Mostafa Ali Elkaliouby, Director of IVSC Middle East and Africa
Director, IVSC Middle East & Africa

Mostafa Ali Elkaliouby

Based in the Riyadh office since April 2025, Mostafa leads IVSC’s engagement with valuation professional organisations, regulators, investors and professional services firms across the Middle East and Africa.

Mobile (Egypt): +20 100 6059 459
Mobile (Saudi Arabia): +966 59 360 2779

Mostafa brings around three decades of experience in valuation, investment, and financial advisory across Middle East and Africa, having served private equity and corporate clients through PwC and KPMG Advisory and led major financial transactions, including a key role in the IPO and Restructuring of Egypt’s largest fintech group. He has contributed to more than 350 advisory engagements across the deal continuum.

Mostafa convenes the IVSC Middle East and Africa Committee, which held its inaugural meeting in Cairo in April 2026. His proficiency in English, Arabic, and French supports engagement with stakeholders across the region.

  • MBA, Maastricht School of Management
  • Master of International Business Law (Cairo/Sorbonne universities)
  • International Certified Valuation Specialist (ICVS)
  • IIBV 200, 201 and 202 (sponsored by Taqeem)
  • BSc in Accounting (Cairo university)

The Middle East & Africa Committee

The Committee was formally constituted in April 2026 and held its first meeting in Cairo, Egypt. Its members guide our work and champion the adoption of IVS throughout the region.

Ahmed Sabry
Chair of the Committee

Ahmed Sabry

Flag of Saudi Arabia Saudi Arabia

Executive Director for Professional Development and Valuation Consultancy, the Saudi Authority of Accredited Valuers (Taqeem).

Molefi Kubuzie
Adviser to the Committee

Molefi Kubuzie

Flag of South Africa South Africa

Seconded to the IVSC to support the Committee’s work and regional engagement. Former national president of the South African Council for the Property Valuers Profession (SACPVP).

Dr Reem Al-Araj
Vice-Chair
Dr Reem Al-Araj
Flag of Jordan Jordan
Managing Partner, Forvis Mazars in Jordan; PhD Accounting & Auditing
Mugisha Turyahikayo Allan
Vice-Chair
Mugisha Turyahikayo Allan
Flag of Uganda Uganda / East Africa
Managing Partner, S-M Cathan Property Consult; FISU, Advocate
Dereje Zerfie
Dereje Zerfie
Flag of Ethiopia Ethiopia
Principal — Appraiser, Valuer & Loss Assessor; RICS member (Addis Ababa)
Dr Audrey Ndarova Kwangwama
Dr Audrey Ndarova Kwangwama
Flag of Botswana Botswana / Flag of Zimbabwe Zimbabwe
Chair, Valuers Council of Zimbabwe; registered valuer & academic
Dr Tarek Madany
Dr Tarek Madany
Flag of Egypt Egypt
Managing Director, Global Appraisal Tech (GAT); MRICS Registered Valuer
Dr Uche Egwuatu
Dr Uche Egwuatu
Flag of Nigeria Nigeria
Partner, Chika Egwuatu & Partners; FNIVS; ESVARBON representative
Hesham Alkhorayef
Hesham Alkhorayef
Flag of Saudi Arabia Saudi Arabia
Business valuation, Albilad Capital; MBA, ABV
Lionel Zaba
Lionel Zaba
Flag of Canada Canada / Flag of UAE UAE / Flag of Burkina Faso Burkina Faso
Dartmouth Management Consulting; CPA, CBV/EEE, ABV
Professor Kwame KanKam
Professor Kwame KanKam
Flag of Ghana Ghana
Property valuer & real estate academic
Rayan Almofadda
Rayan Almofadda
Flag of Saudi Arabia Saudi Arabia
Partner, Alpha Consulting Group; MBA, SOCPA, Fellow Business Valuer (Taqeem)

I am honoured to join IVSC at such an exciting time for valuation in the Middle East and Africa. The region’s financial and investment landscape is evolving rapidly, creating an urgent need for globally consistent valuation practices. I look forward to working with stakeholders across the region to champion best practices, elevate valuation professionalism, and ensure local expertise is recognised within global frameworks.

Mostafa Ali Elkaliouby
Director, IVSC Middle East & Africa

Milestones

The story of IVS and the IVSC’s presence across the Middle East and Africa so far.

December 2018Abuja

Nigeria launches the Green Book

ESVARBON — working with the IVSC and RICS — launches the Nigeria Valuation Standards, making Nigeria’s valuers the first real estate profession in Africa to formally adopt and domesticate IVS.

2021Dubai

Dubai mandates IVS through the Emirates Book

The Dubai Land Department publishes the revamped Emirates Book Valuation Standards — mandatory for all valuers in Dubai and fully incorporating IVS.

March 2024Nairobi

Kenya brings IVS into public sector valuation

Kenya’s Cabinet approves the transition to accrual accounting across all public sector entities from 1 July 2024, with the National Treasury’s asset valuation framework referencing IVS.

October 2024Riyadh

IVSC announces its new Middle East & Africa office

The IVSC announces plans to establish a regional office in Riyadh with the support of Taqeem — its second regional office after Singapore, and a central hub for advancing IVS across MEA.

April 2025Riyadh

Mostafa Ali Elkaliouby appointed MEA Director

The IVSC appoints Mostafa Ali Elkaliouby — more than 20 years in investment, valuation and financial advisory — to lead the new office and IVSC’s work across the region.

September 2025Cape Town

IVSC joins the V20 Summit & Conference

The IVSC participates in the V20 Summit & Conference at the Cape Town International Convention Centre (15–16 September), engaging valuation leaders from across Africa and the G20 valuation community.

October 2025Riyadh

Regional office officially opens

Taqeem announces the official opening of the IVSC’s regional office in Riyadh — a platform to engage stakeholders locally and regionally and support the adoption of IVS across the Middle East and Africa.

December 2025Riyadh

Saudi International Valuation Conference

The IVSC takes part in the Saudi International Valuation Conference (7–8 December), co-organised by Taqeem and held under the patronage of the Saudi Minister of Finance, gathering around 1,000 participants.

January 2026Abuja

Nigeria’s FRC valuation regulations take effect

The Financial Reporting Council of Nigeria’s Valuation Regulations for financial reporting — with IVS as the underlying reference — are scheduled to take effect, extending IVS-referenced regulation into financial reporting.

April 2026Cairo

MEA Committee holds its first meeting

The newly constituted IVSC Middle East & Africa Committee — regional valuation, regulatory and academic leaders chaired by Ahmed Sabry — convenes for the first time in Cairo to set its strategic priorities and regional work programme.

Voices on the region

We are delighted to welcome Mostafa to the IVSC team. His deep understanding of valuation, investment and financial markets across the Middle East and Africa makes him an ideal choice to lead our new regional office. This appointment reflects our commitment to strengthening the valuation profession in this important and dynamic region, and we are grateful to Taqeem for their support in helping us achieve this vision.

Nick Talbot
Chief Executive, IVSC

International Valuation Standards provide the foundation for transparency, credibility and cross-border investment — benefiting businesses, regulators and financial institutions alike. The region’s landscape is evolving rapidly, creating an urgent need for globally consistent valuation practices.

Mostafa Ali Elkaliouby
Director, IVSC Middle East & Africa

As private investment volumes grow, there will be an increasing need for independent, transparent valuations and adherence to global standards and best practices. The Middle East is at a stage of rapid economic development that is driving significant growth in private capital.

Srividya Gopal
Managing Director, Lincoln International & Chair, IVSC Business Valuation Board

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