Kuwait, 25 November 2025: As part of its ongoing efforts to support digital transformation and enhance the professionalism of real estate sector practitioners, the Real Estate Department at Kuwait International Bank (KIB) recently organized a visual presentation highlighting the proposed digital initiative the Bank is developing through its technology arm, Innovatech. The event was attended by a select group of real estate appraisers accredited by the Ministry of Commerce and Industry.
The initiative aims to enhance the business environment for real estate appraisers by introducing innovative digital solutions that improve performance efficiency while increasing transparency and accuracy in appraisal processes. During the presentation, the Bank showcased the key proposed solutions designed to streamline appraisers’ workflows and elevate the experience of beneficiaries of real estate appraisal services. This initial step is intended to gather market feedback and technical requirements from appraisers before the official launch of the initiative.
The Bank noted that the initiative remains in the phase of identifying and collecting market and appraiser requirements, emphasizing that it forms part of a broader vision to establish an integrated digital platform linking beneficiaries with appraisal offices accredited by the Ministry of Commerce and Industry. The platform will enable users to request services, receive and compare offers, and manage every stage of the appraisal process electronically with ease and transparency.
The Bank added that, once officially launched, the platform will be the first of its kind in Kuwait, bringing together advanced technological solutions and the professional expertise of accredited real estate appraisers. This innovative model is expected to elevate the quality of appraisal services across the local market.
The initiative’s key objectives include facilitating beneficiaries’ access to real estate appraisal service providers, empowering and encouraging accredited appraisal offices, and offering digital solutions that enhance the quality and efficiency of appraisal reports. The initiative also features a set of proposed benefits, most notably exclusive engagement with entities licensed by the Ministry of Commerce and Industry, the ability to receive multiple offers from appraisers, electronic payment options through the KNET service, and an integrated accounting system based on standardized invoices that protect the rights of all parties.
The platform will also enable users to track every stage of the appraisal process electronically, with future integration planned with the Ministry of Commerce and Industry’s system. Additionally, it will provide a comprehensive electronic archive for securely storing documents in compliance with regulatory requirements, thereby strengthening governance and transparency standards across the sector.
The initiative also stands out for its adoption of the requirements set forth in Ministerial Resolution No. (152) of 2023 regarding the minimum standards for real estate appraisal reports, as well as its alignment with the International Valuation Standards (IVS). The proposed digital system provides precise formulas for applying both the cost and comparison approaches, ensuring a high level of professional and regulatory compliance while enhancing the quality and accuracy of real estate appraisal outputs.
Commenting on the occasion, Eng
Fahad Al-Saleh, Senior Manager of the Real Estate Advisory and Digital Solutions Department at KIB’s Real Estate Department, stated: “This initiative reflects KIB’s commitment to adopting advanced digital solutions that elevate the real estate appraisal profession and enhance transparency and efficiency in the local market. We are currently gathering technical feedback from accredited real estate appraisers to ensure the platform is developed in line with their needs and real operational requirements. We look forward to this platform, once launched, becoming a fully integrated digital model that supports the advancement of Kuwait’s real estate sector”.
Al-Saleh added that through this initiative, the Bank aims to leverage its technical and professional expertise to support Kuwait’s real estate sector and enhance its overall operating environment. He emphasized that close collaboration with ministries and government entities will be essential to ensuring the project’s success and long-term sustainability once officially launched.
It is worth noting that, through this initiative, KIB continues to reinforce its role in delivering innovative digital solutions that support the development of Kuwait’s real estate sector and align with government efforts toward digital transformation and improved service quality for the community. The Bank reiterates its commitment to advancing initiatives that elevate the real estate appraisal ecosystem, strengthen stakeholder confidence, and enhance the overall efficiency of Kuwait’s real estate market.