Establishment of Government Assets Authority to maximise assets contribution to public revenues

Muscat: Sultan Salim Al Habsi, Minister of Finance, explained that the Council of Ministers’ approval to establish the Government Assets Authority came within the framework of the government’s drive toward maximising the economic value of government assets and enhancing the efficiency of their management and sustainability, thereby maximising their contribution to public revenues and supporting the economic development goals.

Integrated institutional framework

In a statement to Oman News Agency, the Minister of Finance said that the Authority will work to establish an integrated institutional framework for the governance, management, and utilisation of all government assets in Oman, ensuring the optimal utilisation of government assets.

Al Habsi added that the most prominent objectives and competencies of the Authority consist of establishing the institutional framework for the governance, management, and utilisation of all government assets in the Sultanate of Oman in accordance with best practices, in addition to setting unified standards and operational models for the management of government assets, thereby enhancing the efficiency of their use and preserving their market value.

He explained that the Authority will undertake the development of a system to maximise the investment and utilisation of government assets.