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 maximizing the economic value of government assets and enhancing the efficiency of their management and sustainability, thereby maximizing their contribution to public revenues and supporting the economic development goals.
According to Oman News Agency, the Minister stated that the Authority will work to establish an integrated institutional framework for the governance, management, and utilization of all government assets in Oman, ensuring the optimal utilization 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 utilization 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 maximize the investment and utilization of government assets.