Finance Ministry completes second phase of inventorying government assets

Muscat: The Ministry of Finance completed the tasks of inventorying government assets and entering them in the National Register of Government Assets (codenamed “Osool” or “Assets”). The second phase of the project covered the assets of the Ministry of Finance and Muscat Municipality.

As many as 14,722 registered assets in both institutions were inventoried, among 3,442 assets belonging to the Ministry of Finance and 11,280 assets belonging to Muscat Municipality. The second phase also saw the launch of the e-system of the Government Assets’ National Register.

Inventorying procedures are still ongoing at the Health Ministry, which owns a broad range of assets in its directorates general, hospitals, polyclinics, health centres and their affiliate establishments.

The Ministry of Finance also resumed second phase preliminary procedures of asset inventorying at the Ministry of Education, the Ministry of Transport, Communications and Information Technology, Dhofar Municipality and the Environment Authority. The project will later cover other government entities.

The next phase of inventorying will also cover the assets of the Sultanate of Oman’s investments, locally and abroad, the assets Oman Investment Authority and the Central Bank of Oman.

The Finance Ministry will simultaneously set hands on developing the electronic system for the National Register of Government Assets.

It is worth noting that “Osool” project aims to establish an integrated central system for inventorying government assets within the context of a unified strategy to ensure the centralization of their management.

The overall aim is to raise efficiency and maximize government benefits and revenues by optimizing the assets’ investment in a manner that contributes to supplying the state’s budget with additional financial resources. – ONA