Today, a delegation from the Ministry of Finance of the Sultanate of Oman visited the Saudi Ministry of Finance headquarters in Riyadh. The purpose was to review Saudi Arabia's transition from cash-basis accounting to accrual-basis accounting and to examine the stages of implementing an initiative to inventory, control, and evaluate government assets.
The meeting was chaired by Saudi MoF leaders, represented by His Excellency the Assistant Undersecretary and Head of the Accrual Accounting Center Mr. Abdullah bin Hamad Al-Muhdhal, along with employees from the Deputy Ministry for Financial Affairs and Accounts and the Accrual Accounting Center. The Omani delegation included Advisor to the Minister of Finance for Assets Affairs Eng. Hilal Al Zadjali, Director of the Public-Private Partnership Department Eng. Badour Al Busaidi, Head of the National Assets Register Ms. Shamsa Al Harthi, and Project Specialist Mr. Al Harith Al Ruhaili.
During their discussions, participants were introduced to accrual accounting transition processes and reviewed stages of Saudi Arabia's initiative to manage assets effectively. The meeting also featured presentations on practical models and highlighted initiatives like real estate asset evaluation within government entities.
This engagement is part of Saudi MoF's efforts to enhance bilateral cooperation with friendly nations, aiming at integrating public finance systems development. This initiative contributes to strengthening governance and improving government asset management efficiency as part of Saudi Vision 2030 goals.
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