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The Roads and Transport Authority (RTA) in Dubai is working on a process for listing, registering and managing its intangible assets under a plan to bring them in line with the world’s best strategies and standards. The process is in line with the upswing seen by the UAE in general and Dubai in particular, and serving RTA’s clients of various community segments.
Nasir Hamad Bu Shehab, CEO Strategy & Corporate Governance Sector cum Head of a team for listing, registering and managing RTA’s intangible assets, said, “This project is aimed at charting out a process & standards for listing, registering and managing intangible assets of RTA. The overall objective is to play a leading role in the region in designing & implementing a system for managing intangible assets in the public sector. Such a system enables the listing, registering and archiving of intangible assets, protecting RTA’s intellectual property, patent rights and taking pioneering initiatives augmenting RTA’s revenues through managing the lifecycle of intangible assets and maximizing the value of RTA assets.
“The team tasked to prepare this process has fully accomplished a number of tasks such as setting up standards for specifying & classifying intangible assets according to local & international standards, and preparing a process for listing, registering and managing intangible assets of RTA including intellectual property & patency rights, researches, technological solutions, and smart apps among others. Tasks completed also included designing a formula for computing the value of intangible assets and listing them in the financial statements and designing a process for registering and managing the lifecycle of intangible assets in a way ensuring optimal utilization of those assets. They also include naming an organization(s) to oversee the management of those assets during their lifecycle, defining a procedure for storing & archiving intellectual property certificates, and naming an entity responsible for maintaining this register. The Team has also drawn up a plan for raising the awareness about the importance & value of intangible assets, and the process applied in listing & registering these assets along with the compliance with the plan charted by the Team in accordance with the approved timeline,” elaborated Bu Shehab.
“To set this process in motion, the team charted out a plan specifying the respective tasks of each team member. The Team has reviewed 10 international references used in managing intangible assets highlighted by ISO55000, AS-26, IAS-38, and JFRS. We have also screened the best global practices of intangible assets management in workshops held international companies and took part in Mena Knowledge Management Conference in Dubai 2016. We have also held a series of brainstorming sessions with team members to thrash out concepts for managing intangible assets and communicating with the entities concerned in various agencies & sectors to examine their intangible assets. We have also approached the Ministry of Economy to review the Law governing and protecting Industrial Property of Patents to eliminate any contradiction with the Law,” added the CEO of Strategy & Corporate Governance Sector, RTA.
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