Members of the Shura Council convened today (Monday, 1 December) to hear statements delivered by Sultan Al Habsi, Minister of Finance, and Dr. Said Al Saqri, Minister of Economy, on the draft State Budget for 2026 and the Eleventh Five-Year Development Plan (2026–2030). The session was held in camera pursuant to Article (52) of the Law of the Oman Council, which stipulates that sessions dedicated to the discussion of development plans and the State Budget shall be confidential.

This took place during the Council’s third regular session of the Third Annual Sitting (2025–2026) of the Tenth Term (2023–2027), presided over by Khalid Al Maawali, Chairman of the Shura Council, in the presence of Ahmed Al Nadabi, Secretary-General of the Council, and Members of the Council.
At the outset of the session, the Chairman delivered opening remarks announcing the commencement of the third regular session of the annual sitting. He welcomed Sultan Al Habsi, Minister of Finance, and Dr. Said Al Saqri, Minister of Economy, noting that the agenda includes the discussion of the draft State Budget for the fiscal year 2026 and the Eleventh Five-Year Development Plan.
Sultan Al Habsi then delivered the Ministry of Finance’s statement on the draft State Budget, highlighting several positive economic indicators achieved in recent years. He explained that the government’s economic policies have contributed to strengthening fiscal stability, improving the efficiency of public financial management, enhancing Oman’s credit rating, and significantly reducing public debt levels compared to previous years. He added that structural reforms and fiscal balance programmes have bolstered international confidence in Oman’s economy and opened wider prospects for foreign investment.
In his statement, the Minister reviewed the key foundations of the 2026 Budget, including projections for public revenues and expenditure, public debt management, the budgeted oil price, deficit and financing components, inflation rates, and the 2026 development and investment expenditure framework. He also presented major financial, economic, and monetary indicators for 2025, in addition to potential economic and fiscal risks expected in 2026.
He noted that the 2026 Budget takes into account social protection, insurance coverage for various social categories, maintaining expenditure on essential public services such as education, health, and housing, and supporting national economic growth by strengthening sectors that enable economic diversification.

Members then heard the statement of the Minister of Economy on the Eleventh Five-Year Development Plan (2026–2030), which outlined the plan’s main pillars, preparation methodology, priorities of economic sectors, and strategic development projects. The statement further addressed the financial and economic framework of the plan, highlighting strategic programmes aligned with Oman Vision 2040.
The Minister stressed that the plan seeks to build a sustainable and diversified economy, advance the transition to clean energy, and promote a low-carbon economic model by expanding renewable energy projects and creating an investment-friendly environment for green hydrogen and alternative energy industries. The plan also emphasizes economic decentralization at the governorate level, labour market efficiency, and sustainable social development, alongside strengthening governance and institutional performance.
The methodology for preparing the Eleventh Plan was based on a comprehensive assessment of the Tenth Plan (2021–2025), reviewing sectoral performance indicators, investment frameworks, employment initiatives, economic infrastructure expansion, and legislative development related to economic activity.
Members of the Council presented inquiries and observations on both the draft 2026 Budget and the Eleventh Plan. Discussions focused on fiscal policies, underlying assumptions of the budget, mechanisms for addressing global economic volatility—particularly fluctuations in oil prices—and ensuring financial, economic, and social stability. Further deliberations addressed development priorities, global economic trends, and their implications for Oman. Members underscored the importance of expanding social protection benefits, promoting employment of national talent, strengthening vocational training, and addressing the conditions of individuals laid off from work. The discussions also stressed the importance of economic diversification across manufacturing, tourism, the digital economy, mining, agriculture, and fisheries.
The session proceeded with the discussion and adoption of the report of the Economic and Financial Committee on the draft 2026 Budget. The Committee had conducted a series of meetings, examined financial and economic data, engaged with specialists from relevant sectors, and produced a comprehensive report outlining indicators, projections, and recommendations aligned with the Eleventh Five-Year Plan and Oman Vision 2040.
The session also included briefings on several draft laws referred by the government, including the draft Unified System for International Road Transport among GCC States and proposed amendments to certain provisions of the Personal Data Protection Law.
It is noteworthy that the Council will convene its fourth regular session tomorrow (Tuesday), dedicated to discussing and approving the Draft Law on Sports Entities.
Issued by the Media Department
Shura Council
Sunday, 1 December 202