Expanded Meeting at the Shura Council reviews the Key Pillars of the 2026 State Budget and the 11th Five-Year development Plan (2026-2030)Discussions highlight the role of government policies in supporting fiscal Sustainability and advancing Economic Dive

The Shura Council, represented by its Economic and Financial Committee, held meeting this morning (Monday) with H.E. Abdullah  Salim Al Harthy, Undersecretary of the Ministry of Finance, and H.E. Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of National Economy, along with delegations from both ministries, the Oman Investment Authority, Energy Development Oman, and the Integrated Gas Company. The meeting forms part of the Council’s detailed preparations to discuss the underlying foundations of the 2026 State Budget, as well as the key pillars and strategic directions of the 11th Five-Year Development Plan (2026–2030), ahead of presenting them during the Council’s upcoming sessions. H.E. Ahmed Saeed Al Sharqi, head of the Economic and Financial Committee, welcomed the undersecretaries and accompanying specialists, commending their continuous cooperation with the Shura Council and their commitment to providing data and clarifications that enhance transparency and strengthen institutional synergy between government entities and the Council. His Excellency emphasized that the meeting aligns with the committee’s ongoing review of the 2026 State Budget and the 11th Five-Year Development Plan, which were recently referred to the committee. He added that the committee is thoroughly studying all associated aspects to ensure alignment with the objectives of Oman Vision 2040, meeting citizens’ aspirations, and keeping pace with regional and global economic shifts.
The Undersecretary of the Ministry of National Economy presented a number of  economic indicators achieved in recent years. He highlighted that the government’s economic policies have strengthened financial stability, improved public resource management, and contributed to an upgrade in Oman’s credit rating. Public debt levels have declined significantly compared to previous years. He also noted that structural reforms and fiscal balance programs have enhanced international confidence in Oman’s economy, opened broader avenues for foreign investment, and supported greater economic decentralization across the Sultanate’s governorates.
 
The meeting included an in depth discussion on the main features of the 11th Five-Year Development Plan (2026–2030), which aims to establish a sustainable, development-oriented economy built on diversification and increased reliance on non-oil sectors. Specialists from the ministries affirmed that the plan incorporates detailed programs for transitioning toward clean energy and strengthening a low-carbon economy, through expanding renewable energy projects, incentivizing investment in green hydrogen and alternative energy industries, and promoting environmental sustainability to ensure a balance between economic growth and natural resource preservation.
The meeting also reviewed the methodology used in preparing the 11th Plan (2026–2030), which was based on a comprehensive evaluation of the 10th Plan (2021–2025), including progress made in improving the investment environment, employment programs, expansion of economic infrastructure, and enhancements to legislative frameworks governing economic activity. The Undersecretary of the Ministry of National Economy emphasized that the new plan adopts a participatory approach involving government entities and the private sector to ensure coherence with the goals of Oman Vision 2040.
Another topic discussed was projected indicators for employment and job creation under the plan. Specialists explained that the plan aims to strengthen the labor market through specialized training and capacity-building programs that enhance the readiness of national talent for emerging economic sectors. The meeting also reviewed inflation trends and proposed policies to mitigate their impact on citizens’ purchasing power, along with strategies for enhancing national income and diversifying government revenue sources.
During the discussions, members of the Council stressed the importance of integrating public concerns and societal aspirations into the formulation of economic policies and plans. They underscored the need for the general budget to include practical and sustainable solutions to unemployment, improve citizens’ living standards, and address the challenges of rising prices for goods and services.
The Bureau members also raised several inquiries regarding the 2026 Budget, including allocations for the electricity and public transport sectors, the government’s future employment plans, economic stimulus measures through expanded investment in the gas sector, and government directions to strengthen economic diversification and expand the contribution of the digital economy to GDP.
 
 
The members further discussed government efforts to boost growth in both oil and non-oil activities, while addressing various challenges facing Oman’s economy and proposing solutions to overcome them.
H.E. Ahmed Saeed Al Sharqi chaired the meeting, as part of the second meeting of the third ordinary annual session (2025–2026), with the attendance of the heads of the Council’s standing committees. The importance of maintaining strong cooperation between the Council and government entities to ensure the preparation of accurate, efficient financial and development plans that support Oman’s economic growth trajectory.