His Majesty Sultan Haitham bin Tarik recently presided over a pivotal Council of Ministers meeting in Muscat, outlining a vision for continued growth and prosperity for the Sultanate of Oman. The meeting focused on reviewing economic performance, approving ambitious new initiatives, and reaffirming the nation’s commitment to social progress and international cooperation. This signifies a strong commitment to Oman’s economic development and the well-being of its citizens.
Review of National Economic Performance and the Eleventh Five-Year Plan
At the outset of the meeting, His Majesty the Sultan expressed gratitude for the blessings bestowed upon Oman and offered prayers for continued success in 2026. He highlighted the positive trajectory of the national economy, noting tangible improvements in financial, economic, and social indicators. This positive momentum is largely attributed to the government’s policies focused on enhancing fiscal sustainability and fostering an attractive investment climate.
The Council of Ministers emphasized the importance of seamless integration among state institutions and a strengthened partnership with the private sector as the nation embarks on the Eleventh Five-Year Development Plan (2026-2030) and implements the State Budget for fiscal year 2026. A key focus will be on expanding promising economic sectors to generate employment opportunities and boost the country’s gross domestic product (GDP). This plan is a cornerstone of Oman’s Vision 2040, a long-term strategy for sustainable development.
Establishment of the Oman Global Financial Centre
In a landmark decision, the Council of Ministers approved the establishment of the “Oman Global Financial Centre.” This strategic initiative aims to diversify the Omani economy, enhance the financial sector’s contribution to GDP, and attract both capital and investment. The centre will operate with legislative, administrative, and regulatory autonomy, creating a compelling environment for commercial and Islamic banks, financial institutions, insurance companies, and related support services.
The establishment of this centre is expected to facilitate knowledge transfer and generate high-quality employment opportunities within the financial sector, underpinned by a modern legal and financial framework aligned with international standards. This move demonstrates Oman’s ambition to become a regional hub for financial services and financial sector growth.
Addressing Societal Shifts and Promoting Positive Values
His Majesty the Sultan also addressed the impact of modern technology and digital communication on Omani society. Recognizing potential adverse effects such as weakened community ties and the declining influence of positive role models, he directed the Council of Ministers to study and analyze behavioural shifts.
The Council is tasked with developing comprehensive policies and operational mechanisms to promote positive values, foster constructive behaviours, and mitigate the negative influence of social media. This reflects a commitment to safeguarding Omani culture and strengthening the social fabric of the nation.
Progress on Employment, Digital Transformation, and International Cooperation
The Council of Ministers commended the progress made in employment and training initiatives in 2025, acknowledging the efforts of the Financial and Economic Committee, the Ministry of Labour, and other contributing entities. Sustaining this momentum and enhancing collaboration with the private sector to create sustainable employment opportunities remains a priority.
Furthermore, the Council underscored the need to accelerate the Government Digital Transformation Programme and enhance public services through the Unified Government Services Portal. Leveraging artificial intelligence technologies will be crucial in developing innovative digital offerings that meet user expectations and ensure satisfaction.
Regarding international relations, the Council expressed satisfaction with the positive outcomes of the Oman-Saudi Coordination Council meeting and reaffirmed Oman’s commitment to strengthening cooperation with the Kingdom of Saudi Arabia. The importance of ongoing consultations on regional and international matters was also highlighted. The Council also emphasized maximizing the benefits from agreements made during recent Royal and official visits to sisterly and friendly countries.
Upholding Oman’s Foreign Policy Principles
Discussions reaffirmed Oman’s core foreign policy principles of good neighbourliness, positive neutrality, and non-interference. The nation remains committed to forging friendly and cooperative ties with all states, respecting national sovereignty, and supporting international efforts to maintain peace and security. Oman continues to advocate for restraint, dialogue, and reconciliation in resolving conflicts.
In conclusion, the Council of Ministers meeting underscored His Majesty Sultan Haitham bin Tarik’s unwavering commitment to Oman’s economic development, social progress, and international cooperation. The initiatives approved and discussed during the meeting lay a strong foundation for a prosperous and secure future for the Sultanate and its people. The focus on diversification, digital transformation, and strengthening societal values positions Oman for continued success in the years to come. Further details on the implementation of these plans will be closely watched by investors and citizens alike.
