Oman’s Shura Council is set to convene a crucial series of sessions on December 1st and 2nd, focusing on the nation’s financial future and long-term development goals. Central to these discussions will be the Oman budget 2026, alongside a detailed review of the Eleventh Five-Year Development Plan (2026-2030). These meetings represent a significant step in the Sultanate’s ongoing commitment to transparent governance and strategic economic planning.
Shura Council to Deliberate on Oman Budget 2026 and Development Plan
The Shura Council will host Sultan Salem Al Habsi, Minister of Finance, and Dr. Said Mohammed Al Saqri, Minister of Economy, in closed sessions this Monday. This decision to hold the sessions “in camera,” as per Article (52) of the Council of Oman Law, allows for frank and detailed discussion of sensitive financial and economic information. Said Ahmed Mohammed Al Nadabi, Secretary-General of the Shura Council, announced the convening of the Third and Fourth regular sessions for the third annual sitting of the Tenth Term.
Key Focus Areas of the Budget Review
The Minister of Finance will present the foundational principles and considerations underpinning the Oman budget 2026. A comprehensive review will encompass several critical areas, including projected public revenues and expenditures, strategies for managing public debt, and the assumed oil price used in the budget’s calculations.
Furthermore, the Council will analyze the anticipated budget deficit and the proposed financing plan to address it. Inflation rates, alongside planned development and investment spending for the coming year, will also be thoroughly examined. Presentations will also include a review of key financial, economic, and monetary indicators from 2025, and a forward-looking assessment of potential economic and fiscal risks expected in 2026. This holistic approach ensures a well-rounded understanding of the financial landscape.
Thorough Preparation by the Economic and Financial Committee
Prior to the plenary sessions, the Economic and Financial Committee of the Shura Council has undertaken extensive preparation. The committee engaged in a series of meetings and consultations with specialists from various relevant sectors to meticulously examine the draft Oman budget 2026.
This rigorous process culminated in a comprehensive report detailing financial and economic indicators, data projections, and crucially, recommendations designed to support national priorities. These recommendations are carefully aligned with both the objectives of the Eleventh Five-Year Development Plan and the overarching vision of Oman Vision 2040. The Council will formally approve this committee report during the session.
Examining the Eleventh Five-Year Development Plan
Alongside the budget review, the Shura Council will dedicate significant time to discussing the Eleventh Five-Year Development Plan (2026–2030) with the Minister of Economy. This plan outlines the Sultanate’s strategic development priorities for the next five years, detailing key features, sectoral focuses, and major development projects.
The Council, through its various standing committees, has already conducted a detailed examination of the plan, engaging in in-depth discussions on its various aspects. This pre-session work ensures that Council members are well-prepared to provide informed feedback and contribute to the plan’s refinement. The plan is a cornerstone of Oman’s economic diversification efforts.
Additional Legislative Matters
The Council’s agenda extends beyond the budget and development plan. Several draft laws referred by the government will also be considered. These include the draft Unified Law for International Land Transport among the GCC states, aiming to facilitate regional trade, and proposed amendments to the Personal Data Protection Law, reflecting Oman’s commitment to data privacy and security.
The fourth regular session, scheduled for Tuesday, December 2nd, will be specifically dedicated to discussing and approving the draft Law on Sports Institutions, highlighting the government’s focus on developing the sports sector. This demonstrates a commitment to Oman Vision 2040’s goals of a vibrant and diversified economy.
Looking Ahead: A Commitment to Sustainable Development
The upcoming Shura Council sessions represent a critical juncture in Oman’s economic planning process. The detailed review of the Oman budget 2026 and the Eleventh Five-Year Development Plan underscores the Sultanate’s dedication to responsible fiscal management and sustainable development. The Council’s thorough examination, informed by expert consultations and aligned with Oman Vision 2040, will contribute to a robust and resilient economic future for the nation. Readers interested in learning more about Oman’s economic policies can visit the official website of the Ministry of Finance or the Shura Council for further details.
