Oman is strategically positioning itself for sustained economic growth with a keen focus on diversification and sustainability. The State Council recently convened to review the Oman Vision 2040 implementation, specifically focusing on the Draft State General Budget for 2026 and the 11th Five-Year Development Plan (2026-2030). This crucial meeting, attended by key government figures, signals a proactive approach to shaping the nation’s economic future and ensuring alignment with long-term national goals.
Reviewing the Economic Landscape and Future Plans
The State Council’s session featured presentations from Sultan Salim Al Habsi, Minister of Finance, and Dr. Said Mohammed Al Saqri, Minister of Economy. Discussions centered around the current state of both the global and local economies, analyzing developments throughout 2025 and evaluating the performance of key economic diversification sectors. A significant portion of the review focused on the growth achieved in priority development areas, setting the stage for the ambitious plans outlined in the upcoming five-year plan.
Key Economic Indicators and Performance
The Council examined indicators demonstrating progress in diversifying Oman’s economy, moving away from a heavy reliance on oil revenues. This diversification is a cornerstone of economic development in Oman, and the review assessed the effectiveness of current strategies. The current year’s achievements across various development pathways were thoroughly analyzed, providing valuable insights for future planning.
The 11th Five-Year Development Plan: A Strategic Roadmap
Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of Economy, delivered a comprehensive visual presentation detailing the strategic objectives of the 11th Five-Year Development Plan. The plan’s core focus is building a diversified and sustainable economy, a goal that resonates with the broader Oman economic strategy. Enhancing economic decentralization for the Governorates, improving social development, and strengthening governance and institutional performance are also central to the plan’s vision.
Strategic Objectives and Sector Prioritization
The presentation highlighted the plan’s main themes and their importance, emphasizing the assessment of macroeconomic performance and the progress of economic diversification sectors. Crucially, the plan’s integration with Oman Vision 2040 was underscored, demonstrating a cohesive and long-term approach to national development. Priority sectors identified for growth include converting industries, the burgeoning digital economy, and the promising tourism sector. The plan aims for balanced, competitive, inclusive, and sustainable economic growth, ensuring benefits are widely shared.
The 2026 State General Budget: Priorities and Allocations
Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance, presented a detailed review of the anticipated results of the State General Budget for the fiscal year 2026. The budget prioritizes key social and economic areas, including education, healthcare, social security and welfare, and employment opportunities. Stimulating the private sector, alongside investments in housing and road infrastructure, are also key components of the financial plan.
Financial Framework and Investment Projects
The presentation covered the global and local economic outlook, the financial framework supporting the 11th Five-Year Development Plan, and detailed estimates for the Draft General Budget for 2026. Financial alternatives and options were explored, alongside a showcase of prominent investment projects slated for implementation. The adopted financing and borrowing strategy was also outlined, providing a clear picture of the budget’s financial underpinnings. This careful planning is vital for the successful execution of the Oman Vision 2040 goals.
Strengthening Collaboration and Legislative Oversight
Sheikh Abdulmalik Abdullah Al Khalili, Chairman of the State Council, emphasized the importance of the meeting, stating that the presentations and discussions would significantly contribute to enhancing legislative principles and strengthening communication between the Council and the Government. He affirmed the Council’s commitment to a thorough and accurate study of the data and observations presented.
Future Actions and National Interest
The relevant committees will formulate systematic recommendations to support the preparation of the State’s financial and economic policies. Sheikh Al Khalili reiterated the Council’s dedication to its legislative role, ensuring efficient follow-up on these pivotal files. He stressed the importance of continued coordination and integration in serving the national interest, highlighting that the coming phase will be marked by increased collaboration. The review of the Oman Vision 2040 and the associated plans demonstrates a unified commitment to a prosperous future.
The State Council’s review of the Draft State General Budget for 2026 and the 11th Five-Year Development Plan represents a significant step forward in Oman’s journey towards a diversified, sustainable, and prosperous future. The collaborative approach between the Council and the Government underscores a shared commitment to achieving the ambitious goals of Oman Vision 2040. Further updates on the implementation of these plans will be crucial to monitor, and stakeholders are encouraged to stay informed about the ongoing progress of Oman’s economic transformation.
