MUSCAT: The Economic and Financial Committee of Majlis Ash’shura, held an enhanced meeting with Abdullah bin Salim al Harthy, Under-secretary of the Ministry of Finance and Dr Nasser bin Rashid al Maawali, Under-secretary of the Ministry of Economy, alongside a delegation of experts from both ministries, Oman Investment Authority, Energy Development Oman (EDO) and Integrated Gas Company (IGC), on Monday.
The meeting was part of preparations for discussing the foundations of the 2026 state budget and the main pillars of the Eleventh Five-Year Development Plan (2026-2030).
The meeting saw an elaborate discussion of the main points of the Eleventh Five-Year Development Plan (2026-2030), which aims to establish a sustainable development economy based on economic diversification and increased reliance on non-oil sectors.
The meeting discussed the methodology for preparing the Eleventh Five-Year Plan (2026-2030), which was based on a comprehensive evaluation of the outcome of the Tenth Five-Year Plan (2021-2025) and a review of the progress indicators achieved during that period. These indicators included developing the investment environment, employment programmes, expanding economic infrastructure, and improving legislation regulating economic activity. The under-secretary for economic affairs emphasized that the new five-year plan adopts a participatory approach with various government entities and the private sector to ensure its alignment with the objectives of Oman Vision 2040.
Experts from both ministries said that the plan includes detailed programmes for transitioning to clean energy and promoting a low-carbon economy. This will be achieved by increasing reliance on renewable energy projects, developing policies that incentivize investment in green hydrogen and industries related to alternative energy, enhancing environmental sustainability, and integrating efforts to balance economic growth with the preservation of natural resources.
The council members raised a number of questions related to the 2026 budget, including the amount of subsidy allocated to the electricity and public transportation sectors, the government’s future employment plans, economic stimulus through expanded investment in the gas sector and the government’s strategies for boosting economic diversification and digital economy’s contribution to GDP.
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