The Ministry of Economy has been established as per the Royal Decree No 94/2020 issued on 18th August 2020.

- Proposing economic policies and programs and the necessary procedures for their implementation, and submitting them to the Council of Ministers for approval.

- Studying and evaluating the performance of the economic sectors, their development and trends in coordination with the concerned authorities, preparing appropriate proposals to develop their performance, and submitting them to the Council of Ministers for approval.

- Studying and analyzing regional and international economic variables, and their impact on economic policies and programs.

- Follow up the implementation of policies, programs and economic activities in coordination with the concerned authorities.

- Setting criteria for setting priorities for development projects and methods of development planning, in order to ensure the aspired balance between the economic and social dimensions of the development.

- Approving the annual development budget, based on the approval of the Council of Ministers.

- Approving the projects of the five-year development plans, and their financial allocations, after the approval of the Council of Ministers.

- Conducting a periodic evaluation of policies, future visions, general directions and five-year plans, taking into account the economic, social and other variables.

- Laying the foundations for economic cooperation with countries and regional and international organizations.

- Contribute to raising the competitiveness of the Sultanate in global development indicators.