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Overview

Energy exports generate surpluses for investment at home and abroad
OBG
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As a small and relatively high-income country with an economy built around oil and gas exports, Brunei Darussalam is quite active in international trade and both inward and outward foreign investment. The bulk of inward foreign investment has come from Brunei Darussalam’s close relationship with AngloDutch oil company Royal Dutch Shell. The firm made the first discovery of onshore oil in the country…

Overview

Regional integration and multilateral agreements to benefit the nation
OBG
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With the sum total of nearly every national economy now irrevocably intertwined in a global marketplace, cooperation between different countries has become an imperative component of modern economics. Although countless trade barriers still exist in some form or another all around the world, longheld isolationist and protectionist measures which erect trade barriers at the expense of protecting oftentimes…

Overview

Benefitting from an ideal location to supply Asian markets and a new government strategy
OBG
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As a small country with a large endowment of oil and gas, Brunei Darussalam has naturally developed a mostly export-oriented energy sector. Through long relationships with top multinationals, the Sultanate has an established record of applying leading technologies in the exploration, development and processing of its natural resources. The country is today primarily an exporter of liquefied natural…

Overview

OBG talks to Hj Awang Hj Ali, Executive Chairman, Belait Shipping; Supna Karwanamurthi, Managing Director, FLUX O.S.; Mohd Shafie
OBG
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Interview:Hj Awang Hj Ali,Supna Karwanamurthi, Mohd Shafie What impacts has the recent local business development (LBD) framework had on domestic companies in the energy sector? SUPNA KARWANAMURTHI: The recent implementation of the LBD framework by the Energy Department at the Prime Minister’s Office (EDPMO) has been a major success in that it has assisted in eliminating monopolies within…

Overview

The sector is liquid and well capitalised
OBG
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Banking sector growth has accelerated as authorities have eased up somewhat on restrictive regulations, and banks are looking forward to an improved climate as overall economic growth revives. Rapid growth in lending to domestic business, albeit from a low base, gives some cause for hope that the sector is beginning to work through the limitations of an economy dominated by energy multinationals that…

Overview

Government backing is reinforcing the industry’s strong momentum
OBG
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Islamic finance has had a growing presence in Brunei Darussalam since the early 1990s, with active support from Sultan Hassanal Bolkiah. Today the Islamic banking and takaful (Islamic insurance) segments are transitioning into the dominant forms of banking and insurance in the country, and the Sultanate’s large foreign investments are increasingly channelled into Islamic products and markets. Already…

Overview

The government’s multi-faceted approach aims to ensure a tech-savvy population and the infrastructure to meet demand
OBG
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One of the most crucial components of Brunei Darussalam’s plan to transform itself into a knowledge-based economy by 2035 is the development of a modern ICT sector, utilising cutting-edge technology and practices to drive domestic growth. The sector has been singled out as a priority in the country’s long-term strategic development plan, Wawasan Brunei 2035, which has set an ambitious target of…

Overview

Upgrading and improving connections on land, air and sea
OBG
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Situated along crucial sea shipping routes on the southern edge of the South China Sea, Brunei Darussalam is well placed to take advantage of growing trade within the region. This geographical advantage and Brunei Darussalam’s membership in ASEAN and inclusion in multi-party trade agreements like the Trans-Pacific Partnership (TPP) are key components in the country’s aspirations of becoming a regional…

Overview

Kicking off new infrastructure and transport projects
OBG
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As was the case across most of the region, the Asian financial crisis hit Brunei Darussalam’s construction industry hard towards the end of the 1990s, thinning out the sector as construction companies folded or exited the local market. Since then there has been a resurgence as the government rolled out large health and education initiatives in the 2000s followed by a shift towards public housing…

Overview

Development efforts are responding to local needs
OBG
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Limited by strict regulations governing the use of the majority of Brunei Darussalam’s 5765 sq km of land, a heavy public presence in the market and a small population, the country’s real estate sector differs from those of many of its larger neighbours. Several factors continue to drive up demand in the residential market, particularly in the capital of Bandar Seri Begawan. Economic diversification…