The downstream energy sector in Brunei Darussalam is set to get the biggest makeover in its history, with a Chinese consortium planning to invest up to $6bn to develop an oil refinery and associated chemicals plant at the Pulau Muara Besar (PMB) industrial site.On July 3 the Brunei Economic Development Board (BEDB) – the state agency tasked with advancing the growth and diversification of the national…
Brunei Darussalam’s economy has been given a clean bill of health by the International Monetary Fund (IMF), with the agency praising the prudent economic management exercised by local authorities, as well as the efforts to reform and liberalise the financial sector and reduce the dependence on oil and gas as the nation’s main revenue earners. The Fund and other analysts have also said more still…
The Sultanate’s sharia-compliant insurance sector is looking to expand its market share, stepping up efforts to promote takaful products and increase the range of policies on offer, with the sector likely to see greater segmentation as a result.The sharia-compliant insurance sector is tightly regulated, with Takaful Order 2008 being the central document setting out the terms and conditions under…
Brunei Darussalam has adopted a determined bottom up approach to ensuring the comprehensive spread of information and communications technology (ICT) throughout society and the economy, though sector participants expect it will take time for these policy actions to transform the status quo.Brunei Vision 2035, the blueprint for national development for the first third of the century, places strong emphasis…
As part of the Sultanate’s plans to overhaul the national education system, Brunei Darussalam’s education professionals are being taught new skills to better equip them to teach the new generation of managers. Efforts in this area are part of the shift in focus away from what has been described as “chalk and talk” teaching to a curriculum that is designed to meet the future needs of students…
Brunei Darussalam is stepping up efforts to promote private sector industrial development as part of a wider programme to diversify the economy, though limited availability of land and skills shortages in some areas may slow progress.Increasing the scope of local industry has long been a goal of the government. Though Wawasan 2035 – the social and economic blueprint laid out by the state to guide…
Brunei Darussalam is looking to target faith-based tourism by seeking to share the Sultanate’s Islamic culture and heritage with a wider audience in the Muslim world and beyond.Long identified as a driving force for the economy, with a number of investments being made in the sector, Brunei Darussalam’s tourism industry has been gaining momentum over the past decade.According to the World Travel…
Brunei Darussalam is moving to strengthen its food security, working to increase production of vital crops at home while also looking at the option of investing in farms and agriculture facilities overseas to ensure the nation’s staple requirements are met.On March 2, the Second Minister of Finance Pehin Abdul Rahman Ibrahim raised the issue of the Sultanate’s food security while speaking before…
Brunei Darussalam’s Islamic financial sector is set to expand in the coming years, following a series of advances that will strengthen its operational and regulatory base and bridge some of the gaps that have restricted the development of new products and services.Islamic financial products already play a central role in the local economy, with sharia-compliant banking holding a 40% market share,…
Brunei Darussalam is planning to strengthen its technical and vocational education system by increasing the number of institutions providing training, expanding the range of courses on offer and establishing exchange programmes with neighbouring countries.Over the past decade, the base of Brunei Darussalam’s economy has become more diversified, with less dependence on energy production, both as a…
