Though still some months from coming on line, Brunei's first methanol production facility is starting to fulfil some of the ambitions set for it by the government, prompting new side industries and investment. One of the first spin offs from the Brunei Methanol Company (BMC) plant, which is being built at the Sungai Liang Industrial Park (SPARK) in the Belait district, has recently been announced.…
Brunei is bracing itself for higher inflation, while at the same time seeking a way to ease the strain on the state budget from subsidies on some essential products such as food and fuel. Brunei's consumer price index (CPI) rose by 0.7% in March over the preceding month, pushing price up for the first quarter of the year to 2.3%, according to a report issued by the country's Economic Planning and…
The sultanate is seeking to establish its credentials as an international arbitration centre, looking both to boost the economy and attract overseas investors by guaranteeing a creditable dispute resolution mechanism. To have a strong domestic arbitration system in place, especially when dealing with international firms, could bring significant benefits to the local economy, Dato Paduka Awang Haji…
Brunei has announced an ambitious programme to solve the country's housing shortage, one that could also provide a major boost both to the construction industry and to the building materials sector. On October 14, the Ministry of Development issued a statement announcing plans to build more than 10,000 residential units to assist in overcoming the scarcity of housing. While considering various…
Brunei has recently moved to bolster its position as a regional power in Islamic finance, strengthening legislation to regulate the sector, promote competition and encourage overseas investment in the country's banking and insurance industry while at the same time protecting it against a fallout from the global economic crisis. The Islamic Banking Order 2008, which was prepared by the Finance Ministry…
Brunei is hoping a programme of integrated development and investment will lay the ground for diversifying the country's economy away from a direct dependence on fossil fuels and foster a strong industrial sector. At present, one of the only non-energy industries active in the export market is the relatively small textile and garment sector. However, with rising competition across the region, Brunei's…
One of the key pillars of Vision 2035, the long-term blueprint for the future of Brunei Darussalam, is to encourage investment in downstream industries as well as in economic clusters beyond the oil and gas industry To support this ambitious plan, the state is working to boost the country's transport system and thus allow a more effective transfer of raw materials and goods, while also developing the…
Brunei Darussalam's crucial energy sector, the foundation of the country's wealth, is expected to get a series of boosts, with major developments both upstream and downstream. Though oil output has fallen below 200,000 barrels per day (bpd), in part due to a scaling back of production to prolong the life of existing fields, the energy sector remains crucial to Brunei Darussalam, contributing more…
Brunei Darussalam is steadily building on its reputation as an Islamic financial services hub, making up for lost time and developing a credible sharia-compliant banking and financial sector. Though the Sultanate has long offered Islamic financial services, operating in tandem with conventional banks and institutions, the lack of a broad-based regulatory environment meant that until recently the…
Brunei Darussalam is moving forward to put the last pieces in place to complete its communications infrastructure, in order to provide a uniformly fast and efficient service via all platforms. Electronic communications mediums such as telephony – both fixed and mobile – along with the internet, television and other forms were identified as vital components for growth under the 2007-12 National…
