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Overview

Islamic financial services poised to grow in importance and scope in Brunei Darussalam
OBG
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With a strong Islamic banking sector, a growing Islamic insurance (takaful), industry and an expanding market for Islamic bonds (sukuk), Brunei Darussalam has recently been drawing much attention internationally as a centre for Islamic financial services (IFS). Indeed, Brunei Darussalam is now amongst the nine countries worldwide where Islamic finance has reached systemic importance – places where…

Overview

Low insurance penetration in Brunei Darussalam offers room for growth as takaful expands
OBG
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Consisting of both Islamic and conventional insurers and insurance products, the Sultanate’s insurance sector has held steady in recent times, despite strong external pressures on Brunei Darussalam’s economy. Non-life remains a dynamic segment, with Islamic takaful products making up the bulk of these general insurance premiums. This pattern looks set to continue in the year ahead, too, with the…

Overview

Government in Brunei Darussalam helps private firms build business through new ICT infrastructure
OBG
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The government of Brunei Darussalam has taken the initiative with regards to fostering a strong technology sector in the Sultanate. The government is mindful of technology’s potential to create value for the country’s economy and to ensure social development for its citizens. To date, government officials, in concert with the private sector, have initiated various strategic ICT infrastructure projects,…

Overview

Oil price drop drives development in Brunei Darussalam's transport sector
OBG
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As Brunei Darussalam prepares to expand its economic activity away from oil and gas, it is looking toward other sectors to contribute further to GDP. The transport industry has thus found itself in the spotlight, with expectations of the sector’s economic and strategic input to growth running high. A COMPLEX AREA: With a total area of 5765 sq km, Brunei Darussalam’s physical geography consists…

Overview

Develpment plans for Brunei Darussalam's Bandar Seri Begawan to create new opportunities
OBG
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The real estate sector in the Brunei Darussalam has undergone a series of transformations in the past few years that have changed the landscape considerably for buyers and sellers alike. These developments encompass changes to title law, loan regulations, ownership and the market itself in terms of demand and the type of housing being built to supply that demand. Behind it all, the government remains…

Overview

Construction of a bridge and new manufacturing hub to bring economic benefits to Brunei Darussalam
OBG
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A number of large-scale construction projects are currently being rolled out in Brunei Darussalam that look set to make a significant contribution to the national economy, greatly facilitating the Sultanate’s connectivity and potentially leading to further substantial construction opportunities. In addition, several small-sized infrastructure projects are under way, which promise to add to the Sultanate’s…

Overview

Brunei Darussalam explores agro-industy and rice cultivation to help assure food security
OBG
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In 2007-08, South-east Asia was hit by an unprecedented shortage of staple food products. A number of factors have been blamed for the disaster, including droughts, a surge in costs, low stockpiles, increasing demand from growing middle-class populations and speculation over commodity prices. In response, the governments of many countries in the region embarked on efforts to ensure that they would…

Overview

Focus on key niches to increase tourism receipts in Brunei Darussalam
OBG
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Tourism operators in the Sultanate have experienced an eventful few years. A government reshuffle in late 2015 seemed aimed at increasing the focus on the tourism sector, lending hope to many private sector operators that the government would begin supporting growth and expansion of the industry in earnest. The appreciation of the Sultanate’s dollar, which is pegged to the Singapore dollar, has…

Overview

Temburong District in Brunei Darussalam prepares for influx of visitors after bridge construction
OBG
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With construction of Temburong Bridge expected to be completed by the end of 2019, the Temburong District is readying itself for its first physical link to the rest of Brunei Darussalam. When operational, the bridge is expected to bring to an end the long-standing transport and bureaucratic hindrances that made travel to the district difficult and time-consuming. With the amelioration of these issues,…

Overview

Useful tax updates for businesses in Brunei Darussalam
OBG
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For year of assessment 2016, no changes have been made to tax or capital allowance rates. However, in a recent notice issued by the revenue division of the Ministry of Finance (MoF) dated April 19, 2016, effective from year of assessment 2016 onward, pursuant to Section 133B and 133C of the Companies Act, Chapter 39 (Amendment) (No.2) Order, 2014, certain companies are not required to submit audited…