The Daily Brunei Resources

The new flyover at Jalan Babu Raja-Jalan Raja Isteri Pengiran Anak Saleha junction. BT/Fazizul Haqimie  Abdul Aziz Ismail BANDAR SERI BEGAWAN Friday, June 3, 2016 A NEW flyover at Jalan Babu Raja and Jalan Raja Isteri Pengiran Anak Saleha is now open for motorists. According to the Public Works Department (JKR) at the Ministry of Development (MoD), the flyover is one of the projects under the 10th National Development Plan (RKN 10). The $20.2 million flyover, which began construction on June 20, 2012, was contracted to Tobishima. According to JKR, the project is aimed at accommodating the increase in traffic, and at the same time, ensure safety of road users. The new road development is also aimed to enhance the road networks where motorists are able to have more access. Traffic light systems have also been installed to ensure road safety. JKR said the flyover could also reduce traffic congestion at Jalan Raja Isteri Pg Anak Saleha. Present at the launching ye...

The Oxford Business Group on 16 May 2016 had this report on Brunei: Brunei Darussalam expands financial base through sukuk Brunei Darussalam | Financial Services Economic News Update 16 May 2016 Brunei Darussalam made headlines in April with the announcement of several sukuk (Islamic bond) offerings ahead of the launch of a standalone stock exchange in the Sultanate. Efforts to expand the scope of the financial sector are aimed at ensuring a greater diversity of public and private sector financing, specifically in support of businesses and large infrastructure projects. A roadmap of financial sector expansion is laid out in the Sultanate’s long-term national vision, Wawasan Brunei 2035. Launched in 2008, the programme targets an increase in financial services’ share of GDP from 5% last year to at least 8% by 2035. Short-term finance In April the Monetary Authority of Brunei Darussalam (AMBD) issued two sukuk worth a combined $150m. The first, a $50m bond with a rental rate of...

The Oxford Business Group released the following news on 31 March 2016: +++++ Brunei Darussalam edges closer to stock market launch Brunei Darussalam Financial Services Economic News Update 31 Mar 2016 Yussof bin Haji Abdul Rahman, Managing Director, Brunei Monetary Authority (AMBD)  Preparations for the launch of a standalone stock exchange in Brunei Darussalam look to be moving ahead, supported by progress on a regulatory framework for the bourse. The Sultanate’s long-awaited exchange could open as early as next year if the groundwork is in place, according to the Autoriti Monetari Brunei Darussalam (AMBD), which oversees the country’s financial sector and is developing regulations to govern the bourse. Officials see a national stock market as pivotal in Brunei Darussalam’s plans to develop its capital markets and boost foreign inflows, and is also in line with a broader push to diversify the economy away from hydrocarbons. Focus on financial services The import...

The multi-purpose training centre, a 60:40 joint venture between Montreal-based simulation and training provider CAE and Brunei Darussalam’s Ministry of Finance, represents a significant non-energy investment, valued at just over $100m. Royal Brunei Airlines historic all-female flight deck from Bandar Seri Begawan to Jeddah The Oxford Business Group had this report on Brunei:- +++++ Brunei Darussalam Transport Economic News Update 16 Mar 2016 The aviation industry in Brunei Darussalam is looking to expand its contribution to the economy, with a new code-sharing agreement and ongoing investment in flight training facilities expected to increase passenger figures and stimulate employment. In mid-February Royal Brunei Airlines (RBA) finalised a code-sharing agreement with Turkish Airlines (THY) that is expected to increase passenger demand for flights into the Sultanate. Network reach Under the agreement, which came into force on February 22, passengers of...

BANDAR SERI BEGAWAN Monday, February 29, 2016 THE first National Development Plan (NDP) in 1953 was implemented with budget allocation of BND$100 million. Since then funds allocated have gradually increased from one plan to the next, demonstrating the government’s strong commitment towards ensuring that development in the Sultanate is well on track for a sustainable economic growth and social prosperity. Theme of 10th National Development Plan The 10th NDP constitutes the second five year NDP in Brunei’s long-term development plan as laid out in the Outline Strategy and Policy for Development (OSPD) 2007 to 2017. In line with the OSPD, the 10th NDP carries the theme “Knowledge and Innovation, Enhancing Productivity and Accelerating Economic Growth”. With this theme, the 10th NDP will focus on efforts towards accelerating the national economic growth. A higher growth rate would help Brunei gain higher incomes and speed up development. It would also gene...

Brunei labour underutilisation at 18% Koo Jin Shen BANDAR SERI BEGAWAN Wednesday, February 3, 2016 AROUND 30,200 persons in Brunei are working in occupations requiring skill levels below their educational attainment in 2014, according to a report from the Department of Economic Planning and Development (JPKE). In the executive summary of the Labour Force Survey, the department outlined that this skill mismatch represented about 15.9 per cent of the total employment of some 189,600 persons. For the 15 to 24 year-old workers, the survey said the skill mismatch rate was significantly higher at 22.6 per cent. JPKE said labour underutilisation was at 18.0 per cent, more than double than that of the national unemployment rate of 6.9 per cent. In total, about 38,800 persons were affected by labour underutilisation, either as not working as many hours as they wanted, as unemployed, or in the potential labour force as available non-jobseekers or unavailable jobseekers. The depa...

Oil price drop affects national spending on: January 20, 2016 | Siti Hajar | THE falling global oil prices are taking their toll on Brunei’s economy, with the government acknowledging yesterday that the current international economic climate surrounding the oil and gas industry is expected to further feed into Brunei’s financial deficit, should the trend continue. From a $213 million shortage in government spending for the year 2014/2015, it can spiral to $2.3 billion by the end of the current fiscal year if global oil prices continue to fall. In a speech delivered yesterday at the launching of the Enterprise Open Day at the Design and Technology Building in Anggerek Desa, Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Minister at the Prime Minister’s Office and Minister of Finance II, pointed to the “reality” that the shortfall in income that accounts for more than half of the country’s GDP, “has implications on the government’s abili...

Temburong bridge taking shape on: January 17, 2016 | Siti Hajar | HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday morning consented to attend the foundation laying ceremony of the Temburong bridge. Accompanying His Majesty at the ceremony were His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office; His Royal Highness Prince Haji Sufri Bolkiah; His Royal Highness Prince ‘Abdul Malik; and His Royal Highness Prince ‘Abdul Wakeel. Upon arrival at the foundation laying project site of the Temburong bridge in Kampong Sungai Besar, Jalan Kota Batu, His Majesty was greeted by Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Minister at the Prime Minister’s Office and Minister of Finance II as Chairman of the National Committe...

His Majesty ushers in economic reforms on: January 01, 2016 | Rokiah Mahmud | GUIDING the country towards 2016, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, the Prime Minister, Minister of Defence, Minister of Finance and Minister of Foreign Affairs and Trade yesterday consented to several significant reforms that aim to realise the country’s aspiration towards diversifying its economy. At the same time, the monarch reminded the nation that it should not be complacent over conflicts or disputes going on in several parts of the world. In a titah delivered on the eve of New Year 2016 and broadcast on Radio Televisyen Brunei (RTB), His Majesty consented to the establishment of a Foreign Direct Investment (FDI) and Downstream Industry Committee to make the country more competitive in attracting foreign investors. The monarch also ...

I have just been told that approval has been granted for me to lead a team from Brunei for an investment treaty negotiation with an Asian country. Negotiations will start Tuesday and I have to fly there on Monday with officers from the investment, legal and tax agencies for the third round of negotiations. It will be my second time leading the team. About a couple of weeks ago, a country from the middle east was here and that was the first time that I led a negotiation. On that occassion we managed to conclude the negotiations and the treaty is now awaiting for the process for it to be signed officially at the highest level. Why do we have investment treaties with other countries and what's the history of these treaties known as BIT - Bilateral Investment Treaties? Historically the first modern BIT was entered into nearly fifty years ago between Germany and Pakistan. At first it was the European countries that concluded such treaties with developing countries. The treaty helps to p...