Brunei Darussalam

As an increasingly significant player in the rapidly expanding global halal market, Brunei is laying the groundwork for further industry growth by extending its reach across Asia and Latin America, while also encouraging product innovation.

Increased cooperation between major banks and real estate agencies in new developments and mortgage products has raised the prospects of Brunei Darussalam meeting its housing goals while keeping credit levels in check. However, limited land availability continues to threaten growth in the residential sector.

Encouraging innovation in the industry and investing in its infrastructure, Brunei Darussalam has made information and communications technology (ICT) a pillar of its ambition to become a knowledge-based economy. However, hopes that a nascent software sector will boost the Sultanate’s export economy face strong competition from Asian rivals.

Burgeoning cooperation between the national airline and the tourism board – and the latter’s development of a master plan – are raising the prospects of Brunei Darussalam’s tourism sector realising its untapped potential. However, challenges remain, as the industry tackles a human resources shortage and attempts to broaden the Sultanate’s appeal from that of niche destination.

As the economy of resource-dependent Brunei Darussalam prepares for a future when its oil and gas reserves are depleted, policy makers are putting more emphasis on innovative areas of industry that aim to capitalise on the Sultanate’s heritage and culture.

To boost the quality of its education system, Brunei Darussalam has formed key partnerships with foreign governments and leading international institutions, as well as taken a leadership role in regional education.