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The mining industry has long been a driving force behind South Africa’s economic growth. In 2010 it contributed 18% of GDP, and the country’s total reserves, while diminished, remain some of the world’s most valuable, with an estimated worth of $2.5trn. South Africa is perhaps best known for its gold, diamond and platinum riches but its wealth in other metals and minerals have also helped support industry as new economic sectors have developed. However, the industry is widely perceived to have experienced an extended period of decline. Significant steps forward will be required in infrastructure provision, the development of a market-friendly mining policy, human resources improvement and the encouragement of major investment in the industry. This chapter contains interviews with Susan Shabangu, Minister of Mineral Resources; Bheki Sibiya, CEO, Chamber of Mines; Godfrey Gomwe, Executive Director, Anglo American South Africa; Nick Holland, CEO, Gold Fields; and Andile Sangqu, Executive Director, Xstrata South Africa.

The South African insurance industry is a regional giant, with nearly 80% of all direct premiums in Africa. The market is split into two regulated segments with separate legal frameworks and different representative bodies. The global financial crisis of 2008-09 had a deleterious effect on South African insurers. Both the long- and short-term segments faced internal challenges, such as lower investment yields and higher expenses, and external ones, including an increase in lapsed policies as households struggled with rising food prices and unemployment. The sector is facing new challenges, including shifting market dynamics and an evolving regulatory framework that will likely alter the day-to-day operations of licensed insurers. This chapter contains an interview with Barry Scott, CEO, South African Insurance Association.

This section includes information about the Johannesburg Stock Exchange (JSE), which occupies a prominent position in South Africa’s economic landscape. Today the JSE is recognised as one of the world’s leading exchanges connecting buyers and sellers in five different financial markets, namely, equities, equity derivatives, commodity derivatives, currency derivatives and interest rate products. It is ranked the 20th largest stock exchange in the world and has 403 listings and a market capitalisation of R7.27trn ($889.3bn) as of December 2011. Like exchanges around the world, the JSE has faced a challenging environment in the wake of the global credit crisis and is now working to make the market more attractive by incentivising larger currency deals and enhancing trading flexibility for investors. This chapter contains interviews with Nicky Newton-King, CEO, Johannesburg Stock Exchange (JSE); and Stephen van Coller, Chief Executive for Corporate, Investment Banking and Wealth Management, Absa & Barclays in Africa.

South Africa is a parliamentary representative democratic republic, wherein the elected president exercises executive power and acts as both head of state and head of government. Legislative power is wielded by both the government and two chambers of parliament, the National Assembly (the lower house) and the Council of Provinces (the upper house). The judiciary operates as an independent arm of government. South Africa is a multi-party democracy with about 80 political parties, 13 of which are currently represented in the National Assembly. The ANC has dominated the electoral landscape since the first democratic elections of 1994, while the Democratic Alliance (DA) is the country’s official opposition party, with 67 seats in the current parliament. This chapter contains interviews with President Jacob Zuma; Fernando Damata Pimentel, Brazilian Minister of Development, Industry and Foreign Trade; and Andris Piebalgs, European Commissioner for Development.

With major infrastructure and industrial projects now being undertaken across the Kingdom, a flexible but robust legal framework has developed to meet challenges and efficiently minimise risks. For those advising on project financing, full recovery of the extended finances, along with the profit or interest returns, remains a primary concern. This chapter outlines the different forms of collateral and security, regulations for real estate investment trusts, and dispute resolution. The chapter also includes an interview with Qays H. Zu’bi, Senior Partner at Qays H. Zu’bi Attorneys & Legal Consultants.

Bahrain has the lowest corporate and personal taxes of all the GCC states. There is no personal income tax; no tax on capital gains; no withholding tax; no restriction on repatriation of capital, profits or dividends and very few indirect taxes. This chapter outlines rules and regulations for corporate and labour taxation, and provides an analysis of the significant changes proposed for the accounting and disclosure of revenue from contracts in Bahrain.