MGW’s Win Aung missing from top tax-payers list

Win Aung, managing director of MGW Construction, has been granted permission to construct eight high-rise commercial buildings in main business areas in Yangon such as Mayangon, Yankin and Bahan townships, making him one of the most prolific businessmen in Myanmar this year. MGW won permission to build the highest building in Yangon – Diamond Inya […]

Country’s tallest building to be 34 storeys

The Diamond Inya Palace condo could be the tallest building in the country if its full 34-storey plans come to fruition, according to project developers. Located on U Tun Nyein Street in Mayangone township to the northeast of Inya Lake, the project has already received the green light from the Committee for Quality Control of […]

No additional licenses for beer and cigarette factories, says MIC

The Myanmar Investment Commission (MIC) announced on December 2 that no more permissions will be granted to beer and cigarette manufacturers to operate in Myanmar. Carlsberg and Heineken were the last, according to the MIC. “In the local market, beer and cigarettes are in demand. If we don’t supply the consumers’ demand, these items will […]

77pc of Hotels Serving Alcohol without Permission: Ministry

Over seventy-seven percent of the hotels in Myanmar are selling liquor without taking alcohol licences, the Ministry of Home Affairs revealed. According to the Ministry, only 213 among 931 hotels in Myanmar applied for licence to sell liquor and the rest of the hotels are selling without licence. According to the liquor law, hotel owner […]

Luxury condo sales open at Ks 360,000 per square foot

The price for a luxury condominium unit currently under construction by KHG Development starts at Ks 360,000 per square foot, according to the company’s senior executive. “At the moment, one square foot runs between 360,000 and 400,000 kyats. The construction will take three years. Singaporean construction consultants will be involved with the project,” said Ye […]

Foreign banks will receive permission to operate soon, says vice chair of Myanmar’s Central Bank

U Sett Aung, the vice chairman of the Central Bank of Myanmar told a press conference held in Yangon on September 14 that foreign banks would be given permission to operate Myanmar at some point in late September or early October. Speaking at a press conference for the Myanmar Investment Meeting, held by Peninsula Press, […]

Asian law firms open offices

Two large foreign law firms officially set up shop in Yangon on June 23, claiming to be driven by growing interest in Myanmar from regional businesses. South Korean law firm Yulchon received permission to open earlier this year, and has other offices in Hanoi and Ho Chi Minh. It has set up in Junction Square […]

78 more foreign-invested firms arrive this year

Singapore, Japan and South Korea continue to be the top sources of foreign investment in Myanmar this year, with companies from the three Asian Tigers leading the way among the 78 foreign invested firms given permission to invest in Myanmar in the fist five months of this year. Companies from Hong Kong, Thailand, Indonesia, China, […]

Daiwa to help AGD bank’s transformation as public company

YANGON—Japan’s Daiwa Securities Group will assist locally-owned Asia Green Development (AGD) Bank to transform as a public company, sources say. The Memorandum of Understanding (MoU) to proceed with initial public offerings between the two organizations was signed on Monday at Kandawgyi Palace Hotel in Yangon. Daiwa is helping the government to establish a stock market […]

Local airports to be handed over to private sector

Subscribe to our Tender Alert. We send out email alert on Tender and EOI as it happens. YANGON—Local airports in Myanmar are being allowed to approach private companies to handle their operations, according to the Directorate of Myanmar Aviation Department. There are 69 domestic airports in Myanmar. Among them, only 32 airports including Nay Pyi […]