Sirbegovic (Širbegović) group revenues up 10% in 2008

In 2008 Širbegović group generated revenues of 87 million KM, which is approximately 10% more than the previous year. Particular growth was achieved in the production and placement of steel structures, about 40% compared to 2007. Realized profit on the level of the Group amounts to approximately 7 million KM.


Despite the current financial crisis, the group was able to retain its employees. The current seasonal workforce will get a chance for permanent employment in the coming expansion to Libyan market.


In the business year of 2009 the group is planning to achieve the same revenue as in 2008 at it's current markets. In addition to that Širbegović group expects additional revenues of 25 million on the Libyan market.

More info can be found here.

Seminar on interest-free Islamic banking held in Sarajevo, Bosnia

Two-day seminar on Islamic banking in the organization of the Islamic Bank for Development and Bosnia Bank International was held in Sarajevo on 8th and 9th April.


Foreword was provided by the Governor of the Central Bank of Bosnia and Herzegovina Kemal Kozaric. "We are aware that Islamic banking is unknown in Bosnia although BBI, a bank that operates according to Islamic principles, operates here since 2000. Recently the Faculty of Economics has also started graduate studies on Islamic banking. We are witnesses to the global economic crisis that puts Islamic banking in the foreground, because the banks that are operated by Islamic principles have not accrued losses.


This seminar will help us better acquainted with the methods of Islamic banking. Islamic banking is the new source of wealth for Bosnia and BBI has shown that, although domestic legislation is not adjusted for that type of business."


First day of the seminar speakers were Dr. Salman Syed Ali, economist with IRTI (Islamic Research and Training Institute of the Islamic Development Bank) and Dr. Muhamed Obaidullah, a professor of Islamic finance in the Islamic Research Center King Abdulaziz University in Jeddah, Saudi Arabia.


Seminar was, in addition to employees of BBI, attended by representatives from the Banking Agency of FBiH, FBiH Ministry of Finance, the Bank Association of BiH, the Agency for Supervision of Insurance Federation of Bosnia and Herzegovina, the Commission for Securities, the Banking Agency of Republika Srpska, the Registry of Securities, the Ministry of Finance and Treasury, and several faculty for the economy of Bosnia and Herzegovina, the Presidency, and the press.

More info can be found on the website of Bosna Bank International.

Bosnalijek's (Bosnia's biggest pharma company) sales up 22% in 2008

KPMG B_H has completed audit of Bosnalijek d.d. financial statements for 2008. Total revenues were 108,3 million KM of which sales of products amounted to 107,1 million KM and net profit of 8,2 million KM.

In addition to selling its products in Bosnia and Herzegovina, Bosnalijek d.d. sold its products on 19 international markets, with the rate of growth of 22%. Earning per share was 1,26 KM.

Total assets at the year end were valued at 157 million KM and have increased by 2% in relation to the previous year. Current assets amounted to 71,2 million KM while fixed assets amounted to 85,7 million KM.

Total liabilities of Bosnalijek d.d. at the end of 2008 were 49,5 million KM, of which long term liabilities amounted to 7,7 million KM and short term liabilities amounted to 41,8 million KM.

Equity value was 107,5 million KM, with an increase of 8% in relation to the previous year.

Audited annual financial statements can be dowloaded here.

Bosnian construction companies form join venture

Joint company founded by the construction companies, present on the German market should begin its work 1st July this year. This was confirmed by the secretary of construction sector in the Economic Chamber FBiH, Dzenana Avdic, for the biggest Bosnian newspaper "Dnevni Avaz".


Potential founders of the joint venture have a deadline for confirmation of entry to 25 April, when the Constituent Assembly to be held in mid-May.


Establishment of the company is a project of BAG group, which operates at PKFBiH, and so far have received 22 signed statements on the accession of the co-ownership relationship in the new company.


Avdic said that builders establish a company to help provide new jobs and protect the economic crisis.

Qatar expressing interest to invest in Bosnia

During the visit to BH, Qatari delegation which has been profoundly informed on BiH potentials and opportunities particularly in the field of agriculture, food, pharmaceuticals and wood industry and energy, expressed a great interest to invest in Bosnia and Herzegovina.


Following bilateral meetings between institutions and companies of two countries, will be organized the meeting of the Qatari and BiH Joint Commission with intention to summarize and analyze identified potentials, received information, and overall impressions, in order to consider and harmonize viewpoints of two sides and to define most appropriate forms of future cooperation and approaches to potential investments.


More info here.

The first condominium in Balkans opens soon in the Bosnian capital of Sarajevo

Bosmal City Center, the first condominium in this part of the world, is being constructed in the Hrasno district of Sarajevo. By condominium we mean a modern, private residential building with monitored entrances, reception, luxurious apartments and common areas serving the residents. Access to the residential and common areas of the object shall be restricted to the residents only, where their privacy is absolutely guaranteed. Common areas encompass lobbies, saunas, pool for adults and children, and a nursery.

The Center offers 306 residential units, with 8 penthouses and 298 apartments, organized in 14 types, with areas ranging from 80 to 220 sq. m. Nine high-speed elevators connect to the garage-commercial area of the center. The residents will be absolutely secure, with special security service responsible for constant monitoring of the whole object, with 200 surveillance cameras on duty, sensors and other modern equipment.

The communication areas in the center, commercial areas and the underground garage with 400 parking lots are monitored from the reception point.

Reaching a height of 118 meters, Bosmal City Center is the tallest residential building in the Balkans. Tallest business building in Balkans is Avaz Twist Tower also situated in Sarajevo.

A restaurant will be located at the highest point of the building, giving a panoramic view of the town, including the historical districts as well as the new part of town and its surroundings.
The commercial area will be open to the public, with two restaurants and a meeting bar, supermarket, hair and beauty saloons, dental practice, ambulance service, ophthalmologist’s and optician’s, leather goods boutique, art sales, jewelry shop and other exclusive boutiques. All the facilities within the center are inter-linked with a hundred-meter long promenade.

For more info and pictures please click here.

Software engineers wanted - several positions

Currently there are several Nordic IT-companies planning to either open their branches in Bosnia or partner with local IT-companies in different ways. I do not know exactly when it is going to happen but it is in the works.

Job description - software testing, application design, software development. Both experienced and newly graduated are welcome.

Those interested in potential position with those companies should send their CV's and Cover Letters to me (haris.alisic@gmail.com), including their target income. Please mark your mails with "IT POSITION IN BOSNIA".

Please bear in mind that there are no promises and that companies might change their mind and scrap their plans.