Kazakhstan and the UAE have established a strategic partnership for the implementation of joint investment projects

On October 9-10, 2021, the Chairman of the Board of Directors, Mr. Zhaslan Madiyev, and the Deputy CEO of AIFC Business Connect Ltd., Mr. Almaz Amanzholov, took part in the working trip of the Prime Minister of the Republic of Kazakhstan, Mr. Askar Mamin, to the United Arab Emirates.

During the working visit, several issues related to attracting investments in the energy, agricultural, pharmaceutical, transport and logistics, IT and financial sectors of the economy of the Republic of Kazakhstan were discussed. As a result of the working visit, an intergovernmental agreement aimed at implementing joint investment projects for a total amount of more than $6.5 billion was signed.

Also, a number of key documents establishing a strategic partnership between Kazakhstan and the UAE, including a memorandum of understanding between the AIFC and the Abu Dhabi Global Market (ADGM) financial centres, the Astana International Exchange (AIX) and the Abu Dhabi Securities Exchange (ADX) were signed.

According to the cooperation plan within the framework of the intergovernmental agreement, Samruk–Kazyna JSC plans to create a joint energy holding with ADQ for the development of renewable and traditional energy, as well as construction of solar, wind and hydroelectric power plants with a total capacity of 5 GW and implementation of other projects.

In addition, as a result of the negotiations, term sheet between the Akimat of the East Kazakhstan region, Sembol company and Abu Dhabi Fund for Development regarding the construction of the Katon – Karagai tourist complex was signed.

The strategic cooperation agreement also includes establishment of a joint venture fund of Kazyna Capital Management JSC and ADQ for $100 million to finance joint start-up projects in the fields of IT, fintech, agrotech, B2B and B2C, telecommunications, food production technologies, platform solutions, digital transformation and etc.

ADQ has expressed readiness to participate in the construction of a network of wholesale distribution centres on the territory of the Republic of Kazakhstan and is considering the possibility of implementing a number of large agro-industrial projects of the Republic of Kazakhstan.

Reference information:

AIFC. «Astana» International Finance Centre (AIFC) was created by the initiative of the First President of the Republic of Kazakhstan – Elbasy Nursultan Nazarbayev. The Constitutional Law “On the AIFC” was signed on December 7, 2015. The purpose of AIFC is to create the leading international centre of financial services. Objectives of AIFC include: assistance in attracting investments into the country’s economy, creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan and ensuring its integration with international capital markets.   

AIFC Business Connect. AIFC Business Connect provides a specialist service that leads on sourcing bankable projects, structuring them in a way that can be presented to the international marketplace in a ready-for-business manner. Using AIFC’s global network, its own business-links and commercial contacts, AIFC Business Connect works with potential and all-ready present interests and institutions to support engagement in the country and the development of commercial objectives.

ADQ. ADQ is widely represented in such sectors as manufacturing and mining, agriculture, transport and logistics, finance, tourism, media and energy. The assets under fund’s management accounts for more than $175 billion.

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