Arab financial institutions to invest $7 billion in Kazakhstan’s economy

Arab financial institutions have decided to invest $7 billion in Kazakhstan’s economy, according to the press service of Kazakhstan’s prime minister. The announcement followed a round table discussion by the Arab Consultative Group, which led to the signing of several documents.

The group includes institutions such as the Islamic Development Bank, the Saudi Fund for Development, the OPEC Fund for International Development, the Kuwait Fund for Arab Economic Development, and the Abu Dhabi Fund for Development.

«The total amount of long-term direct investments in Kazakhstan’s economy under these agreements is expected to be around $7 billion in the initial stage. This amount is likely to increase over time,» the press service of the prime minister said in a statement.

Members of the Arab Consultative Group will provide financial support to sectors that are top priorities for Kazakhstan. Additionally, Kazakh authorities presented various projects in transportation, energy, water resources, healthcare and the National Infrastructure Plan for Kazakhstan until 2030 to the investors.

Businesses from Qatar have already shown interest in Kazakhstan, acquiring Bereke Bank as well as the Tele2 and Altel mobile operators. In March 2024, KTZ Express, a subsidiary of Kazakhstan Railways, announced its intention to partner with AD Ports Group, a company from the UAE, to establish a joint venture. This venture will focus on shipping cargo from Kazakhstan and Russia to the Gulf, Pakistan, India and North Africa.