In recent years, Kazakhstan has invested about $680 million in Uzbekistan, according to the Eurasian Development Bank (EDB). Companies owned by Kazakhstan’s wealthiest businessmen have accounted for a significant share of that investment, Margarita Bocharova, an author with the Shishkin_like project, wrote in a recent review.
EDB analysts say more than one-third of Kazakhstan’s investment in Uzbekistan has gone into the construction sector.
BI Group
BI Group owner Aidyn Rakhimbayev — ranked 10th on Forbes’ list of Kazakhstan’s richest people, with a net worth of $967 million — co-founded developer NRG in 2020 with Uzbek businessman Murod Nazarov. The company has launched 13 projects to date. In November 2025, BI Group took control of NRG.
In 2023, BI Group built the Botanika Saroyi residential complex in Tashkent. In the summer of 2025, it completed the first phase of the NRG Yangi Baxt comfort-class residential complex. The company has also announced plans to build the «Astana» quarter in a new district of Tashkent, a project valued at $200 million.
Under an investment agreement with the Uzbek government and the Tashkent city administration, BI Group is expected to invest $500 million in the development of Uzbekistan’s capital between 2022 and 2026.
Bazis
Another major Kazakh construction firm, Bazis, is also active in Uzbekistan. In 2021, its subsidiary Bazis-T began building a residential complex in Tashkent’s historic Oq Ota district. As of November 2025, construction was 99% complete, with finishing work underway.
Bazis is owned by the Belovich family, ranked 15th on Forbes’ list of Kazakhstan’s richest people, with a combined net worth of $681 million.
Halyk Bank
Halyk Bank has operated in Uzbekistan since 2019 through its subsidiary, Tenge Bank. The lender ranks fourth among private banks in the country by loan portfolio. In November 2025, Tenge Bank opened a new $35 million office in Tashkent. It now has 16 branches nationwide and about 800 employees. Halyk Bank’s parent company has invested $350 million in the subsidiary since its launch.
In the summer of 2025, Halyk Bank announced a major deal in the Uzbek market, agreeing to acquire a 49% stake in fintech company Click for $176.4 million. Under the same agreement, Click will acquire a 49% stake in Tenge Bank for $60.7 million. As a result, Halyk Bank will pay a net $115.6 million for its stake in Click.
Halyk Bank is controlled through the Almex holding company by Timur and Dinara Kulibayev, who are both ranked fourth among Kazakhstan’s richest individuals. Their combined fortune is estimated at $5.3 billion.
PTC Holding
The transport and logistics group PTC Holding is owned by Timur Kulibayev and his partners, Daniyar Abulgazin —r anked 25th on the Forbes list with a net worth of $400 million — and Raushan Sagdiyeva.
In 2022, PTC Holding’s Uzbek subsidiary began building what is expected to be the largest transport and logistics center near Tashkent. The project faced prolonged approval delays, and three years later required intervention by the presidents of Uzbekistan and Kazakhstan. The Silkway Central Asia logistics center is estimated to cost $300 million.
Magnum
Kazakhstan’s largest retail chain entered the Uzbek market in 2021. Magnum opened two hypermarkets in Tashkent and later acquired the company operating the Carrefour chain, which included six stores. By the summer of 2025, however, four of Magnum’s seven stores in Uzbekistan had closed. Media reports have said the retailer plans to exit the market.
The total amount Magnum invested in its Uzbek expansion has not been disclosed, though opening the first two stores alone cost about $20 million.
Magnum’s ultimate beneficiary is businessman Vyacheslav Kim, whose net worth Forbes estimated at $7.1 billion in May.
RG Brands
In December, Uzbek regulators approved a deal allowing a subsidiary of RG Brands — owned by Kairat Mazhibayev, ranked 50th on Forbes’ list with an estimated net worth of $190 million — to acquire Southhub.
Southhub produces concentrated juices, fruit purees and tomato paste. The value of the transaction has not been disclosed, though Southhub’s capital is estimated at 4.3 billion tenge.
