Kazakhstan has signed an agreement with Firebird Inc. to develop computing infrastructure projects involving NVIDIA technology. The government said the initiative, known as the Data Center Valley, is expected to attract $10 billion in investment. Read also: What you need to know about Kazakhstan’s new $16B AI strategy. The funding…
Kazakhstan plans to secure financing from the World Bank to restore the North Aral Sea and rehabilitate waterways in the Syr Darya River basin. According to Deputy Prime Minister Serik Zhumangarin, the projects, whose costs have already been disclosed by the government, will require nearly 80 billion tenge ($163 million).…
In its macroeconomic forecast for 2026-2028, the Eurasian Development Bank (EDB) said it expects the average exchange rate this year to be 490 tenge per U.S. dollar. According to the forecast, the rate could reach 500 tenge per dollar by year-end. Read also: How the Iran conflict will drive the…
Ulba-TVS, a producer of fuel assemblies (FAs) used as final nuclear fuel for Chinese nuclear power plants (NPPs), reported a profit of 11.83 billion tenge ($22 million) in 2025, compared with a loss of 16.06 billion tenge in 2024, according to the company’s financial statements. Revenue and profitability improve Gross…
Kazakhstan and the U.S. are discussing new areas of cooperation. Possible options include opening a permanent representative office of the U.S. International Development Finance Corporation (DFC) in the country. These and many other issues were discussed by DFC CEO Ben Black during his meeting with President Kassym-Jomart Tokayev. As the…
According to the Association of Financiers of Kazakhstan (AFK), after several years of strong growth, the auto-lending market is slowing. In its Q1 car loan survey, the AFK reported that demand for car loans fell 11% year-on-year (YoY), to 1.2 million applications, amid stricter lending conditions, tighter regulation and a…
Deliveries from sex shops have emerged as the fastest-growing business segment for Glovo in Kazakhstan, according to Ruslan Gamayev, the company’s general manager in the country. Read also: Toys ‘are’ us: Kazakh journalist featured on the Guardian cover for sex toy advocacy. Speaking at the New Vision Forum 2026, Gamzaev…
Kazakhstan’s Ministry of Finance expects to generate about 50 billion tenge (about $100 million) in additional budget revenue by legalizing and licensing the hookah industry, Finance Minister Madi Takiyev said on the sidelines of a recent parliamentary session. His comments came as the government signaled support for easing plans for…
Kazakhstan’s Minister of Energy Yerlan Akkenzhenov held a meeting on the implementation of a gas processing plant project at the Kashagan oil field with an annual capacity of 2.5 billion cubic meters of gas. He said the project has already entered the implementation phase, according to the Ministry of Energy.…
Kazakhstani banks are changing their funding structure. Deposits from Kazakhstani residents now account for 80% of funding, while foreign borrowing has reached $10 billion. According to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM), banks have written off stressed assets totaling $14.3 billion,…
Kazakhstan plans to significantly tighten restrictions on the sale of medicines through online platforms. Prescription drugs — including widely used antibiotics — could be completely banned from sale on marketplaces, according to Bauyrzhan Jussipov, chairman of the Medical and Pharmaceutical Control Committee. Read also: World’s top painkiller paracetamol becomes best-selling…
Construction has commenced on a massive “Data Center Valley” cluster near Ekibastuz, a project intended to establish the nation as a premier Eurasian digital hub, according to a report in Kazpravda. The ambitious initiative aims to attract global hyperscalers and will eventually house 10 modern data centers with a total…
In May, Cove Kaz Capital Group LLC completed the acquisition of a 70% stake in Severny Katpar LLC, a Kazakh mining company previously under the umbrella of Samruk-Kazyna, Kazakhstan’s sovereign wealth fund. The asset includes development rights to the North Katpar field, one of the world’s largest tungsten deposits. A…
Kazakhstan has unveiled a sweeping national roadmap to transform itself into a premier digital hub by 2029, placing artificial intelligence at the center of its economic and social development. The “Digital Qazaqstan” initiative seeks to transition the nation from a service-based digital model to a “platform state” where AI drives…
South Korea’s Hyundai Engineering has announced that it has secured a contract to build the Karachaganak Gas Processing Plant (GPP) in Kazakhstan. The news was first reported by Nurlan Zhumagulov, owner of the Energy Monitor Telegram channel; it was also confirmed by Hyundai Engineering in a post on its LinkedIn…
Kazakhstan’s National Bank does not support the idea of raising taxes on people who own multiple apartments, arguing that the government should focus on taxing profits from real estate sales rather than imposing additional taxes on property ownership, according to the bank’s Governor Timur Suleimenov. Speaking at a briefing following…
Plenitude Kazakhstan, a subsidiary of Italy’s Eni, has secured the right to build a 100-megawatt (MW) wind farm in the Aktobe region. The project is expected to be completed by 2028, the regional administration said. Askhat Shakharov, governor of the Aktobe region, held talks with Plenitude Kazakhstan CEO Federico Pugliese.…
In fiscal year 2025, Freedom Capital Markets (FCM), the American division of Freedom Holding Corp., operated in 32 U.S. states. In fiscal year 2026, it expanded its license to 35 states and the District of Columbia. In order to get a closer look at Freedom’s American business and capture the…
According to Freedom Holding Corp. CEO Timur Turlov, the company relies on big data and machine learning when estimating insurance costs. By using AI, analyzing traffic camera data and parsing court decisions, it is possible to determine responsibility for accidents occurring at different times of day. This allows Freedom to…
The National Bank of Kazakhstan has cut its base rate to 17% for the first time since October 2025, bringing it below 18%. The decision was made at a Monetary Policy Committee meeting on June 5, 2026. The base rate will remain at 17% at least until the next National…
Kazakhstan’s banking sector increased deposits by 482 billion tenge ($1.03 billion) in April despite negative exchange-rate revaluation effects, primarily due to inflows from retail clients. The loan portfolio expanded by 316 billion tenge during the month. However, banks’ profits were 18.1% lower than in April 2025. Assets continue to grow…
Kazakhstan’s central bank is preparing sweeping changes to the country’s cryptocurrency market, ranging from a crypto amnesty to loans backed by digital assets. The plans were outlined by Binur Zhalenov, deputy chairman of the National Bank of Kazakhstan, at the Solana Summit, according to Forbes Kazakhstan. National Bank to create…
Most analysts and market experts expect the National Bank of Kazakhstan to cut its base rate for the first time in nearly eight months. Forecasts from Freedom Broker, Halyk Finance, and the Association of Financiers of Kazakhstan (AFK) all point to a rate reduction. Majority of experts expect a cut…
Freedom has launched Fan2Fan, a new service that marks its entry into the secondary ticket market. According to Yerlan Yessimseitov, executive director of Freedom Lifestyle Group, the platform is designed to facilitate secure ticket resales between users. More broadly, the initiative aims to bring transparency to the largely unregulated resale…
