Singapore-based holding company Food Empire has invested 6.7 billion tenge (about $13 million) in the construction of a tea and coffee production facility in Khorgos, a key gateway city linking Kazakhstan and China. The plant will produce instant coffee under the popular MacCoffee brand. Khorgos emerges as manufacturing hub Speaking…
BAE Systems, the U.K.’s largest multinational aerospace and defense company, has decided to sell half of its stake in Air Astana, Kazakhstan’s national carrier, according to Reuters. Once the deal is completed, the British company’s shareholding will fall from 16.95% to approximately 8%. In 2024, BAE Systems had already reduced…
TotalEnergies has announced that Chinese firms Shanghai Institute of Mechanical and Electrical Engineering and Shanghai Electric Group, along with Kazakhstan-based GCD Partner, have joined a consortium of contractors tasked with designing and building the 1-gigawatt Mirny wind farm in Kazakhstan’s Zhambyl region. Project ownership and partnerships TotalEnergies holds a 60%…
Papa John’s recently announced its withdrawal from Kazakhstan and Kyrgyzstan after losing market share to more flexible regional rivals such as Dodo Pizza, analysts at Teniz Capital Investment Banking said. The U.S.-based pizza chain entered Kazakhstan in 2018, opening 15 restaurants but failing to keep pace with fast-growing local competitors.…
BOE Technology Group Co. Ltd., a China-based manufacturer of display panels, including LCD, OLED and LED screens, is set to establish an LED display and next-generation component factory in Alatau, Almaty region, according to the region’s governor’s office. «A memorandum of cooperation was signed between the region’s Department of Entrepreneurship…
On Dec. 11, South Korea’s Ministry of Trade, Industry and Resources (MOTIR) announced that the Korea-Mongolia Rare Metals Cooperation Center would be officially opened on Dec. 12 in Ulaanbaatar, Yonhap reported. The center, located within the University of Science and Technology will study critical metals, such as tungsten, molybdenum, lithium…
The American restaurant franchise Papa John’s is closing all its locations in Kazakhstan and Kyrgyzstan. Franchisee cites revenue decline, rising costs Restaurateur Daniyar Monolbai announced on social media that his company is ending its role as the master franchisee for Papa John’s in both countries. He said the decision was…
Kazakhstan’s copper-mining giant Kazakhmys is preparing for a change in shareholders, the company announced. Agreement reached between current leaders According to the statement, Kazakhmys President Vladimir Kim and Chairman of the Board of Directors Eduard Ogay have mutually agreed to transfer ownership. The formal sale and purchase agreement is expected…
On Dec. 10, South Korea’s Hyundai Rotem, a subsidiary of Hyundai Motor Group specializing in rail systems and defense solutions, announced the shipment of the first batch of high-speed trains to Uzbekistan, marking the country’s first export of domestically developed high-speed trains, Yonhap reported. The order consists of 42 cars…
Thousands of Kazakhs are in South Korea illegally, seeking what some call “easy money.” Kursiv.media spoke with citizens to learn why so many come and how much they earn. How much do Kazakhs earn in official employment? Kakim Danabayev, a Kazakh citizen who lived and worked in South Korea for…
Kazakhstan’s mortgage market is likely to continue shrinking, as the cost of mortgage loans rises and becomes too high for banks, according to Freedom Holding Corp. CEO and majority shareholder Timur Turlov. He made the statement yesterday during a meeting with journalists in Almaty. No mortgage lending outside state programs…
Gold’s inflation-adjusted returns over time are notoriously hard to predict. Still, gold remains a preferred hedge during periods of inflation and currency instability. In recent years, countries’ gold strategies have diverged sharply, reflecting each nation’s economic priorities. Nurasyl Abdrazakuly, a Kazakh data scientist and a frequent collaborator on our infographics,…
Russian President Vladimir Putin has authorized Rosneft-Shell Caspian Ventures Limited — a joint venture between Russia’s Rosneft and Britain’s Shell, which holds a 7.5% stake in the Caspian Pipeline Consortium (CPC) — to conduct transactions involving its share in the pipeline. The order was published on the Russian government’s official…
According to Freedom Holding Corp. CEO Timur Turlov, it is high time for Kazakhstan to abandon the idea that football is «not our» sport. He believes football is the best way to engage a large number of people in sports and achieve positive results for the entire country, provided the…
According to Freedom Holding Corp. CEO and majority shareholder Timur Turlov, the company is exploring entry into the Turkish market. During a media briefing in Almaty, he said Turkey is a logical next step for the company’s development, though no deals have been signed yet. «I don’t want to spoil…
Kazakhstan’s National Bank is introducing amendments to the rules governing the opening and maintenance of bank accounts, as well as noncash payments and transfers. The changes will allow self-employed individuals to open special accounts. The proposed updates include: Allowing direct payments from escrow accounts to contractors for grant funding tied…
Kazakhstan’s net international reserves reached $58.3 billion in October 2025, marking the third consecutive record high, according to data from the National Bank. The figure rose 5.47% month-on-month, or by $3 billion. Since the start of the year, reserves have increased by $14.7 billion, or 33.76%. Net international reserves represent…
Major online marketplaces no longer need third-party sellers on their platforms, according to marketing analyst Chingiz Musin. In a post on Instagram, he said major e-commerce platforms relied on outside sellers only to build out their infrastructure. Musin, a marketing expert who previously worked for several large Russian retail chains,…
Kazakhstan plans to deliver 50,000 tons of oil to China in December 2025 directly from the Kashagan field, following damage to the Caspian Pipeline Consortium terminal caused by a Ukrainian drone strike in November, according to Reuters. The shipment will move through the Atasu-Alashankou pipeline. The oil is produced at…
Kazakh Senator Gennadiy Shipovskih has proposed banning microloans for young adults under age 21. He outlined the idea on a Dec. 4 parliamentary inquiry addressed to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM). Concerns about youth debt and easy access to loans…
A $122 million auto plant will be launched in Uzbekistan’s Sirdaryo region, bordering Kazakhstan, next year. The project is being implemented jointly with Chinese companies, the government said in a statement. Uzbek President Shavkat Mirziyoyev announced the project during a speech at a regional assembly session. However, he did not…
Meirzhan Yussupov, CEO of Kazatomprom — Kazakhstan’s state-owned uranium producer — says it is appropriate for the national company to automatically receive a 90% stake in uranium mining projects upon contract renewal, regardless of the foreign partner’s previous share. Amendments advance in parliament Amendments to Kazakhstan’s Subsoil and Subsoil Use…
Freedom Bank has become the third-largest bank in Kazakhstan by transaction volume and the number of active clients, according to Timur Turlov, CEO and majority shareholder of Freedom Holding Corp., who took part in the Global Banking Summit in London. He made this statement during the panel discussion «The Future…
Kazakh Prime Minister Olzhas Bektenov met with executives from the U.S.-based company LanzaJet to discuss the construction of a sustainable aviation fuel (SAF) plant in the Kostanay region. According to the preliminary design, the facility is planned for the city of Rudny. The plant would have an annual capacity of…
