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In the third quarter (Q3) of 2024, the assets of Kazakhstan’s banking conglomerates rose by 4.7% quarter-on-quarter (QoQ), reaching 48.2 trillion tenge (approximately $92 billion), according to the Agency for Regulation and Development of the Financial Market (ARDFM).

As of Oct. 1, the largest banking groups by assets were:

Collectively, these three banking giants hold $59 billion in...

A farm in Kasymbek Datka village, located in the Turkestan region of Kazakhstan, is celebrating its second banana harvest this year. But how is it possible to grow tropical fruit in Kazakhstan? Kursiv.media decided to find out.

The small village, home to around 4,000 residents, had rarely attracted media attention until 2023, when GenGroup Qazaqstan invested $3.7 million to establish a banana farm. Located 25 kilometers from Shymkent, the agricultural complex spans five hectares and provides jobs for 15 local residents.

This December, farm workers are gathering their second banana harvest of the year. Preliminary estimates suggest the farm will...

Aktau will be developed following the models of Baku and Dubai. As part of this initiative, the site plan has been revised to include the construction of a 10,000-seat stadium, a maritime passenger terminal, new beaches and an architectural structure called Musical Dombra. These plans were announced by Nurdaulet Kilybai, governor of the Mangystau region, during a press conference at the Central Communications Service in Astana.

The region will receive $317 million in investments to implement 14 major projects as part of its tourism development plan through 2027.

The number of domestic and international routes operated by Aktau Airport is...

Kazakhstan is set to launch a new venture capital fund of funds to attract $1 billion in investments. The government believes this initiative will provide access to crucial technologies to help transform the economy.

«Our main goal is to create conditions that retain local talent and attract new expertise, support startups at all stages of their development and bring global competencies to Kazakhstan,» said Prime Minister Olzhas Bektenov.

The new fund will be the first of its kind to invest in venture capital funds. Previously, only a few venture capital funds were established in Kazakhstan...

A groundbreaking ceremony marking the construction of a school financed by Kazakhstan was held in the Gaziantep province of Turkey, a region that heavily suffered from the 2023 earthquakes, as reported by Kazakhstan’s Agency for International Development (KazAID).

«On Dec. 19, 2024, a groundbreaking ceremony was held in the town of Nurdagi, in the Gaziantep province of the Republic of Turkey, marking the start of construction of a school initiated by President of the Republic of Kazakhstan Kassym-Jomart Tokayev. Preparatory work for excavation and mobilization of construction resources has also been completed,» the agency said in...

The Astana trading platform ITS aims to expand its daily trading volume to $100 million or $3 billion per month next year. In November, the platform reported a trading volume of $66 million.

«In October, we reported a trading volume slightly less than $40 million and $66 million in November. Our moderately optimistic goal is to reach $100 million per month by December. In fact, we are targeting $100 million per day in 2025. These goals are ambitious indeed but still achievable. We are connecting new players from various jurisdictions and launching new products. We also...

During a meeting between Hou Qijun, president of China National Petroleum Corporation (CNPC) and Askhat Khassenov, chair of Kazakhstan’s national oil company KazMunayGas (KMG) in Beijing, the two sides reviewed a summary of the draft feasibility study for nitrogen-based fertilizer production. The project is expected to be completed by 2029 at an estimated cost of approximately $1.5 billion, with a planned annual capacity of 1 million tons.

Furthermore, KMG reported exploring new potential oil fields on the eastern side of the Pre-Caspian Depression in collaboration with China Southern Petroleum Exploration and Development Corporation (CNODC), a subsidiary of CNPC.

During the...

Kazakhstan has no intention of legalizing soft drugs, unlike neighboring Kyrgyzstan. The country’s Ministry of Internal Affairs remains focused on combating drug-related crimes and will not reconsider its position on marijuana, according to Sanzhar Adilov, deputy minister of internal affairs.

During a briefing at the Senate, the upper house of Kazakhstan’s parliament, journalists asked Adilov if the ministry might reconsider its stance on drug policy following Kyrgyzstan’s recent legalization of soft drugs and Kazakhstan’s easing of penalties for drug-related offenses. Adilov firmly asserted that this issue is not currently under consideration.

«We are not exploring changes...

The Port of Klaipeda in Lithuania, one of the largest ports in the Baltic region, has experienced a decline in cargo volumes due to sanctions imposed on Russia and Belarus. In response to these developments, the port is seeking to attract more shipments from Central Asian countries, according to Algis Latakas, the port manager. Latakas made these remarks during a meeting of the Lithuanian parliamentary committee on economy, as reported by the Interfax-Kazakhstan news agency.

«We are working to attract more cargo from this region of Asia — Kazakhstan, Turkmenistan, Uzbekistan and Azerbaijan — to the...

According to Kazakhstan’s Bureau of National Statistics, the country’s imports from Russia have been growing. The agency reported $14.3 billion in imports over the period from January to October 2024, marking a 5.2% year-on-year increase from $13.6 billion.

Kazakhstan imports the following commodities from Russia:

All commodity groups have seen an increase in imports, except for machinery and equipment.

The deadline for finalizing the agreement on the Employment Permit System (EPS) program, which would allow Kazakhstani citizens to work legally in South Korea, has been delayed. Kazakhstan’s Deputy Foreign Minister Alibek Bakayev expressed doubts about completing the process by the end of 2024, as previously pledged by Minister of Labor Svetlana Zhakupova.

«The agreement will be signed soon. South Korean authorities are regularly inquiring not only with the Ministry of Labor but also with other state agencies. They must provide responses based on which South Korea will draft the text of the agreement and shape...

According to Kazakhstan’s Vice-Minister of Digital Development Malik Olzhabekov, Russia and Kazakhstan are negotiating the extension of Proton-M expendable launch vehicle (ELV) launches, which are powered by toxic fuel, from the Baikonur Cosmodrome. The official noted that Russia still possesses 10 such ELVs, which it is supposed to launch by the end of 2026 but is very likely to fail to do so. Some earlier media reports suggested that launches of this type of rocket might not proceed after 2025. 

«Let me be honest — there are 10 Proton-M vehicles remaining. At the current launch rate...

The 14-year legal dispute between Kazakhstan and Moldovan businessmen Anatolie and Gabriel Stati has officially concluded. The parties reached a confidential agreement that resolves all outstanding issues between them, ensuring they cannot be reopened, according to the country’s Ministry of Justice.

«The Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan, and the Stati parties, with the support and approval of leading Tristan Oil creditors, have successfully completed the process of resolving a long-running dispute over oil and gas assets in Kazakhstan,» the ministry stated in a press release.

The...

The Vietnamese Sovico Group, expected to finalize the deal to acquire Kazakhstani Qazaq Air, will also be offered the opportunity to take two airports in Turkestan and Kyzylorda under trust management for several years, according to Kazakhstan’s Vice-Minister of Transport Maksat Kaliakparov.

«As you already know, we have a major anchor investor — Sovico. It plans to enhance Qazaq Air’s fleet with 20 new aircraft they are going to transport from Vietnam. We have offered them to take over the trust management of two airports, located in the towns of Turkestan and Kyzylorda. The issue of...

The city of Almaty plans to borrow approximately $1 billion from international institutions to expand its metro system. This will involve extending the existing line to the Barlyk market and constructing a new line to connect the subway to the airport, according to Mayor Yerbolat Dosaev, who spoke to the media at the Central Communication Service.

«A preliminary confirmed loan of $1 billion is in place. We are negotiating with various creditors, including well-known international institutions such as the International Finance Corporation, Eximbank [a Chinese state-owned bank focused on large public projects], the European Bank for...

Freedom Holding Corp. ranked 18th among the best Kazakhstani companies for ESG disclosure in 2023, according to the international auditing and consulting firm PwC.

The company has analyzed reports from 98 businesses across the energy, oil and gas, finance, and mining industries leading the rankings. The top ten features Samruk-Energy, NC Kazakhstan Temir Zholy, Solidcore Resources plc, NAC Kazatomprom and NC KazMunayGas, among others.

The evaluation criteria are categorized into five blocks:

The average score of the top 50 companies rose from 5.1 to 6 points, reflecting a significant improvement...

China’s Alibaba International Digital Commerce Group (AIDC) will be conditionally registered as a value-added tax (VAT) payer in Kazakhstan, according to the country’s State Revenue Committee (SRC).

SRC officials recently held a meeting with representatives of AIDC to discuss changes in legislation and tax administration related to e-commerce in Kazakhstan.

«Following the meeting, the committee determined that Alibaba International Digital Commerce Group should be conditionally registered as a VAT payer,» the SRC stated.

AIDC is a division of the Alibaba Group. It operates popular platforms like AliExpress, a global online marketplace, and Lazada, an e-commerce...

Kazakhstani companies plan to supply rails and other materials for Afghanistan’s railway network, according to Kazakhstan’s Vice Minister of Transport Maksat Kaliakparov.

«There is a project in which we may participate. One potential route for the International North-South Transport Corridor runs through our territory. We consider one of its first sections in the Herat area a promising opportunity and intend to participate with our domestic companies that produce rails and railroad ties. At the first stage, we plan to supply these items,» Kaliakparov said in response to journalists’ questions.

The vice minister added that Kazakhstan’s...

According to the Armed Forces of Ukraine (VSU), Ukraine has developed a new laser weapon called Trident, which can hit aircraft at altitudes of more than two kilometers.

Vadim Sukharevsky, head of the newly created Unmanned Systems Forces within the VSU, stated that Ukraine has already deployed the Trident laser weapon in real combat operations in 2024.

«I think we can now acknowledge that Ukraine has become the fifth country in the world, if I’m not mistaken, to possess a laser weapon. Currently, we can hit aircraft at altitudes of more than two kilometers. The laser...

Kazakhstan is planning to produce about 87.8 million tons of oil by the end of 2024, down from the previously forecast 88.4 million tons, according to Minister of Energy Almassadam Satkaliyev.

«In 2024, oil production is expected to reach 87.8 million tons. The shortfall in production has impacted oil exports. In the reporting period (January to November), 63.2 million tons of oil were exported, representing 98.3% of the volume exported during the same period last year,» Satkaliyev said at a government meeting.

On Nov. 25, Satkaliyev announced that Kazakhstan would produce 88.4 million tons of...

President of Uzbekistan Shavkat Mirziyoyev has discharged 297 public servants responsible for managing economic issues at the district level, accusing them of failing to meet expectations and displaying arrogant behavior. The president also highlighted that the dismissed officials have been replaced with modern-thinking young specialists who have taken over their positions.    

He also emphasized that there are several officials who do not take their tasks related to poverty reduction in mahallahs (districts and neighborhoods in Uzbekistan) seriously, according to Gazeta.uz.

«Make no mistake: If an official responsible for addressing issues faced by citizens and businesses...

A pair of Amur tigers brought from the Netherlands to help restore the Turanian tiger population in Kazakhstan have successfully adapted to their new environment, according to the country’s Minister of Ecology and Natural Resources Yerlan Nyssanbayev. He emphasized that the tigers have gained weight and are in good health.

“The tigers are kept separately and will remain so for some time. They are both in good shape and have even gained some weight. I receive health reports on them several times a month and can confirm that they are in excellent condition. There are no...

Uranium One Group, a subsidiary of Russia’s state-owned Rosatom corporation, has sold its 49.979% stake in the Zarechnoye joint venture in Kazakhstan to SNURDC Astana Mining Company Limited. The ultimate beneficiary of this transaction is China’s State Nuclear Uranium Resources Development Co., Ltd., according to Kazatomprom, Kazakhstan’s national nuclear company.

«The National Atomic Company Kazatomprom JSC announces the exit of its Russian partner from some joint ventures. Uranium One Group JSC, part of the Rosatom State Corporation, has sold its 49.979% share in JV Zarechnoye JSC to SNURDC Astana Mining Company Limited, the ultimate beneficiary of...

The consumer confidence index (CCI) in Kazakhstan is declining but remains in the optimistic zone. Residents perceive expected inflation to be higher than actual inflation. Many Kazakhstanis frequently report notable price hikes and anticipate significant price growth over the next month and the coming year. Although anxiety levels, including concerns about the labor market, continue to decline, other economic indicators are showing signs of weakness. The credit and deposit confidence indexes have decreased, along with the percentage of people planning major purchases, especially those requiring credit.

This report highlights the findings from the 24th wave of Freedom Finance Global...