News

David Brown, a British citizen, has rejoined the board of directors of Bereke Bank, which he left at the beginning of the year, according to a statement from the Kazakhstan Stock Exchange (KASE) available on its website. The governing body of the credit institution, which was sold to the Qatari Lesha Bank last year, consists of four members.

Brown first joined the board of directors of Bereke Bank in December 2024, shortly after the sale of the credit institution from state-owned Baiterek Holding to Lesha Bank, an investment bank based in Qatar. However, in April, he was removed from the...

According to the Ministry of Economy of Kazakhstan, the government will allocate 8 trillion tenge (around $15.7 billion) for the development of the real economy. These funds will be used to launch and develop new enterprises in the mining and chemical industries, with the state-owned Baiterek National Managing Holding JSC designated as the operator of the project.

The bulk of the investment will be provided through the Development Bank of Kazakhstan (DBK), which is part of the Baiterek holding. In 2025, DBK plans to approve transport projects worth 500 billion tenge ($982 million). These funds will be used to finance...

The OpenAI company, the creator of the ChatGPT chatbot, has been officially registered as a VAT payer in Kazakhstan, according to the State Revenue Committee (SRC) of the Ministry of Finance of the Republic of Kazakhstan.

As the SRC noted, it is actively working to ensure transparency and fair taxation in the digital economy.

«From now on, ChatGPT will pay VAT for services provided to individuals in Kazakhstan following local tax legislation,» the agency said in a statement.

Since 2022, the country has been successfully implementing a tax on digital services, known as the «Google...

According to the Tourism Industry Committee under the Ministry of Tourism and Sports of Kazakhstan, the Almaty Mountain Cluster (AMC) is expected to become the largest year-round tourism project in Central Asia by 2029.

On May 23, Prime Minister Olzhas Bektenov was shown the project development plan. He also took a helicopter tour of the AMC, accompanied by business representatives.

Among the presenters of the AMC development plan were:

KazMunayGas (KMG), Kazakhstan’s national oil company, sold a 60% stake in its subsidiary Polymer Production to Russia’s Sibur Holding for 1.18 billion tenge ($2.3 million), according to the company’s Q1 2025 report. The deal was arranged on March 17.

Polymer Production is the first major enterprise in Kazakhstan and Central Asia specializing in the production of polypropylene bags and film. It has been operating in the Atyrau region since 2012.

Until December 2023, Polymer Production was controlled by Samruk-Kazyna Ondeu, a subsidiary of the Samruk-Kazyna holding and the managing company of the SEZ Chemical Park Taraz. The 100% stake in...

According to the latest report from Kazakhstan’s National Bank, the deposit volume increased by 2% in April, reaching 41.3 trillion tenge (approximately $81 billion) in the country. The upward trend was observed in deposits denominated in both national and foreign currencies.

Despite the base rate remaining unchanged in April at 16.5%, following a 1.25 percentage point (p.p.) increase in March, the deposit volume rose by 833 billion tenge (approximately $1.6 billion) to 41.3 trillion tenge (around $81 billion) over the month, setting a new record in nominal terms (inflation excluded). The previous record was set in...

Demand for mortgages is decreasing in Kazakhstan. Bank representatives believe this is due to rising housing prices, as developers anticipate the introduction of a new tax code. Starting in 2026, construction companies will lose their current tax benefits and will be required to pay 16% VAT on each apartment sold.

In the first quarter of 2025, banks received 241,000 mortgage applications. The average loan amount fell by 7% to 16.6 million tenge ($32,596), while the approval rate declined by 7 percentage points to 24%, according to a survey of 19 Kazakhstani banks.

«As banks noted, the...

KazMunayGas (KMG), Kazakhstan’s national oil and gas company, reported a net profit of 193 billion tenge ($377 million) in Q1 2025, marking a 36% year-on-year (YoY) decline, according to the company’s latest financial report.

«The decline in net profit was primarily due to a reduction in other finance income, higher depreciation expenses, as well as foreign exchange losses, and impairment of property, plant and equipment and exploration expenses,» KMG said in the document.

Adjusted net profit — which factors in dividends from joint ventures while excluding their share of profit...

Kazakhstan is expected to emerge as the regional leader in Islamic finance, according to a recent report by the Eurasian Development Bank (EDB). The report, developed in collaboration with the Islamic Development Bank, forecasts that Kazakhstan’s Islamic banking sector will grow to $3.3 billion by 2033.

EDB’s analysts are optimistic about the potential for Islamic finance across Central Asia, even though the sector remains relatively small. As of 2023, Islamic finance in the region totaled just $699 million. However, it is projected to more than double to $2 billion by 2028 and to reach $6.3 billion by 2033. The sukuk...

In 2024, gold producer Zhaltyrbulak, co-owned by Gulnar Dossayeva, wife of former Almaty mayor Yerbolat Dossayev, reported $2.8 million in net profit, following a $2.3 million loss in 2023, according to the company’s consolidated report published on the Kazakhstan Stock Exchange website.

The company was founded in 2015 and holds a gold production contract for the Zhaltyrbulak gold mine in the Karaganda region.

Zhaltyrbulak also manages Altyntas Holding, which controls Vasilkovsky MMC and Boke. The latter is involved in gold exploration and production at several sites within the Boko-Vasilkovsky deposit in the East Kazakhstan region. In 2024, Vasilkovsky MMC completed...

Kazakhstan will need to construct new power transmission infrastructure to support electricity distribution from its first nuclear power plant (NPP), a 2.4-gigawatt (GW) facility planned for the village of Ulken in the Zhambyl district of the Almaty region. The plant is slated to come online by 2035, according to Nabi Aitzhanov, CEO of Kazakhstan Electricity Grid Operating Company (KEGOC).

«In terms of activities related to the construction of the NPP, we have a project designed for the village of Ulken in the Almaty region,» Aitzhanov said during a meeting of Samruk-Kazyna’s public council. «Under this project...

According to Deputy Prime Minister of Kazakhstan Yermek Kosherbayev, Kazakh Sign Language (KSL) is likely to receive official recognition. The cabinet is already examining international experience and shaping decisions aimed at improving the lives of people with hearing impairments.   

Kazakhstan is currently working on establishing an accessible environment for people with hearing loss. Children with hearing impairments are taught fingerspelling and supported with specially designed handbooks, dictionaries and study guides, while 17 higher education institutions train teachers of the deaf. In addition, the e-Ymdau teaching software, which serves as an interactive video dictionary, is used in special schools.

Moreover...

President of Kazakhstan Kassym-Jomart Tokayev has appointed Darkhan Satubaldy as the new akim (mayor) of Almaty, the country’s largest city.

«To appoint Satybaldy Darkhan Amangeldyuly as akim of Almaty, relieving him of his previous position,» the president’s edict reads.

Before this appointment, the president dismissed Yerbolat Dossayev from the position of akim. Dossayev had served in the role since Jan. 31, 2022, succeeding Bakytzhan Sagintayev.

Satubaldy was born in 1974 in the Turkestan region (then known as the South Kazakhstan region). In 2022, he was appointed akim of the Turkestan region. On Jan...

Seven Kazakhstani students studying at Harvard University face uncertainty after the Trump administration decided to revoke the university’s right to offer educational services to international students. All seven are studying in the U.S. under the Bolashak International Scholarship, a state program in Kazakhstan that enables talented students to study abroad, according to Olzhas Berkinbayev, a press secretary at Kazakhstan’s Ministry of Science and Higher Education.

«As of today, seven people are studying at Harvard through the Bolashak program. We have no information on students studying under other scholarships or at their own expense. We will send...

Cargo deliveries via drones are expected to become a reality in Kazakhstan within the next few years. This innovation is being driven by the Freedom SuperApp, following successful test deliveries, according to Alexey Lee, CEO of Freedom Lifestyle Group. The app currently boasts over 2 million users.

During an appearance on the nFactorial podcast, Lee discussed what Kazakhstan needs to implement to enable automated drone deliveries, where a human operator is only involved in landing or lowering the package using an electric hoist.

«Of course, there are legal requirements and training involved,» Lee explained. «When we...

Danish brewing giant Carlsberg Group and U.S.-based PepsiCo plan to jointly build a soft drink production plant in Kazakhstan’s Almaty region, according to a statement on the Primeminister.kz website.

Kazakhstan’s First Deputy Prime Minister Roman Sklyar recently met with Danish Ambassador Jesper Vahr to discuss the implementation of the project.

The plant is expected to produce up to 340 million liters of beverages per year, with a total investment exceeding $250 million. Once operational, the facility will employ around 500 people.

Ambassador Vahr emphasized that the new production site will boost the added value of local agricultural products, drive growth...

Sinomach, the official distributor of Lixiang in Russia, is considering remotely disabling multimedia systems in vehicles imported through gray market channels, company representative Lev Lazarev told Gazeta.ru. The measure would primarily target Lixiang SUVs.

Sinomach Auto obtained exclusive distribution rights for the Chinese brand Li Auto (Lixiang) in Russia in March 2025. The company is now seeking ways to restrict functionality in vehicles brought into the country outside its official network.

According to Lazarev, there are several technical options for disabling multimedia systems in such SUVs — a move that could render the vehicles nearly unusable, as most of Li...

Kazakhstan is aging rapidly. According to findings from Kazakhstan’s Unified Accumulative Pension Fund, every fifth citizen will be over 60 by 2050, imposing a significant burden on the pension system amid the country’s declining birth rate.

As of Jan. 1, 2025, Kazakhstan’s population was estimated at over 20.3 million. People under 25 accounted for 42.8% (8.7 million), those aged 25 to 65 made up 48% (9.7 million), and citizens over 65 comprised 9.2% (1.9 million). Forecasts suggest that the country’s population will reach 26.3 million by the end of 2050.

The average life expectancy of a Kazakhstani national reached...

Kazakhstan’s youth boxing team delivered a commanding performance at the 2025 ASBC U22 & Youth Men’s & Women’s Asian Boxing Championships in Colombo, Sri Lanka, dominating the U19 finals on May 22 with a haul of 22 gold medals.

In the young men’s division, Kazakh boxers secured 10 gold medals. Nygman Nygmet (57 kg), Mukhit Nurkabyluly (63.5 kg) and Bexultan Kairatuly (+92 kg) defeated opponents from Kyrgyzstan. Igor Solovyov (80 kg) and Rassul Assankhanov (92 kg) defeated Afghan boxers. Aldiyar Bakhadur (54 kg) and Sultan Turdaly (67 kg) overcame rivals from Tajikistan. Other victories came from Nurkhan Kumarbekov (48 kg...

KMK Munai, an oil company owned by Chinese CNPC, CITIC Group and Suntime Group, is set to deliver 200,000 tons of oil to China, 200,000 tons to European countries and 250,000 tons to Kazakhstan’s market in 2026. This decision has been made by the company’s shareholders at their annual general meeting.

In particular, the shareholders voted to enter into major oil sales deals with Singapore-registered Petrochina International (Singapore) PTE. LTD. and Euro-Asian Oil PTE. LTD., to supply oil to China and Europe, respectively. Both agreements specify a delivery volume of 200,000 tons at a preliminary price of $100 per barrel...

Shukhrat Ibragimov, son of the late tycoon Alijan Ibragimov, is seeking to acquire the stakes in Eurasian Resources Group (ERG) owned by his father’s partners, according to the Financial Times, citing sources familiar with the matter.

Ibragimov Jr. has been leading ERG since October 2024 and now plans to buy out the 40% share held by Patokh Chodiev and the heirs of Alexander Mashkevich, who passed away on March 22, 2025.

Ibragimov has worked at ERG since 2015 and joined the company’s board in 2021 after his father’s death.

ERG was founded in 1994 by Alijan Ibragimov, Alexander Mashkevich...

In 2024, Kazakhstan saw a sharp rise in internet service spending, with a nearly 25.7% increase, even as spending on mobile services dropped, according to the Bureau of National Statistics (BNS).

Data from the BNS shows that the total value of communication services reached 1.4 trillion tenge (approximately $2.9 billion) last year, up 13.8% year-on-year (YoY). Internet-related spending, including mobile and landline services, rose by 25.7% to nearly $1.6 billion. In contrast, spending on mobile services fell 14% to $436 million.

When looking only at services used by individuals, excluding legal entities, spending on internet services hit around $1.16 billion...

Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry is working on establishing a crypto reserve asset, as reported by Lsm.kz. The agency has also confirmed the information to Kursiv.media, noting that the reserve would enable the country to respond more quickly to changes in the global financial system.

The ministry also said that potential sources for the reserve are currently being identified, adding that it could be used to store the state’s assets in cryptocurrency, support the digital economy and contribute to the sector’s development.

«To put it more clearly, this concept can be compared to...

A contentious draft language law passed its first reading in Kyrgyzstan’s parliament, the Jogorku Kenesh, sparking heated debate over national identity, interethnic relations and civil rights. The proposed law would require candidates for public office and civil service jobs to demonstrate proficiency in the Kyrgyz language. It also outlines language standards for school exams, advertising and media content. The specific proficiency levels would be defined later by the government.

While proponents argue that the legislation will strengthen the status of the Kyrgyz language, critics warn that it could marginalize non-Kyrgyz ethnic groups and incite unrest.

«Citizens...