Amid a sharp rise in Kazatomprom’s share price in early 2026, Kursiv.media calculated the increase in value of Kazatomprom and KazMunayGas shares purchased in 2023 and 2024 using money from Kazakhstan’s National Fund. The analysis shows that the combined unrealized profit has already exceeded 2 trillion tenge (about $4 billion).
The Kazakh government bought shares in both state-owned companies as part of an effort to replenish the national budget using resources from the National Fund.
How the National Fund invests
Assets held by the National Fund are not kept idle but are actively...