News

Freedom Holding Corp. has increased the capital of its subsidiary Freedom Bank by 20 billion tenge (approximately $38.66 million), according to a notification to the Kazakhstan Stock Exchange (KASE). The financial organization plans to allocate the funds for further development of its digital products and the Freedom ecosystem.

To raise necessary funds, Freedom Bank issued 3.4 million shares each priced at $11.41, which were acquired by the sole stakeholder of the organization. Thus, by expanding its own capital to roughly $375.07 million, Freedom Bank has been propelled from 11th to 9th place among 21 financial organizations based on its own...

Almaty will reintroduce the public bike share (PBS) system in 2025. According to Vecher.kz, the program will feature 2,000 electric bicycles available for rent in downtown Almaty.

The city administration plans to revive the PBS project, which was initially shut down in 2023, with the state municipal enterprise Almaty Parking as a contractor.

«After carefully examining the unique characteristics of our city, we’ve taken into account past mistakes; the system hadn’t been updated since 2016. Time marches on — while bikes used to be solely mechanical, they are now equipped with electric motors,» said Vladimir Ni...

The Almaty region may lack sufficient local funding to move forward with the construction of Alatau, a planned new city near Almaty, according to Senator Zhanbolat Zhorgenbayev.

Zhorgenbayev revealed that by the end of 2023, the Almaty region’s debt had reached approximately $32 million. As a result, several regional projects had to be delayed until 2024. Under these financial constraints, the construction of Alatau appears increasingly uncertain.

To address the shortfall, the senator proposed allocating additional funds from the national budget to support the Alatau development plan. Key priorities include building roads and infrastructure, constructing hospitals and schools and enhancing...

According to Data Hub, a Kazakhstani Telegram channel focused on finances, over the first 11 months of the year, major international internet companies paid $67.66 million in taxes in Kazakhstan — a 2.6-fold increase compared to the initially planned figure of approximately $25.9 million.

The so-called «Google tax» — a 12% value-added tax (VAT) on the turnover paid by foreign corporations in this sector — was introduced in 2022. All such entities offering their services in Kazakhstan are subject to this tax. Starting from 2022, the international corporation contributed approximately $135.33 million to the state budget.  

The list of...

The Stadler Kazakhstan plant is set to begin producing passenger railcars by the beginning of the second quarter of 2025, according to the country’s Ministry of Industry.

Stadler Kazakhstan, a subsidiary of Swiss railcar manufacturer Stadler Rail, is located in Astana’s industrial park on a site spanning more than 31,000 square meters. The facility will have the capacity to produce 100 passenger railcars annually. These railcars, designed for a lifespan of 40 years, will operate at speeds of up to 160 kilometers per hour. The plant is projected to create 300 jobs.

Kazakhstan Temir Zholy (KTZ), the national railway company...

Kaspi.kz has reported its market cap at $20 billion, making it the most valuable public company listed on the Kazakhstan Stock Exchange (KASE), according to the Qazaq Association of Minority Shareholders (QAMS).

The rating further highlights:

Notably, Air Astana ranked as the least valuable public company on the stock market index, with its stock valued at $550 million, according to KASE.

The combined value of 10 KASE-listed large-cap companies, including Bank CenterCredit, pipeline operator KazTransOil and the Kazakhstan Electricity Grid Operating Company (KEGOC), reached...

Kyrgyzstan plans to impose a $230 fine on women who wear the niqab, a face veil worn by some Muslim women, in public places and government buildings.

Kyrgyzstan’s parliament is currently debating a draft law on freedom of religion and religious associations, as reported by the 24.kg news agency. Among the proposed amendments is a fine of approximately $230 for wearing the niqab in public spaces.

Lawmakers argue that religious clothing hinders the ability to properly identify individuals in government agencies and public places. However, MP Dastan Bekeshev called the fine unaffordable for many Kyrgyz women.

An Azerbaijan Airlines aircraft that crashed in Aktau experienced severe GPS signal jamming, leading to the transmission of incorrect data, according to the Flightradar24 flight tracking service. Notably, the Baltic states previously accused Russia of attempting to jam their GPS signals, causing interference in aviation navigation. 

The Flightradar24 service, which provides real-time flight data, shared additional details about the Aktau crash.

«Flight J28243 that crashed near Aktau Airport in Kazakhstan is an Azerbaijan Airlines Embraer ERJ-190 with registration 4K-AZ65. J28243 took off from Baku at 03:55 UTC time and was flying to Grozny. The aircraft was...

Representatives of the Brazilian aircraft manufacturer Embraer are on their way to Kazakhstan. They will investigate the accident alongside Azerbaijan Airlines (AZAL) representatives.

A delegation of the Azerbaijani State Civil Aviation Agency and AZAL representatives have already arrived in Kazakhstan. The work at the site is carried out in close cooperation with the Azerbaijani aviation authorities.

“The Ministry of Transport has established a commission to investigate the accident. Representatives of the manufacturer Embraer and Brazil’s Aeronautical Accidents Investigation and Prevention Center (CENIPA) are also on their way to Kazakhstan,” Kazakhstan’s Civil Aviation Committee said in a...

Emergency medical teams in Kazakhstan may soon be equipped with video badges to record incidents and help protect them from attacks, according to Minister of Healthcare Akmaral Alnazarova. The Mazhilis, Kazakhstan’s lower house of parliament, recently approved the ministry’s other proposal to criminalize violence against healthcare workers.

«One of the key issues is the possibility of equipping our employees with video badges, similar to those used by law enforcement agencies. This matter will also be legally regulated and I don’t think it will be difficult to implement,» Alnazarova said during a briefing at the Mazhilis.

The project for constructing a main gas pipeline from Russia to China via Kazakhstan has already been launched, according to Deputy Prime Minister of Russia Alexander Novak.

«There is a new project under consideration; it was proposed by Russia in conjunction with our Kazakh friends. This is the construction of a gas pipeline capable of exporting 45 billion cubic meters of gas, including 10 billion cubic meters for the gasification of the northern and eastern parts of Kazakhstan and 35 billion cubic meters of gas for export to the People’s Republic of China. As of today...

Azerbaijan has declared national mourning on Dec. 26 in response to the aircraft crash in Aktau, according to the Azerbaijani news agency Report.az. The latest available data indicates that 29 individuals survived out of the 69 on board

Tomorrow, on Dec. 26, in solidarity with the mourning, state flags will be flown at half-mast in Azerbaijan.  

“Dec. 26 has been declared a national day of mourning following the numerous casualties in the air accident,” the agency reported.

The news agency highlighted that Azerbaijani President Ilham Aliyev has already signed the resolution, although it has...

An aircraft following the Baku-Grozny route crashed near Aktau, according to Kazakhstan’s Ministry of Emergency Situations. The majority of the 69 passengers on board were citizens of Azerbaijan. Twenty-nine passengers, including two children, survived.

Initial reports about the crash came around 12 p.m. Astana time (UTC+5). A fire broke out at the crash site, and emergency workers arrived to extinguish it. In total, 52 rescuers with 11 units of equipment responded to the scene, managing to put out the fire within 30 minutes.

Various media reported that the crashed Embraer E190AR was operated by Azerbaijan Airlines.

The aircraft that...

Ali Serik, a world champion in Thai boxing, was tragically killed in Almaty at just 20 years old. Police have already detained the suspect, who was reportedly an acquaintance of the young athlete. A criminal investigation has been initiated into the case.

«The Nauryzbay district police department has opened a criminal case on the murder of a 20-year-old man. The suspect was captured ‘in hot pursuit’ and placed in a temporary detention facility. According to preliminary information, a quarrel broke out between the acquaintances, during which one of them used a knife. The weapon used in...

Since March 2023, when the individual bankruptcy law came into effect, Kazakhstanis have had approximately $100 million in loans written off, according to the Ministry of Finance.

Data from Qoldau, a digital platform for businesses and citizens, shows that more than 158,000 citizens have applied for bankruptcy in Kazakhstan. Out of these, 116,300 applications were rejected, over 13,000 were approved and 19,600 cases were finalized.

Nearly two-thirds (62%) of applicants are aged 18 to 40. The Turkestan and Almaty regions lead in the number of applicants, with 18,000 in each region. Almaty city ranks third with 12,800 applicants. In...

KazTransOil (KTO), a Kazakhstani pipeline company and a subsidiary of KazMunayGas, says that a short-term shutdown of the Druzhba pipeline will not impact Kazakhstan’s oil supplies to Germany, as reported by the Interfax news agency. The company also confirmed that oil supplies will proceed as initially scheduled.

«The oil shipment will be fulfilled according to the timeline adopted by the Ministry of Energy of Kazakhstan,» KTO said in a statement.

On Dec. 20, some media outlets reported that oil shipment to Europe via the Druzhba pipeline was suspended due to technical issues. The pipeline is...

Kazakhstani EMC Agro has exported 20 tons of frozen pork to Armenia and is looking into delivering the same amount of meat to Georgia. The Ministry of Agriculture of Kazakhstan believes that new markets are going to increase the export share to potentially 50% of the total meat production.  

«Armenia and Georgia’s markets unlock new horizons. Both nations have expressed their willingness to acquire up to 400 tons of our product monthly,» the company said in a statement.

Previously, EMC Agro, whose current production capacity varies between 700 and 800 tons of pork per...

Artificial intelligence (AI) has the potential to replace civil servants in Kazakhstan for routine tasks, which could lead to a reduction in government staff, according to Minister of Digital Development Zhaslan Madiyev. He made the remarks in response to questions about the future of government jobs amidst the AI boom.

Madiyev explained that AI will automate repetitive tasks, freeing up government officials to focus on more creative, intellectual and strategic work that requires human involvement. However, he noted that there are currently no definitive predictions about the potential scale of staff reductions.

«We aim to improve...

Kazakhstan has not yet launched its supercomputers, despite an initial deadline set for the end of 2024. The delay is due to the country still waiting for the export license for American-made chips from the U.S. government, according to a statement from Kazakhstan’s Ministry of Digital Development in response to an inquiry by Kursiv.media.

«The supercomputer project is currently in the implementation phase. Kazakhstan has submitted a request for an export license for Nvidia chips. Negotiations with the U.S. government regarding the matter are underway,» the statement reads.

An export license is a document issued...

The first ever Turkestan photos were taken in the 1860s and published in 1872 in the Turkestan Album. Later in the 1890s, additional shots were taken, including those by the renowned French photographer Paul Nadar, further shaping Turkestan’s exotic image bewildering European audiences.

The first mentions of the town date back to the 10th century A.D., although Turkestan is officially considered to be 1,500 years old. Over its long history, the city has undergone several name changes. In the 12th century, the prominent Turkic poet and thinker Khoja Ahmed Yasawi was buried there. The mosque and mausoleum built at his...

Over the first 11 months of the year, Almaty hotels reported more than $133 million in revenue, marking a 28% increase compared to the same period last year and a threefold surge compared to pre-pandemic levels. The increased financial indicators have attracted new investors to the industry, and Almaty’s hotel capacity is now expected to grow by one-third by 2027.

“For the third year in a row, Almaty has been experiencing a severe lack of hotel rooms. Accommodating groups of tourists during peak season has become a big challenge. For example, 22 businessmen who arrived in...

Kazakhstan’s government is exploring the use of the digital tenge to improve transparency in spending on energy and utility sector projects, according to a statement from the cabinet.

«Prime Minister Olzhas Bektenov chaired a meeting to discuss the implementation of the President’s directive to modernize the country’s housing and utilities sector. The plans aim to reduce the wear and tear on critical infrastructure: in heat supply from 53% to 40%, in electricity supply from 62% to 45%, in water supply from 39% to 34% and in water disposal from 54% to 40%. By 2029, 6.8 trillion...

In November 2024, Bloomberg columnist Javier Blas referred to Kazakhstan as an «internal foe» of OPEC+ for consistently exceeding its oil production quotas throughout 2024. The nation’s budget heavily relies on oil revenues, leading many experts to argue that adhering to the OPEC+ agreement is financially disadvantageous for Kazakhstan.

Struggles with OPEC+ compliance

In November 2024, Kazakhstan increased its daily oil production (excluding gas condensate) by 16% compared to October, the only month in 2024 when the country significantly reduced its output. By Nov. 24, oil production had reached 1.498 million barrels per day (mmbpd), exceeding its OPEC+ quota of...

President Kassym-Jomart Tokayev met with Energy Minister of Kazakhstan Almasadam Satkaliyev, instructing him to ensure that the utility system functions smoothly during the heating season and to take all necessary measures to accelerate the construction of a nuclear power plant (NPP), as reported by the president’s press service.

«The president debriefed the minister’s report on the key results of the ministry’s work during the year and its plans for the further development of the fuel and energy complex in Kazakhstan. The minister also provided a summary of the implementation of large projects in the oil, gas...