News

KMK Munai, an oil company owned by China’s CNPC, CITIC Group and Suntime Group, reported a net profit of approximately $7.2 million in 2024, a sharp 48.9% decline year-on-year, according to statements posted on the Kazakhstan Stock Exchange (KASE) website.

Pre-tax profit fell even further, dropping 55.8% to nearly $10.5 million, compared to $24.5 million in 2023. Meanwhile, KMK Munai’s revenue slipped just 3% to $121 million, while its cost of sales jumped 18.5% to $68 million.

Despite shrinking profits, the company’s assets grew 2.3% to approximately $213 million, liabilities fell 2% to $120 million and equity rose 8.3% to...

Kazakhstani fintech giant Kaspi.kz looks forward to spending $650 million raised from Eurobond placement in late March to fund its fintech strategy in Turkey along with acquiring a Turkish subsidiary of the Netherlands-based Rabobank group, as stated in the company’s latest financial report.

According to the document, the company plans to allocate $300 million raised from the bond placement to finance its fintech strategy in Turkey this year. The remaining funds are expected to be used to acquire Rabobank Group’s Turkish subsidiary. However, no details have been revealed.

Kaspi.kz placed five-year USD-denominated Eurobonds on the London Stock Exchange’s International Securities...

The Central Bank of Russia foresees the base rate decreasing to a yearly average of 13% to 14% in 2026 and 7.5% to 8.5% in 2027. These projections were outlined in the regulator’s comment to the medium-term forecast, published on May 12, following a board meeting on the base rate held on April 25, 2025.

In late April, the Bank of Russia kept the base rate at 21%. This record-high rate, set in October 2024, hasn’t changed since then. As the regulator noted, inflationary pressure is gradually easing, although it remains significant. Domestic demand still outpaces the prospects for expanding...

According to Minister of Agriculture Aidarbek Saparov, more than 200 anthrax disposals in Kazakhstan do not meet safety requirements and must be fixed.

The government has been working on this issue since it formed a special commission in 2024. Since then, specialists from the ministry have examined several regions and brought 340 disposals into compliance with safety requirements. They plan to continue checking and reconstructing all other disposals across the country.

«We’re working on this. There is a commission that has operated since last year. They visit each region and have already fixed 340 disposals. Over...

Bishkek’s preparatory high school No. 33 has been named after the prominent Kazakh writer Kemel Tokayev (1923-1986), the father of Kazakhstan’s President Kassym-Jomart Tokayev, according to the Kaktus.media news portal.

The initiative originated with Kyrgyz President Sadyr Japarov, who personally shared his decision with Tokayev during a recent working visit to Russia.

Notably, Kemel Tokayev studied at the Frunze (now Bishkek) Military School during the Great Patriotic War (1941-1945). From there, he was sent to the front. This historic building is now home to the high school.

Earlier media reports highlighted that during Victory Day celebrations in Moscow last...

Companies from Kazakhstan and the United Arab Emirates (UAE) have entered into commercial agreements in key economic sectors, worth roughly $5 billion, as reported by Akorda, the official residence and workplace of Kazakhstan’s president.

Nine key documents, including agreements related to the construction of a sugar factory and a data processing center in Kazakhstan, were signed on the sidelines of the Kazakhstan-UAE Business Forum. Moreover, the Astana International Financial Center and Abu Dhabi Global Market inked a memorandum of understanding for international cooperation and mutual assistance in the regulation of laws protecting personal data, while Kazakhstan’s Chamber of International Commerce...

The Mazhilis, the lower house of Kazakhstan’s parliament, will consider a draft law on artificial intelligence (AI) in its first reading, according to the parliament’s press office. The proposed law aims to establish a unified legal framework for using AI technologies.

The legislation outlines measures to:

The draft AI law was introduced in the Mazhilis in early March. MP Ekaterina Smyshlyayeva, the author of...

Taobao, a Chinese online shopping platform, has announced its full-fledged entry into the Kazakhstan market, introducing a new Russian language option in its mobile app. Furthermore, the platform revealed its plan to encourage Kazakhstani users to share their unboxing experiences, offering the opportunity to earn up to 200 yuan ($27.63) in vouchers for future purchases.

By eliminating language barriers, Taobao aims to provide users in Kazakhstan and other Central Asian countries with seamless access to its wide range of products, particularly in categories such as fashion, accessories, household items, and goods for mothers and children. As part of its official...

Starting Jan. 1, 2026, Kazakhstan will change the funding structure for several major institutions, including Nazarbayev University (NU), the Astana International Financial Centre (AIFC) and the Social Health Insurance Fund (SHIF).

The new regulations were adopted following inspections by the Supreme Audit Chamber (SAC) into these entities. NU’s operations were audited in the second half of 2024.

Previously, these organizations received government funding through earmarked contributions and transfers. According to auditors, this approach reduced transparency and prevented the state’s assets from being accurately reflected in consolidated financial statements.

Additionally, the funding method did not contribute to an increase in the...

President Kassym-Jomart Tokayev has signed a law ratifying the intergovernmental agreement between Kazakhstan and the United Arab Emirates (UAE) on the construction of a one-gigawatt wind farm. Earlier this year, the administration of the Zhambyl region announced that Masdar, a state-owned renewable energy company in the UAE, was set to implement this project in the region.

«The head of state has signed a law of the Republic of Kazakhstan ratifying the agreement between the governments of the Republic of Kazakhstan and the United Arab Emirates to implement the wind farm project,» the president’s press service reported.

Kazakhstan’s membership in the Eurasian Economic Union (EEU) has been positively impacting the modernization of its national economy, according to the country’s Ministry of Trade and Integration. The agency outlined the benefits Kazakhstan gains from its participation in the union.

Currently, the EEU member states include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Customs declarations have been abolished between all these countries, enabling the unimpeded movement of goods and reducing business time and costs. The Ministry of Trade and Integration noted that this interaction, in turn, provides Kazakhstan’s population with access to a wider range of higher-quality goods.

Within the EEU...

The East Kazakhstan region is set to build a new cross-border road for tourists from China. The road will span from Kanas Lake in China to Lake Markakol in the Katon-Karagay district of Kazakhstan, as reported by the Ministry of Tourism and Sports of Kazakhstan, citing the administration of the East Kazakhstan region.

Interested state agencies are already discussing the project. For example, the Kazakh Foreign Ministry and the Ministry of Finance have begun negotiations with their Chinese counterparts to promote the opening of an international border crossing near Markakol village.

«When all necessary arrangements are...

Starting Jan. 1, 2026, several categories of Kazakhstanis with unresolved tax debts may face restrictions on their ability to travel. A measure introduced in the new tax code allows tax authorities to prevent individuals who owe money to the state from leaving the country, as reported by Kazakhstani attorney Zhangeldy Suleymanov on Facebook.

The new regulation will affect company managers, individual entrepreneurs, attorneys, notaries and other entities engaged in private practice. Restrictions will apply if a debt exceeds 20 monthly calculation indexes (approximately $155) and remains unpaid for more than three months. Authorities will be able to prevent taxpayers from...

Kazakhstan’s GDP grew by 6% from January to April, according to preliminary data revealed by the Ministry of National Economy, marking an acceleration from the first three months, when the figure stood at 5.8%.

«Preliminary results of the country’s social and economic development over the period from January to April 2025, based on the projection data from the Bureau of National Statistics, show a 6% growth of the GDP. The accelerated pace of development is evident in key economic sectors, such as transport (22.4%), trade (7%), agriculture (3.9%) and telecommunications (2.6%),» the agency said in a...

KMG International, a subsidiary of Kazakhstan’s national oil and gas company KazMunayGas (KMG), has resumed operations at a petrochemical unit within the Petromidia refinery in Romania, the company announced.

Amid rising demand for petrochemical products in the European market, KMG has launched a low-density polyethylene (LDPE) production plant. The company plans to reintegrate the LDPE facility with the petrochemical complex at the Petromidia refinery, aiming to solidify its position as Romania’s sole national polymer producer. This move is expected to bolster KMG International’s production and financial performance while reestablishing its dominance in the regional polymer market.

The LDPE plant has...

Germany, riding on its strong performance, entered the May 11 match of the second round of the 2025 Ice Hockey World Championship as the clear favorite against Kazakhstan, which was viewed as a dark horse. Ultimately, the team that was favored to win delivered, securing a 4-1 victory. The three-goal difference fairly reflected Germany’s dominance throughout the game.

Kazakhstan struck first, catching a stroke of luck early in the match. German captain and Detroit Red Wings defenseman Moritz Seider scored an own goal while attempting to intercept a pass from Nikita Mikhailis in the fourth minute. Mikhailis was credited with...

The end of the oil age is already looming for Kazakhstan, which means that the country must speed up its transformation process. According to Almas Chukin, a Kazakhstani economist, a serious discussion of national finance and economic policy should begin soon.

He mentioned that the National Fund has already reported a significant drop in tax revenue. If the price of Brent Crude were to decrease to $60 per barrel by the end of the year, the fund would receive less cash inflow than it is due.

«The 2025 to 2027 budget was planned based on a...

Andrey Lavrentyev, owner of Allur Auto — Kazakhstan’s largest automotive company — who acquired ArcelorMittal Temirtau (AMT) from Indian billionaire Lakshmi Mittal in late 2023 (renamed Qarmet), has debuted on the latest Forbes Kazakhstan list of the richest people, ranking 12th with a net worth of $840 million.

The media outlet pointed out that Qarmet stopped publishing audited reports on Dfo.kz, a digital reporting platform, as early as the time when the deal between Lavrentyev and Mittal was being prepared. As a result, the only way to estimate a «more or less appropriate» value of the company’s assets was through...

Investment in fixed assets across enterprises in Kazakhstan continues to grow. Notably, this growth is driven less by oil projects and more by infrastructure developments, including schools and hospitals. Despite this shift, the ratio of investments to GDP has declined, reaching a 10-year low.

Top 100 largest investment projects by sectors

Top 5 investment projects implemented in 2024

How did investment activity change in 2024

Kursiv Research is continuing its analysis of Kazakhstan’s largest new industrial and infrastructure projects. Trends in capital investments and overall investment activity are critical indicators for predicting economic growth, as well as...

Vietnamese Sovico Group, which recently acquired 51% of shares in QazaqAir, may receive one more asset in Kazakhstan – an airport in the Kyzylorda region, according to Kazinform, citing Deputy Foreign Minister of Kazakhstan Alibek Bakayev.

«We are leveraging advanced technologies and companies that could help us improve the work and service in our airports from both technological and administrative points of view. We are already negotiating with the Vietnamese. I mean, we are talking about the Vietnamese side managing an airport to improve its overall operations,» Bakayev said.

He clarified that the airport in...

Vyacheslav Kim has retained the top spot on the list of the richest Kazakhstanis in 2025. Timur Turlov rose from 5th to 2nd place, while Vladimir Kim stepped up from 4th to 3rd. Timur Kulibayev and his wife Dinara dropped from 2nd to 6th, and Bulat Utemuratov was ranked 6th, according to the latest Forbes Kazakhstan ranking.

The combined wealth of the top five increased by $7.2 billion over the year, totaling $27.6 billion. Vyacheslav Kim’s capital grew by $5.8 billion, reaching $7.1 billion. His portfolio includes a 23.4% stake in the fintech company Kaspi.kz, as well as shares in...

According to Chinese Ambassador to Russia Zhang Hanhui, Russian gas delivered to China via Kazakhstan may be too expensive. The official stated that a more viable option would be gas supplies via Mongolia.

«Delivering Russian gas through Kazakhstan doesn’t work because there is just one pipeline, and it already operates at full capacity. If we want to import Russian gas along this route, we’d have to build a new pipeline, which would be a costly project. Russia is evaluating this route (via Kazakhstan), but it’s not feasible. We can’t implement this project. It would be much...

Kazakhstan’s Ministry of Energy has issued a statement in response to recent media reports.

«The ministry considers it necessary to comment on publications made by some media outlets that interpret possible adjustments in the country’s oil production volume as the result of external pressure. The ministry strongly denies such claims,» the agency said in a statement.

The ministry emphasized that Kazakhstan is still committed to the OPEC+ agreement and will continue to fulfill its obligations, contributing to the stability of the global energy market.

The agency also added that «Kazakhstan has no plans to reduce...

In April, the Business Activity Index across Kazakhstan’s service sector rose to 51.4, according to Freedom Holding Corp. By comparison, the index stood at 50.3 in March.

Growth in activity has been recorded in each month since the beginning of the year, with the latest increase being the most significant in nine months. According to surveyed representatives of the sector, the growth was primarily driven by inflow of new orders, with the latest expansion being the fastest in a year and a half.

Respondents attributed the increase to improving underlying demand trends, successful marketing campaigns, new client acquisitions and the...