News

Freedom Financial Services Inc., a subsidiary of Freedom Holding Corp., is going to establish a new broker in Turkey. The company will be named Freedom Investment Securities Inc., as the local regulator has already approved the move.

According to the Turkish Capital Markets Association, there are over 70 brokerage companies in the country. Among the biggest are Yapi Kredi ($1.35 billion), Ak Investment ($539 million) and İş Investment ($469 million).

Both Freedom Holding Corp. and its CEO and founder, Timur Turlov, have frequently discussed entering foreign markets – first and foremost the UAE and Turkey. Turlov has also not ruled...

Between January and September 2024, the net inflow of foreign direct investment (FDI) into Kazakhstan’s economy plummeted 32.3 times year-on-year (YoY), dropping from $2.3 billion to just $72.9 million, according to data from the National Bank. This figure marks the lowest level recorded since the regulator began publishing data in 2005. Economist Galymzhan Aitkazin was the first to spotlight this alarming trend.

As defined by the International Monetary Fund (IMF), FDI involves an investor exercising control over a company in another country. Kazakhstan’s National Bank calculates FDI by including foreign ownership in company capital, reinvested earnings and debt instruments.

In...

The Bozzhyra tract won’t be added to the Ustyurt Nature Reserve, according to the administration of the Mangystau region. In 2021, when the media reported plans to build a hotel in the area, many public activists urged authorities to include Bozzhyra in the nature reserve.

That being said, Kazakhstani authorities plan to expand the reserve’s size by nearly 640,000 hectares. At the same time, the protected area, where no settlements or commercial activity are allowed, will reach 20,500 hectares.

The territories to be added to the nature reserve border Uzbekistan and Turkmenistan.

«Please note that the...

Kazakhstan has ratified a free trade agreement between the Eurasian Economic Union (EEU) and Singapore. President Kassym-Jomart Tokayev has already signed the corresponding law, as reported by his press service.

Under the agreement, the EEU will introduce a tariff-free regime for 88% of the product range, up from 40% previously, while Singapore will lift all import tariffs. Previously, the government of Singapore, a member of the World Trade Organization, had the right to raise tariffs for agricultural and industrial products up to 10%.

The EEU and Singapore agreed to gradually remove all customs duties in November 2019 at a meeting...

The Uzbek government is proposing a ban on the production, import and use of plastic bags starting in 2027. The initiative also implies establishing recycling stations for goods in plastic packages.

To achieve this goal, Uzbekistan will develop a draft of a national program for reducing plastic pollution for 2025-2027, as reported by Gazeta.uz.

«The proposal is to ban the production, import and use of plastic bags starting in 2027, as well as encourage the use of environmentally-friendly (biodegradable) bags. Furthermore, it’s planned to limit the use of harmful chemical substances in plastic objects and establish...

Kazakhstan’s Ministry of Transport has announced plans to secure approximately $17 billion in investments for sweeping reforms in rail, water transport and road infrastructure. Key initiatives include the construction of new railroads and highways, the establishment of a container hub in the port of Aktau and the procurement of new railcars.

The infrastructure improvement project, slated for completion by 2030, aims to add 4,700 kilometers of new roads, 3,700 kilometers of which will meet Category 1 standards, the highest road classification, requiring a width of 35 meters.

Starting in 2025, the following road segments will undergo upgrades:

Kyzylorda-Zhezkazgan (208 km).

In his late December 2024 address to parliament, Tajikistan’s President Emomali Rakhmon announced the country’s goal to eliminate its energy deficit by 2027. This ambitious goal will be achieved through projects at the Rogun hydropower plant and a series of plants along the Vakhsh River. Rakhmon stated that these developments would enable the country to achieve complete energy independence, as reported by the Interfax news agency.

Rakhmon highlighted that nearly half of the Rogun hydropower plant’s construction has already been completed. Over the past two years, Tajikistan has allocated more than $820 million to the project from its state budget...

President Kassym-Jomart Tokayev has instructed the cabinet to accelerate nuclear power plant (NPP) construction. According to him, two or three NPPs may be established to develop nuclear power engineering in Kazakhstan. 

«Today, we are focusing on major infrastructural projects, digitalization, artificial intelligence (AI) and nuclear power engineering. These are key strategic aspects for our country’s development. The cabinet must keep these important issues in mind during its work,» the president said in a statement.

He also commented on the development prospects of the nuclear industry in Kazakhstan.

«As for the NPPs...

The government of Armenia has approved draft legislation on the country’s accession to the European Union (EU). The document has already been submitted to parliament for consideration. According to the Armenian foreign ministry, the EU is also ready to support Armenia’s economic sustainability.

On Jan. 9, the Armenian cabinet adopted a draft law initiating the process for Armenia’s accession to the European Union, as reported by News.am.

«Armenia is ready to be as close to the EU as the EU considers possible. This includes the start of visa regime liberalization and other instruments that are...

In 2024, Kazakhstan reduced the share of its shadow economy by 1.3 percentage points (p.p.), bringing it down to 16.2% of GDP. This achievement was highlighted in a report presented to President Kassym-Jomart Tokayev by Zhanat Elimanov, head of the Financial Monitoring Agency (FMA).

As part of the comprehensive action plan to combat the shadow economy for 2023-2025, the cabinet established specific targets for its share of GDP: a maximum of 18.2% in 2023, 16.6% in 2024 and 15% by 2025. According to data from the Bureau of National Statistics (BNS), the shadow economy’s share fell to 17.52% in...

The Business Activity Index reached 49.7 in December, down from 50.8 in November. The rate slipped back into contraction territory for the second time in three months, according to Kazakhstan Services PMI® prepared by Freedom Holding Corp. and S&P Global.

The Business Activity Index is calculated from a single question that asks 250 managers for changes in the volume of business activity compared with one month previously. The index varies between 0 and 100, with a reading above 50 indicating an increase and below 50 a decrease. The index is adjusted for seasonal variation.

Even though some service providers noted...

The Federal Foreign Office of Germany has introduced a new process for applying for visas online, as reported by Deutsche Welle.

From now on, applications for work, student, job seeker and family reunion visas to Germany can now be submitted online worldwide through a newly launched online portal. In Kazakhstan, the new visa application method is expected to become available in the first quarter of this year.

As of today, 167 German visa offices across the globe are connected to this portal, including the German diplomatic mission in Kazakhstan. However, the system has yet to be fully deployed, as some...

Sayasat Nurbek, Kazakhstan’s minister of science and higher education, has dismissed the accusations made by Shigeo Katsu, the former president of Nazarbayev University (NU), as unfounded.

Speaking to journalists on the sidelines of the government meeting, Nurbek responded to questions about Katsu’s recent open letter, in which he accused the university’s current leadership of corruption and ineffective management. While NU’s official response to the letter described Katsu’s claims as largely inaccurate and misleading, Nurbek refrained from addressing the details.

«Last year, the Supreme Audit Chamber (SAC) conducted a comprehensive audit of NU. Based on its findings...

Yuji Beleza, a popular Japanese blogger and polyglot has once again arrived in Kazakhstan to meet his followers, enjoy the nature of the Almaty region and enhance his Kazakh language skills. The 26-year-old blogger has gained popularity in Kazakhstan thanks to his resemblance to Kazakhs and his love for Kazakhstani chocolate. A Kursiv LifeStyle reporter met with Yuji to discuss his popularity in Kazakhstan and his approach to learning foreign languages. 

Beleza launched his blog in September 2023, when he first posted videos of him speaking in Turkish. In these videos, he approaches tourists, asks where they are from and...

Kazakhstan’s transportation and logistics industry is set to create 25 entirely new professions related to Building Information Modeling (BIM) technologies and aviation, according to Minister of Transport Marat Karabayev.

Speaking at a government meeting dedicated to the Year of Working Professions in Kazakhstan, Karabayev highlighted the growing use of BIM technologies, such as digital project models and 3D modeling, in the construction and reconstruction of highways.

«This sector will require professionals such as design engineers for smart roads, foremen with BIM skills, construction robot operators and digital designers. Additionally, designers and operators for digital logistics maps...

National Information Technologies (NIT) has successfully raised $5.6 million through a bond issuance on the Kazakhstan Stock Exchange, with the offering underwritten by ForteFinance, part of the Forte ecosystem controlled by Kazakhstani mogul Bulat Utemuratov.

NIT, the key operator of Kazakhstan’s eGov system, plans to allocate these funds for the further development of IT infrastructure supporting public agencies.

In total, the company issued three million bonds at 1,000 tenge per unit, with an annual coupon rate of 19% and a maturity period of three years. The company has not provided any indication of expected yields. The securities have been available...

Kazakhstan’s first nuclear power plant (NPP) construction project is expected to provide jobs for around 10,000 people by 2032, according to Minister of Energy Almassadam Satkaliyev. He shared this information during a government meeting dedicated to the Year of Working Professions in Kazakhstan.

«The NPP project is expected to create jobs for about 5,000 people by 2030, with the number rising to approximately 10,000 at the peak of construction in 2032. Once operational, the plant will provide jobs for at least 2,000 people,» Satkaliyev stated.

To prepare personnel for operating the NPP, training programs will...

The National Bank of Kazakhstan is ready to utilize its foreign currency and gold reserves to support the tenge, according to Aliya Moldabekova, deputy chair of the bank.

«In the event of unreasonable pressure on the tenge not conditioned with the fundamental factors, the National Bank is ready to supply an additional amount of foreign currency to the market by using its foreign exchange and gold reserves,» Moldabekova wrote in a statement.  

The National Bank has also explained the current weakening of the national currency. As of Jan. 5, the stock exchange price of...

Kazakhstan’s National Security Committee, in collaboration with the Ministry of Culture and Information and the Financial Monitoring Agency (FMA), blocked more than 3,500 illegal online cryptocurrency exchanges in 2024, according to an FMA report.

Additionally, 36 offline cryptocurrency exchanges with a combined turnover exceeding $120 million were shut down last year. The FMA also froze assets worth 4.8 million Tether (USDT) during the crackdown.

Authorities uncovered two cryptocurrency-based pyramid schemes, recovering USDT545,000 and freezing an additional USDT120,000 in assets.

The FMA warned that illegal crypto exchanges often fail to verify client identities or monitor suspicious transactions. This makes them a...

Kazakhstani experts have identified that a viral neuroinfection was the main cause of death for more than 1,000 Caspian seals in the Mangystau region. The virus was discovered in all the samples, as reported by Lada.kz.

The molecular genetic analysis conducted by the Institute of Microbiology and Virology in Almaty revealed a new viral disease in the brains and lung tissues of the deceased seals.

«All the probes tested positive for the virus. This indicates a viral neuroinfection. The detection of the virus in the animals’ brains proves that it is the sole cause of disease...

Heavy snowfall and fog have disrupted operations at the Almaty International Airport, resulting in numerous flight delays.

«Due to adverse weather on Jan. 8 (snowfall and fog), the departure times for some flights have been rescheduled,» the airport said in a statement.

Delayed flights include domestic routes to Shymkent, Aktau, Atyrau, Astana and Semey, as well as international flights to Novosibirsk and Moscow in Russia, and Sri Lanka.

According to Air Astana CEO Peter Foster, the frequent flight delays recently reported at Almaty Airport are often caused by a combination of factors. These include...

Preparations for spring floods in Kazakhstan are in full swing. According to the country’s Ministry of Water Resources and Irrigation, several regions at risk of spring flooding reported that dam construction is 40% complete.

«The ministry is implementing 56 anti-flood projects in 84 settlements. As part of this effort, a network of dams with a total length of 310 kilometers is under construction. As of today, 40% of the work has been completed,» the agency stated.

This work is being carried out in the Akmola, Aktobe, Pavlodar, Kostanay, West Kazakhstan and North Kazakhstan regions, the...

Kazakhstan’s Ministry of Industry and Construction has unveiled plans for the country’s industrial growth in 2025. The ministry anticipates that 190 projects will be implemented, creating 20,000 new jobs.

A substantial share of the investments will focus on vehicle manufacturing, household appliances and metallurgy. In 2025, the Astana Motors multi-brand plant will open in Almaty to manufacture Chinese car brands Chery, Haval and Changan. With a capacity of up to 90,000 cars annually, the plant will create 2,200 new jobs. The project is expected to receive an investment of $400 million.

Additionally, the KIA Qazaqstan plant is set to open...

The international ridesharing service inDrive, founded by Arsen Tomsky, has invested in the Kazakhstani grocery and meal delivery service Ryadom (meaning “nearby” in English). The deal was executed through the company’s venture arm, New Ventures, according to a statement from the enterprise’s press office.

Ryadom was founded in 2020 by Kuanysh Ablayev and Daniyar Toyembayev within the Choco Holding ecosystem established by Ramil Mukhoryapov. The meal delivery service operates 19 warehouses in Almaty and Astana, covering 300 square meters each. One facility serves the nearest district within a 1.2-kilometer radius.  

According to the company, Ryadom delivers 83% of its...