News

The city of Almaty plans to borrow approximately $1 billion from international institutions to expand its metro system. This will involve extending the existing line to the Barlyk market and constructing a new line to connect the subway to the airport, according to Mayor Yerbolat Dosaev, who spoke to the media at the Central Communication Service.

«A preliminary confirmed loan of $1 billion is in place. We are negotiating with various creditors, including well-known international institutions such as the International Finance Corporation, Eximbank [a Chinese state-owned bank focused on large public projects], the European Bank for...

Freedom Holding Corp. ranked 18th among the best Kazakhstani companies for ESG disclosure in 2023, according to the international auditing and consulting firm PwC.

The company has analyzed reports from 98 businesses across the energy, oil and gas, finance, and mining industries leading the rankings. The top ten features Samruk-Energy, NC Kazakhstan Temir Zholy, Solidcore Resources plc, NAC Kazatomprom and NC KazMunayGas, among others.

The evaluation criteria are categorized into five blocks:

The average score of the top 50 companies rose from 5.1 to 6 points, reflecting a significant improvement...

China’s Alibaba International Digital Commerce Group (AIDC) will be conditionally registered as a value-added tax (VAT) payer in Kazakhstan, according to the country’s State Revenue Committee (SRC).

SRC officials recently held a meeting with representatives of AIDC to discuss changes in legislation and tax administration related to e-commerce in Kazakhstan.

«Following the meeting, the committee determined that Alibaba International Digital Commerce Group should be conditionally registered as a VAT payer,» the SRC stated.

AIDC is a division of the Alibaba Group. It operates popular platforms like AliExpress, a global online marketplace, and Lazada, an e-commerce...

Kazakhstani companies plan to supply rails and other materials for Afghanistan’s railway network, according to Kazakhstan’s Vice Minister of Transport Maksat Kaliakparov.

«There is a project in which we may participate. One potential route for the International North-South Transport Corridor runs through our territory. We consider one of its first sections in the Herat area a promising opportunity and intend to participate with our domestic companies that produce rails and railroad ties. At the first stage, we plan to supply these items,» Kaliakparov said in response to journalists’ questions.

The vice minister added that Kazakhstan’s...

According to the Armed Forces of Ukraine (VSU), Ukraine has developed a new laser weapon called Trident, which can hit aircraft at altitudes of more than two kilometers.

Vadim Sukharevsky, head of the newly created Unmanned Systems Forces within the VSU, stated that Ukraine has already deployed the Trident laser weapon in real combat operations in 2024.

«I think we can now acknowledge that Ukraine has become the fifth country in the world, if I’m not mistaken, to possess a laser weapon. Currently, we can hit aircraft at altitudes of more than two kilometers. The laser...

Kazakhstan is planning to produce about 87.8 million tons of oil by the end of 2024, down from the previously forecast 88.4 million tons, according to Minister of Energy Almassadam Satkaliyev.

«In 2024, oil production is expected to reach 87.8 million tons. The shortfall in production has impacted oil exports. In the reporting period (January to November), 63.2 million tons of oil were exported, representing 98.3% of the volume exported during the same period last year,» Satkaliyev said at a government meeting.

On Nov. 25, Satkaliyev announced that Kazakhstan would produce 88.4 million tons of...

President of Uzbekistan Shavkat Mirziyoyev has discharged 297 public servants responsible for managing economic issues at the district level, accusing them of failing to meet expectations and displaying arrogant behavior. The president also highlighted that the dismissed officials have been replaced with modern-thinking young specialists who have taken over their positions.    

He also emphasized that there are several officials who do not take their tasks related to poverty reduction in mahallahs (districts and neighborhoods in Uzbekistan) seriously, according to Gazeta.uz.

«Make no mistake: If an official responsible for addressing issues faced by citizens and businesses...

A pair of Amur tigers brought from the Netherlands to help restore the Turanian tiger population in Kazakhstan have successfully adapted to their new environment, according to the country’s Minister of Ecology and Natural Resources Yerlan Nyssanbayev. He emphasized that the tigers have gained weight and are in good health.

“The tigers are kept separately and will remain so for some time. They are both in good shape and have even gained some weight. I receive health reports on them several times a month and can confirm that they are in excellent condition. There are no...

Uranium One Group, a subsidiary of Russia’s state-owned Rosatom corporation, has sold its 49.979% stake in the Zarechnoye joint venture in Kazakhstan to SNURDC Astana Mining Company Limited. The ultimate beneficiary of this transaction is China’s State Nuclear Uranium Resources Development Co., Ltd., according to Kazatomprom, Kazakhstan’s national nuclear company.

«The National Atomic Company Kazatomprom JSC announces the exit of its Russian partner from some joint ventures. Uranium One Group JSC, part of the Rosatom State Corporation, has sold its 49.979% share in JV Zarechnoye JSC to SNURDC Astana Mining Company Limited, the ultimate beneficiary of...

The consumer confidence index (CCI) in Kazakhstan is declining but remains in the optimistic zone. Residents perceive expected inflation to be higher than actual inflation. Many Kazakhstanis frequently report notable price hikes and anticipate significant price growth over the next month and the coming year. Although anxiety levels, including concerns about the labor market, continue to decline, other economic indicators are showing signs of weakness. The credit and deposit confidence indexes have decreased, along with the percentage of people planning major purchases, especially those requiring credit.

This report highlights the findings from the 24th wave of Freedom Finance Global...

The sale of Kazakhstan’s Mobile Telecom-Service (MTS) operator, which operates under the Altel and Tele2 brands, is expected to be completed by January 2025, according to Qatari Power International Holding, the buyer of MTS.

«Power International Holding is finalizing the acquisition of telecommunications operator MTS, with the deal expected to close by January 2025. This acquisition will significantly enhance the telecommunications infrastructure in the region and strengthen its partnership with Kazakhstan,» the company said in a statement.

The current owner of MTS is Kazakhtelecom, whose principal shareholder is the Samruk Kazyna National Welfare Fund...

Askar Jetegenov, ex-deputy head of the drug crime investigations at the Almaty Police Department, has been detained on suspicion of large-scale drug production and trafficking. According to a statement from the Ministry of Internal Affairs (MIA), the case is currently under investigation by Kazakhstan’s Prosecutor General’s Office.

«The MIA is conducting systematic efforts to identify employees who violate the law and hold them accountable. Any unlawful conduct by MIA representatives will be met with the strictest measures,» the statement read. 

The pre-trial process is being conducted under an article of the Kazakhstani Criminal Code related...

Brother Gold, a company controlled by Chinese citizen Huang Ling, plans to conduct geological exploration for solid minerals at the Kerimbek deposit in the Zhetysu region.

«Under this work, the company’s workers will clean previously completed mine workings manually (640 cubic meters) and drill an additional 2,000 linear meters of wells… The work will be carried out during the period from 2025 to 2027 in the warm season (seasonal work from Apr. 1 to Oct. 31),» the company said in a statement.

The total exploration area the company will operate in is 29 square kilometers...

A massive explosion occurred on the ground floor of an apartment block in Moscow, resulting in the deaths of Lieutenant General Igor Kirillov (equivalent to a Major General in the U.S. Army) and his aide.

According to Mash.ru, an explosive device hidden in a scooter’s handlebar was detonated at the entrance of an apartment block on Ryazanskiy Avenue in Moscow.

«An explosion on Ryazanskiy Avenue killed two men. The Investigative Committee has opened a criminal inquiry and is searching for those involved in the crime. The blast shattered windows in the apartment block, damaged its cladding...

President Sadyr Japarov of Kyrgyzstan has signed a new law to impose an additional tax on every liter of fuel sold at gas stations in the country. The government plans to use the revenue to build new roads and repair existing ones, as reported by Kaktus.kg.

«The purpose of the law is to increase state budget revenues for the subsequent implementation of tasks aimed at improving the condition of public roads and road infrastructure in general,» the media outlet cited a statement from Japarov’s administration.

According to the document, once collected, the funds will be...

The Ministry of Energy of Kazakhstan has announced the commissioning of eight new renewable energy facilities by the end of 2024 with a total capacity of 163.35 megawatts.

The new facilities include wind, solar and hydroelectric power plants:

Vladislav Kochetkov, chair of the Russian brokerage firm Finam, has announced plans to enter the Kazakhstani market, according to Russian Frank Media. It is worth noting that Finam’s website was blocked for a long time in Kazakhstan over suspicions of the company’s involvement in organizing a Ponzi scheme.

«We have resumed our efforts to enter the Kazakhstani market. We have recently visited the country, held several negotiations and concluded that we’re interested in expanding there. As a result, we are resuming the talks on acquiring a Kazakhstani broker. It’s quicker than establishing a new entity, although...

S&P Global Ratings has improved long-term credit ratings for four subsidiaries of Freedom Holding Corp., according to a statement issued by the rating agency.

Ratings for Freedom Finance and Freedom Finance Global (both operating under the Freedom Broker brand), Freedom Bank Kazakhstan (under the Freedom Bank brand) and Freedom Finance Europe have all been upgraded from B to B+ on the international scale and from kzBBB- to kzBBB on the national scale.

S&P analysts emphasized their expectation that Freedom Holding Corp.’s companies will see capitalization growth, driven by a planned moderate pace of balance sheet expansion and strong profits diversified...

According to Azattyk, many individuals born and raised in Central Asia are among the rebels who ousted Bashar al-Assad from power. The media outlet analyzed a video clip in which one of the rebels in the Syrian settlement of Deir Semaan spoke Tajik.

The video, shot on Dec. 3, shows a group of armed individuals wearing camouflage near Simeon Monastery, a Christian landmark located 30 kilometers from Aleppo, Syria’s second-largest city.

One of the men spoke Tajik, stating that their group had seized the territory from «infidels.» However, it remains unclear which group he was referring to.

An undisclosed source...

On Dec. 12, the value of global depository receipts (GDRs) of Halyk Bank traded on the London Stock Exchange (LSE) dropped by 5.3%. Analysts from Freedom Broker believe this decline was caused by a dividend gap on Dec. 13.

Halyk Bank is set to pay $0.75 per GDR, which can be converted into 40 common shares. As of Oct. 1, The Bank of New York, a nominal holder for the securities, held 3.1 billion shares, equivalent to 77.4 million GDRs. In other words, holders of Halyk Bank’s GDRs expected to receive $58 million in total dividends. Meanwhile, in September, the...

Kazakhstani AST Petroleum and American BlueSky Energy have agreed to start producing diesel fuel production facilities in Kazakhstan. The fuel will be produced from coal, according to the Telegram channel Energy Monitor, by Nurlan Zhumagulov, the chairman of a public fund with the same name.

According to Zhumagulov, each facility will have a capacity of 20,000 tons of diesel fuel per year. One ton of coal is enough to produce 240 liters of fuel. Once domestic demand is met, the facilities will export fuel to Uzbekistan, Tajikistan and other countries.

The production of diesel fuel from coal is known as...

Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) plans to introduce a gradual reduction in the minimum price of distressed assets held by banks and microfinance organizations if an initial auction fails. For subsequent trade sessions, the proposal suggests setting the price at no more than 70% of the market value for the second round and no more than 50% for any further attempts. A draft regulation with the aforementioned amendments is open for public comment on the legalacts.egov.kz portal until Dec. 26.

The ARDFM explained that the reduction in the minimum price is designed to address...

Kazakhstan’s lawmakers are working on a draft law that would prohibit the use of state funds to finance foreign athletes. At the same time, the country will prioritize football (soccer) as an Olympic sport, Prime Minister Olzhas Bektenov announced.

Responding to a parliamentary inquiry from Senator Darkhan Kydyrali, Bektenov stated that members of the Mazhilis, Kazakhstan’s lower house of parliament, have developed and approved a draft law on physical culture and sports in the first reading.

«The draft law includes a provision banning the use of state funds to finance athletes who are not citizens of...

The cost of renting an A-class warehouse is expected to rise by 29% in 2025, reaching 5,800 to 6,000 tenge ($11.11 to $11.49) per square meter. This year, rent payments ranged from 5,600 to 5,800 tenge ($10.73 to $11.11) per square meter (VAT and utilities excluded), reflecting a 20% increase from the previous year, according to IBC Real Estate.

At the same time, the amount of new warehouse space commissioned in Kazakhstan during the first 11 months of the year reached 191,000 square meters, nearly doubling last year’s figures. Some forecasts indicate that this figure will rise to 255,000 square...