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QazaqGas, the national gas company in Kazakhstan and UCC Holding from Qatar have decided to work together to build natural gas processing plants on the Kashagan field. The arrangement followed negotiations between President of Kazakhstan Kassym-Jomart Tokayev and Emir of Qatar Tamim bin Hamad Al Thani, according to the Akorda.kz website.

«After negotiations between President of Kazakhstan Kassym-Jomart Tokayev and Emir of Qatar Tamim bin Hamad Al Thani, QazaqGas, JSC and UCC Holding have signed the agreement aimed at joint implementation of projects related to the construction of the gas processing plants on the Kashagan oil and gas...

After the public initial offering (IPO) of Air Astana, the share of British BAE Systems dropped from 49% to 15.3% which won’t affect the airline’s suspension of air travel with Russia, according to the company’s CEO Peter Foster.

«In fact, the March 2022 decision to stop flights to, from or above the Russian Federation has nothing to do with the shareholder structure. This is related to the insurance of aircraft, carrying of flights to Russia, technical maintenance of aircraft in Russian airports and other technical issues. The company’s IPO doesn’t change anything,» he told Kursiv.media while addressing a...

The National Fund has two portfolios: stabilization and savings. The National Bank, which manages the fund’s assets, invests them in various instruments, including stocks, bonds, gold and alternative instruments.

«The assets of the stabilization portfolio are primarily invested in money market instruments in developed economies. Meanwhile, assets from the savings portfolio are strategically allocated and diversified across classes, markets and currencies. They encompass stocks from developed markets, gold, alternative instruments, corporate bonds and public bonds from developed and developing countries,» the National Bank said.

Stocks account for 33% of the portfolio, followed by bonds from developed...

The European Bank for Reconstruction and Development (EBRD) has acquired a 5% stake in Air Astana. This investment, totaling $42 million, was made as part of the company’s IPO, as confirmed by the bank to Kursiv.media.

«The EBRD’s acquisition of shares in the company is excellent news for all investors due to our AAA rating. The presence of such a reputable investor will have a positive impact on the company’s stability and attractiveness to investors,» the company stated.

According to the bank, it invests in companies aligned with its strategic objectives. Regarding Air Astana, the EBRD views...

Kazakhstan is set to prevent pedophiles, extremists and terrorists from entering the country. The Mazhilis, the lower house of the country’s parliament, has adopted a new law aimed at improving national legislation in the sphere of migration and the penitentiary system.

The document proposes limiting entry to Kazakhstan for individuals with criminal records related to sex crimes against children, who will also be barred from obtaining Kazakhstani citizenship.

«In addition, we will ban entry to our country for any foreigner involved in extremism and terrorism,» the Mazhilis stated.

On the other hand, under the new law, even...

The National Bank of Kazakhstan emerged as a global leader in gold sales last year, contrasting with the trend among other central banks, particularly those in developing nations, which sought to accumulate gold reserves, according to analysts at Halyk Finance.

Since 2012, the National Bank has been actively purchasing gold from local producers. By 2022, gold constituted 70% of its reserves. However, experts at Halyk Finance noted that this structure of foreign exchange and gold reserves was characterized by low liquidity. Consequently, the regulator opted to decrease the share of gold in its reserves, a trend that continued in...

The government of Kazakhstan intends to authorize the minister of industry and construction to sign long-term agreements with investors in the processing of solid minerals, granting them tax benefits.

“In accordance with Article 243 of Kazakhstan’s Subsoil Code, the government of Kazakhstan approves the draft agreement on the processing of solid minerals and to authorizes the minister of industry and construction of the Republic of Kazakhstan to sign agreements on the processing of solid minerals.”

To be eligible for any tax benefits, investors must allocate at least $576.1 million to a solid mineral processing project.

Authorities define...

The Ministry of Digital Development, Innovations and Aerospace Industry of Kazakhstan, Samruk Kazyna and Presight AI, a research and consulting company from Abu Dhabi, have officially agreed to build a supercomputer and a data processing center (DPC) in Kazakhstan. Once the project is implemented, the country will lease this computing power to neighboring countries, as stated on the ministry’s website.

Scientists and representatives from various companies in Kazakhstan are expected to have access to the supercomputer. Kursiv.media reached out to the Digital Ministry for clarification on the process of accessing it.

«The demand for technical infrastructure (a supercomputer...

According to the Ministry of Digital Development, Kazakhstan plans to export its IT solutions related to e-government to neighboring Kyrgyzstan.

The projects expected to be exported include:

During Digital Almaty 2024, a conference dedicated to IT solutions across various sectors, the digital ministries of both countries signed a memorandum of understanding.

Additionally, Kazakhstani officials signed similar memorandums with digital ministries from Sierra...

Kazakhstani citizens are showing reduced interest in moving to Russia. In 2023, only 11,700 Kazakhstanis opted to relocate to Russia for residence, as reported by the First Credit Bureau (FCB), citing the Bureau of National Statistics.

The FCB noted that this marks the lowest migration level in the past 24 years. This decline happened across all 20 regions of the country.

From January to December 2023, 11,700 Kazakhstanis moved to Russia from Kazakhstan, compared to 19,400 in 2022.

Additionally, the Bureau of National Statistics reported a net migration of 9,344 individuals, with 25,399 people arriving in Kazakhstan and 16,055 departing...

President of Kyrgyzstan Sadyr Japarov has asked U.S. Secretary of State Antony Blinken not to intervene in the country’s internal affairs. Earlier this month, Blinken said that he was concerned over a draft law on nongovernmental organizations that the Kyrgyz parliament had been reviewing.

The draft law is aimed to strengthen control over nongovernmental organizations (NGOs) operating in Kyrgyzstan and limit their funding from foreign sources. The document was approved by the parliament in the first reading.

According to Japarov, the government of Kyrgyzstan wants to know from what sources NGOs receive their money, for what purposes and with whom...

The holding’s revenue amounted to $418.6 million in the third quarter of the 2024 fiscal year, ending on December 31, 2023, which is almost a twofold increase over the same period last year ($214 million), according to the company’s financial statement.

The 96% increase in revenue ($204.6 million) was driven by several reasons. First, fee and commission income increased by 49% ($39.3 million) as the company expanded the scope of its operational activities and reported an increase in revenue from payment processing by PayBox and other subsidiaries.

Second, the percentage income of the holding rose by 182% ($146.2 million) as...

Kazakhstan has prematurely banned the culling of saiga antelope. Since February 10, all forms of hunting these animals have been prohibited and will be considered illegal, according to Minister of Ecology and Natural Resources of Kazakhstan, Yerlan Nyssanbayev. As he noted, this decision was made after consultations with scientists. Additionally, deep snow and cold prevent people from moving in the steppe.

The official also revealed that the ministry intends to resume regulating the saiga population in 2025, following a biological study.

“We are going to conduct a thorough count of the animals in May, taking into account last...

According to the Ministry of Agriculture of Kazakhstan, the Chinese authorities have lifted a 19-year ban on poultry imports from Kazakhstan. China has also removed restrictions it imposed on Kazakhstani meat products due to the risk of foot and mouth disease.

«Thanks to the move, farmers from Southern and Eastern regions of Kazakhstan will be able to restart exports of frozen pork and beef as well as a wide range of poultry products to China,» the agency said in a statement.

China stopped importing Kazakhstani poultry products in 2005, while foot and mouth disease restrictions were imposed...

In 2023, the volume of cashless payments in Kazakhstan amounted to $315 billion, which is a 20% increase over the national GDP and a 39% increase compared to last year, according to the Association of Financiers of Kazakhstan.

The share of cashless payments increased from 82.5% to 86.2% throughout the country. The Almaty region (+9.9 percentage points), Turkestan (+9.5 p.p.) and West Kazakhstan (+5.4 p.p.) region accounted for the highest growth of the rate.

Online payments are the most popular (83%) followed by payments through POS terminals (10.9%) and QR codes (6.0%).

AFK’s experts believe that the number of cashless...

The National Bank of Kazakhstan reported that its international reserves reached $34.5 billion as of late January 2024, which is a $978.33 million decline compared to the same period last year. The rate increased by $222 million month-on-month though, according to the regulator.

Net foreign assets of the National Bank, which is the difference between its external assets and liabilities toward nonresidents, dropped by 1.3% month-on-month and 1.6% year-on-year from $96.8 billion to $95.2 billion.

External assets

Under the National Bank’s methodology of monetary policy, net foreign assets include the following: net international reserves calculated as the difference between...

New Prime Minister of Kazakhstan Olzhas Bektenov has instructed the Ministry of Finance to carry out an audit of the national and municipal budgets in order to cut unnecessary expenditures, according to the cabinet’s press service.

Bektenov has already met with officials responsible for financial and economic issues.

According to the prime minister, all public money must be focused on goals that will eventually provide an economic output, while all unnecessary costs must be cut completely.

«I am ordering the Ministry of Finance to carry out the audit of the national budget within ten days and local budgets...

Ilham Aliyev, the current president of Azerbaijan, has been reelected. He won 92.1% of the votes, according to the Аzertag news agency, citing the country’s Central Election Commission (CEC). Seven candidates took part in the election of Azerbaijani president.

According to Mazahir Panahov, chair of the CEC, voter turnover for the elections was more than 76%. As of the morning, the committee gathered results from 6,102 out of 6,537 voting stations in 125 election districts.

Seven candidates ran for office including Aliyev, who is participating in the presidential elections for the fifth time. The CEC reported the following results:

Ilham...

Emergency response specialists discovered the bodies of four people after a landslide in the Tau Samal micro-district in Almaty. All victims of the disaster were members of one family: two adults and two teenagers.

The Ministry on Emergency Situations said that it is offering necessary psychological assistance to relatives and neighbors of the victims.

«As of now, we have discovered and recovered the bodies of a man born in 1984, a woman born in 1980 and two teenagers born in 2007,» the agency said in a statement.

Rescue personnel are continuing debris and mud clearance

«This work is...

Experts of the financial market interviewed by the Association of Financiers of Kazakhstan (AFK) have predicted that the annual inflation will drop to 8.8% this year if the base rate is at 12.5%, the February survey by the AFK says.

By early March the USD exchange rate is expected at 455 tenge (457 in the January survey). The slight weakening of the American currency in Kazakhstan is due to the February taxation period, when businesses must pay corporate income, mineral extraction tax, export rental tax and other payments for 2023.

However, the experts warned that the high volatility of oil...

The International Monetary Fund (IMF) has worsened its outlook for Kazakhstan GDP’s growth to 3.1% compared to 4.2%, a rate forecasted in October 2023. At the same time, the institution has improved its forecast for the next year from 4.6% to 5.7%.

The IMF got more pessimistic about this year due to the risk of delays with the expansion project on the Tengiz oil field; decline in oil prices, potential problems with oil exports and slowing economic growth in trading partners (the EU and China), according to Halyk Finance.

For example, the IMF is forecasting oil prices to drop by...

According to President Kassym-Jomart Tokayev, there is no effective regulation of the construction sector in Kazakhstan. He suggested simplifying the process of getting approval documentation for investors in the sector.

As the president noted, the current methodology for calculating construction projects’ costs based on approximate estimates has fallen behind modern international standards.

«Investors lose their money and time; they go to other countries with fewer requirements necessary to obtain approval documents for construction. The cabinet needs to simplify this process of getting approval documents for investors,» the president said during a meeting with cabinet members.

Tokayev also...

New Minister of National Economy of Kazakhstan Nurlan Baibazarov, appointed to the position by President Kassym-Jomart Tokayev on February 6, revealed on the sidelines of the cabinet what is going to happen with the Value-Added Tax (VAT) within a massive tax reform.

The ministry has been preparing the new Tax Code for a while. The increase of the VAT from 12% to 16% is one of the key elements of the reform. At the initial stage, the ministry even wanted to raise the tax to 20% but later dropped the idea.

According to the Ministry of National Economy, the VAT...

In January 2024, the Astana International Exchange (AIX) reported record-high trading volumes of stocks. It amounted to $25.5 million, which is the best result the exchange has ever shown. Stocks of Polymetal International have accounted for the lion’s share of this success. More generally, foreign stocks became a significant part of stock trading on the AIX this January (37%).

Polymetal International is ranked among the top ten gold producers in the world. The company’s shares have been traded on the AIX since 2019. In 2023, Polymetal redomiciliated from the island of Jersey to the Astana International Financial Center (AIFC). As...