News

For the sixteenth month, Freedom Finance Global has been researching consumer confidence, inflation and devaluation expectations of residents of four Central Asian countries: Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. In October 2024, the dynamics of consumer confidence are ambiguous. Growth occurred in only two countries, and the changes were mostly quite significant. However, the dynamics of inflationary sentiments have improved noticeably in almost all countries, although a couple of countries are still far from recovery. On the other hand, devaluation expectations in the region have grown almost everywhere amid weakening national currencies.

In October, the Consumer Confidence Index (CCI) improved in...

The Asian Development Bank (ADB) and the Ministry of Energy of Kazakhstan have signed a memorandum of understanding aimed at cutting the country’s CO2 emissions, as reported by the bank.

«The ADB and the Government of Kazakhstan have moved a step closer toward the possible early retirement of a coal plant in Kazakhstan under the bank’s Energy Transition Mechanism (ETM) program. Under a memorandum of understanding (MOU) signed at COP29 by ADB and the Kazakhstan Ministry of Energy, the two sides will work toward a pilot transaction that demonstrates a pathway to significantly reduce the country’s...

QazaqGaz, a subsidiary of Samruk-Kazyna, is preparing to enter into a $5.6 billion agreement with PetroChina International Alashankou Company Limited.

«QazaqGaz shall reach a deal that will lead to the conveyance of property worth 50% or more of the company’s book value by signing an additional agreement, No.1, to the purchase and sale agreement between QazaqGaz and PetroChina International Alashankou Company Limited dated Oct. 17, 2023,» the company stated, following a general meeting of its shareholders held on Nov. 7.

Notably, the sole shareholder of the gas company is the state-owned holding Samruk-Kazyna.

As...

Kazakh and Uzbek language courses have been launched at the George Washington University (GW) in the U.S. The educational program is held within the Central Asia Program (CAP).

The Youth Information Service of Kazakhstan, citing GW, reported on the new course. Anyone interested in learning the languages can attend either class through the CAP.

The program is designed for deep and rigorous research of processes occurring in post-Soviet countries and neighboring regions. To achieve this goal, the CAP utilizes an interdisciplinary approach that includes economics, anthropology, history and social and political studies.

Actually, one could have studied Kazakh at GW even...

President Kassym-Jomart Tokayev and Muhammad Sulaiman Al Jasser, head of the Islamic Development Bank (ISDB), have signed a set of agreements totaling $1.153 billion at the UN Climate Change Conference in Baku. This financing is aimed at supporting Kazakhstan’s water resource development to enhance the country’s climate resilience. It marks the largest deal in the bank’s history.

The agreements cover the first stage of a large-scale water resource management project, which includes the construction and renovation of eight reservoirs and 115 water canals across seven regions of Kazakhstan. The execution of this program will ensure a stable water supply to...

Kazakhstan’s Ministry of Science continues to test a new domestically produced cancer treatment drug, DVC. The medication is currently being administered to eight patients as part of the second phase of development to establish the maximum dosage patients can safely tolerate, the ministry reported in response to a request from the Informburo media portal.

Researchers from the National Laboratory Astana and the Kazakh Institute of Oncology and Radiology in Almaty are jointly working to determine the maximum tolerated dose of DVC. In this phase, cancer patients who meet specific criteria are receiving up to 36 injections of the drug in...

Kazakhstan’s Supreme Court has raised concerns about the spike in internet fraud and is proposing stricter legislation to address fraudulent loans, according to its press office. The issue was discussed at a recent meeting of the Supreme Court’s International Council, where it was noted that, in 2024, cases of internet fraud have surged by over 270% compared to 2022.

Under the influence of scammers, Kazakhstani citizens often voluntarily take out loans and sell property, transferring funds to unidentified individuals. Currently, the criminal code does not specifically protect victims of internet fraud, though victims can pursue claims in civil court.

Typically...

Kazakhstan will take two loans from the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB). The corresponding draft law has already been taken into consideration by the Mazhilis, the lower house of Kazakhstan’s parliament.

The AIIB is going to provide Kazakhstan with a 52.7-billion-yen (about $340 million) loan with a 15-year maturity, including a grace period until June 1, 2027. In turn, the ADB has also approved a 52.3-billion-yen ($337 million) loan on the same terms. Both loan agreements were signed in Astana on Aug. 21 and Aug. 23, respectively. The interest rate for the loans remains...

Two districts in the West Kazakhstan region that currently receive electricity from Russia are set to reduce their dependence on Russian energy supplies by launching local power sources, according to Nariman Toregaliev, akim (governor) of the West Kazakhstan region.

«Reducing dependence on foreign sources is one of the most critical issues in the energy sector. Currently, the Zhanibek and Bokeiorda districts rely entirely on electricity from the Russian Federation. In response, we are in negotiations to install a 5-megawatt (MW) gas piston power plant, a project being developed in partnership with the Ministry of Energy,» Toregaliev...

A new $70-million pharmaceutical plant, equipped for high-tech medicine production, will be built in Almaty, according to the cabinet’s press service.

Nobel Almaty Pharmaceutical Factory, JSC (Nobel AFF), part of Nobel Pharmaceuticals, an international holding company based in Turkey, will be the primary investor in the project. The new plant will feature an advanced R&D lab and a state-of-the-art automated warehouse system, unique in Kazakhstan.

Nobel AFF aims to boost its production capacity to 25 million packages by next year. The company has signed 11 long-term contracts to supply 106 different drugs.

«Of these medicines...

On the night of Nov. 11, protesters in Abkhazia, a breakaway region from Georgia, gathered in the capital city of Sukhumi in opposition to an investment agreement with Russia, demanding the release of detained activists who voiced dissent.

Crowds assembled outside the State Security Service (SSS) building and blocked a city bridge. According to local Telegram channels, including NewsGeorgia, demonstrators broke through the SSS building gates, while another channel, Respubliсa, reported that the protest had shifted to Freedom Square by midnight.

Respublica added that people from across Abkhazia continued to join the protests and, several hours in, there...

Kazakhstan Railway (Kazakhstan Temir Zholy) will participate in the construction of a new multimodal cargo terminal at the Port of Alat in Azerbaijan, according to a statement from the company’s press service.

The agreement was signed at the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku. There are several companies which are going to participate in the project: the joint Kazakhstan-Azerbaijani SK-AIH Investment Fund Ltd. (owned by the Kazakhstani Samruk-Kazyna National Welfare Fund and Azerbaijan Investment Holding), Kazakhstan Railway, the Port of Baku (Azerbaijan) and Xi’an Free Trade Port Construction and Operation...

Qatari Trust for Trading Co. will assist Kazakhstan in developing its camel milk production. The deputy governor of the Turkestan region, Nuralkhan Kusherov, and the CEO of Qatari enterprise, Saleh Jaber Al-Marri, have discussed the issues of camel delivery and breeding.

The company plans to import camels from Qatar and breed them in the Turkestan region for further sale to local farmers. They will supply camel milk to the Golden Camel plant, which was established in 2018 by Chinese investors.

The production capacity is 100,000 tons of camel and mare milk per day. The plant is looking to acquire more...

ADCB Islamic Bank, the first Islamic bank in Kazakhstan, formerly known as Al Hilal Islamic Bank, is considering entering the markets in Uzbekistan and Azerbaijan, according to the bank’s CEO Gordon Haskins, as reported by the Interfax Kazakhstan news agency.

“We aim to expand our business throughout the entire region, including the Caucasus and Central Asia. This is why we are already exploring opportunities in several other countries in the area,” Haskins said.

The ADCB CEO clarified that the bank will most likely enter the markets of Uzbekistan and Azerbaijan first before considering other markets...

Tarutinskoye, a Kazakhstani company controlled by the Mikheevskiy GOK (part of the Russian Copper Company), plans to produce up to 500,000 tons of copper and gold ore per year at the East Tarutin field in the Karabalyk district of the Kostanay region.

According to the company’s statement, the East Tarutin gold and copper field has a confirmed annual capacity of 500,000 tons of ore, depending on actual reserves. Production is expected to start at three pits — Northern-1, Northern-2 and Southern — with a total area of 24.2 hectares, by the open-cut mining method. Preparation work will start in...

Over the last 12 years, Nurlan Smagulov, the owner of Astana Group, has increased his fortune fourfold from $240 million to $980 million. During these years — from 2012 to 2024 — he has been building and leasing shopping centers; and producing and selling cars.

Who is Smagulov and how did he make it onto the Forbes list?

Nurlan Smagulov was born in Almaty on June 2, 1965. In 1990, he graduated from the Kazakh State University (now called the Al-Farabi Kazakh National University), where he studied biology and chemistry. Two years after graduation he established Astana Motors. In...

Kazakhstani juniors have earned one bronze and two silver medals at the FIDE World Youth Chess Championships 2024 in Brazil. The U14-U18 tournament took place in Florianopolis from Oct. 29 through Nov. 9, according to the Kazakhstan Chess Federation (KazChess). 

In the category for boys under 14 years, Edgar Mamedov took second place and Amina Kairbekova won in the category for women under 18. Aldiyar Ansat won a silver medal, playing in the category for men under 18, and Sauat Nurgaliyev won bronze among boys under 14.

The youth championships united more than 500 young chess players from more than...

On Nov. 6, 2024, a testing payment was made between Kazakhstani Zaman Bank and Afghani Ghazanfar Bank, marking the first transaction since Kazakhstan removed the Taliban from its list of terrorist organizations. This initial $10,000 transfer processed by Zaman Bank is expected to catalyze increased trade between the two nations.

In late 2023, Kazakhstan removed the Taliban from its terrorist list, noting the importance of fostering trade and economic ties with Afghanistan’s current government and acknowledging it as a long-term geopolitical factor.

Kazakhstan’s Vice Prime Minister Serik Zhumangarin shared news of this «historic» transaction on his social media page on...

Ramzan Kadyrov, president of the small republic of Chechnya within the Russian Federation, has denied accusations of Chechens being involved in an assassination attempt on Komil Allamjonov, a former spokesperson for the president of Uzbekistan. Kadyrov promised to find out who was behind the «provocative fake news.»

«Some pro-Western and oppositional media outlets in the country decided not to wait for the result of the official investigations and speculated that Chechens and even myself were somehow linked to that attack,» Kadyrov wrote on Telegram.

He also described the news as a tool third-party individuals...

S&P, an international rating agency, has upgraded the rating for Freedom Insurance (a subsidiary of Freedom Holding controlled by Kazakhstani businessman Timur Turlov) from B+ to BB with «stable» outlook. According to the national Kazakhstani scale, the rating has been improved from kzBBB+ to kzA-. The rating upgrade followed improvements in the company’s operational and financial results.

The rating agency highlighted the company’s strong insurance underwriter performance (risk assessment), which aligns with the market average and is on par with higher-ranked companies. Analysts support this assessment with key figures: in 2023, the company’s return on equity (ROE) reached 38%, while...

Wanderlust, a prominent British travel magazine, has ranked Kazakhstan among the five most desirable emerging destinations, whereas Air Astana has made it into the top 10 favorite airlines, according to the magazine’s readers. 

The results of the 23rd Annual Wanderlust Reader Travel Awards were announced on Nov. 6. In the Most Desirable Emerging Destination nomination, Kazakhstan claimed the 5th spot, after Uzbekistan (first place), Albania, Qatar and Azerbaijan. 

Furthermore, the magazine highlighted Air Astana, which secured the ninth position in the Favourite Airline nomination. Qatar Airways, Singapore Airlines and Turkish Airlines were also among the selected airlines.

The magazine’s...

According to the Ministry of Finance of Kazakhstan, Terminals Astana Airport Management, a company controlled by investors from the UAE, will remain responsible for managing the Nursultan Nazarbayev International Airport until Jan. 7, 2025. The company received the right to manage the airport a year ago, on Nov. 7, 2023.

«The confidential management agreement is still valid, as the period of its validity has been extended to Jan. 7, 2025,» the Committee of State Property and Privatization under the Finance Ministry told Kursiv.media in response to its inquiry.

The committee also noted that all information...

C29 Metals, an Australian mining exploration company, has obtained a Category 2 environmental permit, which allows it to start drilling at the Ulytau field in the Zhambyl region.

«C29 Metals Limited is pleased to announce the signing of an MOU with Volkovgeology, a 100% owned subsidiary of Kazatomprom, the national and only uranium producer in Kazakhstan,» the company said in a statement to the media.

With the final design of the initial drilling program at an advanced stage, it is now planned to extend the initial diamond drill holes to a depth of approximately...

Akmaral Alnazarova, Kazakhstan’s minister of healthcare, has presented a complete list of diseases that will be transferred from the statutory free-of-charge medical assistance (SFMA) to the Mandatory Social Health Insurance (MSHI) package. According to her, around 15% of Kazakhstanis do not have any medical insurance. 

«Our recent analysis of almost all diseases has shown that, on average, 85% to 87% of Kazakhstanis have medical insurance. For some diseases, the rate is nearly 100%. The remaining population must also obtain insured status in the MSHI. Once they do, they’ll receive access to medical care as well,» Alnazarova...