ACWA Power Kazakhstan becomes the 3000th company registered at AIFC
The number of companies registered at AIFC has reached 3,000. ACWA Power Kazakhstan has become the 3000th firm.
Saudi-listed ACWA Power is the world’s largest private water desalination company, a leader in energy transition and first mover into green hydrogen. ACWA Power is currently present in 13 countries in the Middle East, Africa, Central Asia, and Southeast Asia. Its portfolio comprises 90 projects in operation, advanced development, or under construction with an investment value of USD 94.3 billion, and the capacity to generate 65.6 GW of power and manage 8.0 million m3/day of desalinated water per day.
ACWA Power plans to build wind farm with energy storage systems with a total capacity of 1 GW in the Zhetysu region. The aim of the project is to harness abundant wind potential of country to increase the share of renewable energy sources and to help achieve carbon neutrality.
One of AIFC’s key objectives is promoting sustainable development goals, including transitioning to a low-carbon economy, attracting green investments and creating a supportive financial ecosystem.
AIFC’s growth is not only measured in numbers but also in its international reach. The Centre now includes participants from 82 countries, with the top 10 countries represented being China, Russia, the United Kingdom, the United States, Turkey, the United Arab Emirates, Singapore, India, the Netherlands, and the Republic of Cyprus. This diverse representation underscores the AIFC’s appeal as a global financial centre.
AIFC Governor Renat Bekturov: “The growth in the number of the Centre’s participants is explained by a series of factors, such as its unique legal framework based on common law principles, favorable tax conditions and a range of services to support business operations of its participants. Since its inception, the Centre has attracted companies from various sectors, including financial, technology, energy and others, thus contributing to innovation and economic development of Kazakhstan and the region”.
Companies operating in the AIFC jurisdiction derive their benefits depending on the type of organisation. The Centre’s entities operate as Authorised Market Institutions[1], as FinTech Lab[2] participants, as those carrying on Regulated Activities[3], Ancillary Services Providers[4], and others.
Authorised Market Institutions within the AIFC obtain access to a well-regulated market infrastructure with a focus on transparency and investor protection. The AIFC provides a robust legal framework and regulatory support, which enhances credibility and attractiveness of the market to global investors.
Meanwhile, the FinTech Lab offers a supportive environment for innovation in financial technology, accelerating growth and facilitating market entry.
Firms conducting regulated activities within the AIFC can leverage a comprehensive regulatory framework that is aligned with international standards. This enhances trust and confidence among clients and investors.
Entities involved in non-financial activities within the AIFC can benefit from the region’s strategic location, modern infrastructure, and business-friendly environment.
Ancillary Service Providers in the AIFC can tap into a growing financial ecosystem, providing essential support services to financial institutions.
AIFC’s participants carrying on Regulated Activities, Authorised Market Institutions, those of the FinTech Lab and Ancillary Services Providers constitute over 10% of the 3,000 participating firms.
In the first half of 2024 AFSA issued 32 licences, including 14 authorised firms in the full regulatory regime, 4 FinTech Lab participants and 14 Ancillary Services Providers (ASPs), which is over twice as many compared to the figures for 2023.
In September 2021 AIFC registered its 1,000th company and then in July 2023 it doubled in size reaching 2,000th registered firms.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 3,000 firms from 82 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
Contact information:
AIFC Media Relations
Ainur Issabayeva
Press secretary
Phone: +7 701 777 6558
E-mail: [email protected]
Public Relations and Communications Division of AFSA:
+7 (717) 264 73 43;
+7 7172 61-37-45
email: [email protected]
[1] an AIFC Centre Participant which has been licenced by AFSA to carry on one or more Market Activities (such as operating an exchange, a clearing house, or a loan/investment crowdfunding platform).
[2] a tailored live environment, where firms can offer innovative financial and RegTech services without being immediately subject to the full set of regulatory requirements.
[3] The Regulated Activities are financial services that need authorisation from AFSA. These include brokers and dealers, investment and fund management, banking, fund administration, providing and arranging custody, Islamic finance, and other activities including operating a representative office.
[4] Providers of professional services, that are ancillary to, but necessary for the proper functioning of the financial services industry and capital market including audit, accounting, legal, consulting and credit rating agencies.
