Kazakhstan and the UAE expand business cooperation
On May 12, as part of the official visit of the Crown Prince of Abu Dhabi, H.H. Sheikh Khaled bin Mohammed bin Zayed Al Nahyan to Kazakhstan, the “Kazakhstan – United Arab Emirates” Business Forum was held at the Astana International Financial Centre. The event served as a platform for dialogue between representatives of government and business sectors from both countries.
The event featured several sessions focusing on themes such as digital technologies, trends in the financial sector, urban development, and the green economy. Companies like Kazatomprom, QazaqGaz, ERG, BI Development, Transtelecom, Cerebra AI, Forte Bank, AIX, Presight AI Kazakhstan, Qazaqstan Venture Group and others, took the stage to share their industry insights and flagship projects. UAE participants like Masdar, AMEA Power, SMARTWATT, Abu Dhabi Commercial Bank, Dubai Science Park, TECOM Group also contributed actively, offering a glimpse into the impressive achievements of their companies.
The opening ceremony featured welcome addresses by Arman Shakkaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, Murat Karimsakov, Chairman of the Board of the Chamber on International Commerce of Kazakhstan and H.E. Humaid ben Salem, Secretary General, UAE Chambers Chairman, ICC UAE.
Arman Shakkaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, emphasized that Kazakhstan has set a clear goal: to increase bilateral trade with the UAE to USD 1 billion. He stated: “This is a clear benchmark we are striving toward through export diversification and the expansion of cooperation. Kazakhstan has substantial export potential. In the agro-industrial sector alone, the potential exceeds USD 96 million for products such as vegetable oils, lamb, animal feed, and wheat. The metallurgical sector has the capacity to generate more than USD 250 million in additional exports. There are also significant opportunities in the chemical industry, particularly in the polypropylene segment, with growth potential of USD 19 million, and in mechanical engineering, where exports are expected to rise by over USD 30 million. Further potential exists in the export of mineral fertilisers, construction and oilfield services, and in the information technology sector.”
H.E. Humaid ben Salem, Secretary General, UAE Chambers Chairman, ICC UAE: “For years, our nations have been bound by deep-rooted diplomatic and trade relations, built on trust, mutual respect, and a commitment to progress. Today, we celebrate not only the successes of our past collaborations but also the incredible prospects that lie ahead. Our economic ties have grown stronger, driven by investments across vital sectors such as energy, trade, infrastructure, technology, and sustainable development”.
Alongside the main sessions, numerous B2B meetings were held between businesses from both countries, representing sectors including finance, energy, mining, high-tech, healthcare, and others.
At present, 46 companies from the UAE registered within AIFC, spanning sectors such as finance and insurance, scientific and technical activities, information and communication technologies, trade, transport, manufacturing, and mining, among others.
Forum participants were introduced to a range of business projects presented by leading Kazakh and Arab companies. For example, Presight AI Kazakhstan, part of the Arabic G42 group, specializes in artificial intelligence and digital analytics solutions. Since 2023, the company has been operating in Kazakhstan and is registered with the Astana International Financial Centre (AIFC). Presently, Presight AI Kazakhstan is engaged in several major projects, including the development of a Smart City platform in Astana, the launch of the country’s first supercomputer, and the establishment of a situation centre at Alem.AI.
Notably, cooperation between Kazakhstan and the UAE’s capital markets continues to grow, fostering closer ties and creating a more accessible investment environment for both issuers and investors. On 7 May, Nasdaq Dubai and the Astana International Exchange (AIX) announced the launch of direct connectivity between their central depositories, facilitating the trading and settlement of dual-listed securities on both exchanges.
Earlier in 2024, AIX joined the Tabadul digital exchange hub, established by the Abu Dhabi Securities Exchange (ADX) for cross-border trading. Several UAE-based companies, including International Securities, BHM Capital, and Al Ramz Capital, are trading members of the AIX.
Additionally, in April, the Eurasian Development Bank successfully launched its debut bond issue in UAE dirhams on AIX, becoming the first bond issuer in this currency in Kazakhstan.
Background Information:
The Astana International Financial Centre (AIFC) is an independent jurisdiction offering a favourable legal and regulatory environment, as well as developed infrastructure for starting and conducting business, attracting investment, creating jobs, and fostering economic development in Kazakhstan. www.aifc.kz
