Kazakhstan–UAE Business Forum Yields Agreements to Strengthen Economic Cooperation

On May 12, the President of Kazakhstan, Kassym-Jomart Tokayev, and the Crown Prince of Abu Dhabi, H.H. Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, visited the Astana International Financial Centre. The distinguished guests were briefed on the Centre’s operations and participated in the “Kazakhstan – United Arab Emirates” business forum. 

Renat Bekturov, Governor of the AIFC, presented to the President of Kazakhstan and the Crown Prince of Abu Dhabi an overview of the Centre’s activities, alongside its potential for strengthening bilateral investment and economic relations between the two countries. 

Renat Bekturov, AIFC Governor, remarked: “The AIFC continues to cultivate a favourable environment for collaboration between Kazakhstan and the UAE by providing an investor-friendly jurisdiction and a robust platform for structuring large-scale business ventures within a well-developed financial ecosystem. These efforts are already bearing fruit – with dozens of UAE-based companies now registered at the Centre, actively investing and advancing their projects within Kazakhstan.” 

Currently, more than 3,800 companies from over 80 countries are registered within the Centre. Through the Astana International Financial Centre, over USD 14.7 billion in investments have been attracted to Kazakhstan’s economy. At present, 46 companies from the UAE operate within the Centre, spanning sectors such as finance and insurance, scientific and technical activities, information and communication technologies, trade, transport, manufacturing, and mining, among others. 

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 2025, 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. 

The distinguished guests were briefed on the unique aspects of the AIFC jurisdiction, which is based on the principles of English common law. Also, they were introduced to AIFC’s core institutions, including the Astana Financial Services Authority (AFSA), the AIFC Court, the International Arbitration Centre, and the Astana International Exchange. 

The President of Kazakhstan and the Crown Prince of Abu Dhabi also attended the closing ceremony of the business forum. In his address, President Kassym-Jomart Tokayev expressed confidence that representatives from the business and corporate sectors on both sides will make valuable contributions to the full-scale implementation of these agreements.  

“The United Arab Emirates is Kazakhstan’s leading trade and investment partner in the Gulf region, with total investments surpassing $4.3 billion. As the UAE’s Vision 2031 closely aligns with our national priorities for innovation, industrial growth, and diversification, we are committed to providing a favorable environment for Emirati business partners,” the President stated. 

The Head of State briefed the Emirati business community on Kazakhstan’s ongoing economic reforms, implemented in line with OECD international standards and principles. In this context, he highlighted the establishment of the Investment Board, which provides tailored and efficient support for foreign investors, including UAE companies. 

“We see immense potential to expand cooperation across multiple sectors – energy, logistics, finance, smart technologies, agriculture, and more. Several landmark projects underscore the strength and momentum of our dynamic partnership. Today, we are implementing projects with Masdar, Presight, Abu Dhabi Ports Group, Terminal Holdings, and Abu Dhabi Commercial Bank. These and other projects reflect the depth, effectiveness, and accelerating progress of our bilateral relations,” Tokayev noted. 

The business forum also served as a platform for signing a number of key agreements aimed at enhancing economic cooperation. Notably, the Ministry of Digital Development, Innovation, and Aerospace Industry of the Republic of Kazakhstan and the Akimat of Astana signed a Memorandum of Cooperation with Presight AI for the construction of a data processing centre in Astana. The Ministry of Agriculture of the Republic of Kazakhstan signed an Investment Agreement with QazaqArab Sugar LLP for the implementation of a sugar production project in Kazakhstan. 

The Department of Education of Astana signed a Memorandum of Understanding and Cooperation with the Emirates Kazakhstan Education Investment Group for the implementation of the SABIS International School Astana project. 

The Astana International Financial Centre and Abu Dhabi Global Market signed a Memorandum of Understanding for international cooperation and mutual assistance in the regulation of laws protecting personal data. 

Renat Bekturov, Governor of the Astana International Financial Centre (AIFC), commented: “The signing of the Memorandum with the ADGM Office of Data Protection marks an important step forward in advancing international cooperation on personal data protection. This agreement reinforces our commitment to maintaining high standards of privacy and legal certainty within the AIFC, while also promoting the adoption of international best practices across the region.” 

Zhali Ualiyev, AIFC Data Protection Commissioner, stated: “We welcome the strengthening of our partnership with ADGM in the field of data protection. The Memorandum lays the foundation for the exchange of experience, technical expertise, and coordinated efforts in the context of a rapidly evolving digital economy. Our collaboration with colleagues at ADGM will further enhance our ability to safeguard data subjects’ rights and foster greater transparency and trust in the digital environment.” 

KazMunayGas, a national company, and AIQ, a firm specialising in the development of new technologies for the energy sector, have signed a Strategic Collaboration Agreement to develop solutions and share knowledge. 

The Chamber of International Commerce of the Republic of Kazakhstan (Atameken) and the Mormort Aktau Special Economic Zone have signed a Memorandum of Understanding with Khalifa Economic Zones Abu Dhabi. Semurg Invest and Abu Dhabi Ports Group have signed a Heads of Terms Agreement regarding the construction and operation of the Sarzha Multipurpose Terminal project at the Port of Kuryk. Alel Agro JSC has signed a Memorandum of Understanding with Lulu Group International to enhance agri-food trade and procurement. 

The Kazakhstan – UAE Business business forum served as a platform for dialogue between business and government representatives from both countries. The opening ceremony featured welcome addresses by Renat Bekturov, the AIFC Governor, 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 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.”

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”. 

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, 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 also contributed actively, offering a glimpse into the impressive achievements of their successful companies. 

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. 

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. 

A roundtable business event was held as part of the forum to strengthen economic ties between Kazakhstan and the UAE. Discussions focused on the prospects for implementing joint projects. The Kazakh delegation included representatives from the AIFC, the Ministry of Foreign Affairs of Kazakhstan, as well as companies such as BI Group, PowerBridge, Primus Education, Semurg Invest, and others. The UAE delegation was represented by the Department of Economic Development of Abu Dhabi and the Federations of UAE, Abu Dhabi Chambers of Commerce and Industry and companies like Masdar, AMEA Power, Abu Dhabi Ports Group, and others.  

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