BAKU, Azerbaijan, Oct. 11
Trend:
The UAE and Kazakhstan signed investment agreements for more than $6 billion, Trend reports citing the press service of the Kazakh government.
According to the press service, Prime Minister of Kazakhstan Askar Mamin made a working trip to the United Arab Emirates on October 9-10.
During the visit, Mamin held talks with the Deputy Prime Minister - Minister of Presidential Affairs of the UAE Sheikh Mansour bin Zayed Al Nahyan, as well as with the leadership of state development institutions and holdings Abu Dhabi Developmental Holding Company (ADQ) and other leading companies of this country.
The parties discussed the progress in the implementation of the agreements reached earlier and the prospects for bilateral cooperation in trade and economic, financial and investment, energy, transport and logistics, agro-industrial and other spheres.
Currently, UAE companies are involved in the implementation of 11 large investment projects in Kazakhstan worth more than $3.5 billion.
As a result of the negotiations, an intergovernmental agreement was signed to establish a long-term strategic partnership for the development of projects in priority sectors of the economy. The document is aimed at the implementation of investment projects in the energy, agro-industrial, transport and logistics, pharmaceutical and financial sectors of the national economy of Kazakhstan for more than $6 billion.
The main partner of Kazakhstan in the implementation of the agreement will be the Abu Dhabi ADQ sovereign fund, which is widely represented in such sectors as manufacturing and mining, agribusiness, transport and logistics, finance, tourism, media and energy. The fund manages over $175 billion in assets.
In addition, within the framework of the agreement, Samruk - Kazyna JSC (Kazakhstan’s largest electric energy holding) intends to establish strategic cooperation with ADQ and create a joint energy holding company for the development of renewable and traditional energy.
It is reported that it is planned to implement joint projects for the construction of solar, wind and hydroelectric power plants in Kazakhstan with a total installed capacity of five gigawatts.
Moreover, Kazyna Capital Management JSC and ADQ will establish a $100 million joint venture fund to finance joint start-up projects in the fields of telecommunications, food technology, platform solutions and digital transformation.
During the visit, a memorandum of understanding was also signed between the Ministry of Agriculture of Kazakhstan and the Ministry of Climate Change and Environment of the UAE.