UAE investments in Kazakhstan’s economy
The United Arab Emirates is one of Kazakhstan’s most important partners in the Middle East. The trade turnover between the two countries last year reached $326 million. Since Kazakhstan became an independent country, amount of direct investments from the UAE totaled about $2 billion. Today, there are about 200 joint ventures with the UAE capital in Kazakhstan. Projects in agriculture, industry and energy are being successfully implemented. Kazakhstan pays special attention to economic diversification and sets the task to enter the top 30 developed countries. To achieve this goal, the country provides comprehensive benefits and creates favorable conditions for foreign investors. For instance, citizens of 56 countries can freely enter Kazakhstan without a visa, including the citizens of the United Arab Emirates. In general, the UAE businessmen highly evaluate Kazakhstan’s favorable investment climate and are ready for fruitful partnership in various sectors of the economy.
HUSSAIN JASIM AL NOWAIS, CHAIRMAN, AL NOWAIS HOLDING:
Kazakhstan is rich in natural resources, and at the same time agriculture is highly developed. Moreover, this year your country will hold the international exhibition Expo, and it will attract a huge number of people, including investors.
ABDULLA NASSER AL MANSOORI, CHAIRMAN, AL NASSER HOLDINGS:
We export oil products to other countries. Kazakhstan is an important partner for us. Prospects that have been designated by the Kazakh President are very attractive to us, as for investors. Especially, when your country creates conditions for doing business. And this is very important.
Establishment of the Astana international financial center represents another important incentive for investors. It will be based on the principles of the English law, with a preferential tax regime and an independent financial court. The AIFC’s cooperation foundations with free financial zone of Global Market were laid in Abu Dhabi. The United Arab Emirates targets cooperation with Kazakhstan in the field of alternative energy sources. Work in this area is especially important ahead of the Expo 2017. Earlier this year, Kazakh President Nursultan Nazarbayev attended the 10th World Future Energy Summit.
ANCA WESTLEY, DIRECTOR, ABU DHABI SUSTAINABILITY WEEK & SPECIAL PROJECTS:
It is important because of the link between Kazakhstan and UAE, but also because of the link with Expo 2017. There is an understanding that the theme of Expo 2017 is the future of energy.
The International Renewable Energy Agency has officially confirmed its participation in the Expo 2017 to be held in Astana.
Kazakhstan and the United Arab Emirates are planning to further expand cooperation in all sectors of the economy. The sides confirmed their readiness to develop joint projects in the energy, petrochemical, nuclear industry, transport and logistics, military-technical sphere.