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2020-01-29 12:35:00

UAE INVESTMENT FOR KAZAKHSTAN: $2 BLN

UAE INVESTMENT FOR KAZAKHSTAN: $2 BLN

WAM - ABU DHABI, 27th January 2020  – The UAE and Kazakhstan have maintained exemplary relations and cooperation in many respects, said President Kassym-Jomart Tokayev of Kazakhstan.

President Tokayev made the remarks during a keynote speech today at the UAE-Kazakhstan business meeting in Abu Dhabi, which was organised by the Abu Dhabi Chamber of Commerce and Industry, in collaboration with the Federation of UAE Chambers of Commerce and Industry.

"I am very pleased to visit your beautiful country. It can be said with confidence that over 28 years we have established exemplary relations between our states and our people. Regular and comprehensive dialogue at the highest level has served as a solid foundation for our relations. In this context, I would like to particularly emphasize warm and trusting relations between the First President of Kazakhstan N. Nazarbayev and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces," he said.

According to him, the two-way trade grew by 10% from January to November 2019 compared to the analogous period of 2018.

The UAE is our key trade and economic partner in the region. During the nine months of 2019 mutual trade increased by more than 10% compared with the same period of 2018. Total amount is half a billion dollars.

The stock of direct investment from the UAE to Kazakhstan amounted to 2.1 billion dollars while the Kazakhstan to UAE investments reached one billion dollars. Close to three hundred and fifty legal entities, branches and representative offices from UAE are successfully operating in Kazakhstan. There are ambitious plans to implement joint investment projects worth about $11 billion."

President Tokayev pointed out that the UAE is among the top five attractive destinations for tourists from Kazakhstan. He added that annually, around 100,000 Kazakh citizens visit the UAE.

He indicated that despite the large number of developed deposits of solid minerals such as gold, copper, lead, zinc, iron, manganese, subsoil of Kazakhstan has large undiscovered reserves.

He also revealed that Kazakhstan is currently negotiating with Mubadala Investment Company to implement a US$ 6.6 billion project on the construction of a petrochemical facility to produce polyethylene in the west of Kazakhstan.

The meeting was attended by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market, ADGM, heads of the UAE chambers, government representatives and Emirati and Kazakh business owners.

Al Sayegh said in a speech that the two-way trade between the two countries had witnessed a significant rise from US$ 273 million in 2015 to 415 million in 2018.

"The UAE is currently investing over US$ 2 billion in Kazakhstan, which makes it one of the top sources for Foreign Direct Investments."

He also referred to the partnership with Digital Spring Ventures, ADGM's first approved growth equity fund manager from Kazakhstan.

The meeting saw three agreements signed between the Emirtati and Kazakh sides, spanning educational, agricultural and logistics sectors.

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Tags: UAE, INVESTMENT, KAZAKHSTAN