Latest news with #SamrukKazyna
Arab News
6 days ago
- Business
- Arab News
Kazakhstan positions itself as major player with key partners in Middle East
ASTANA: As Kazakhstan positions itself to be a major player in the logistical, technological, and energy sectors, the Middle East could be a key partner for riding that train forward. The Astana International Forum took place in May, hosting dialogue on critical global issues. On the sidelines of the forum, Arab News spoke to several high-level Kazakh officials to discuss the country's collaboration with Middle Eastern countries in finance, energy and foreign policy. The largest economy in Central Asia, Kazakhstan's geopolitical profile provides immense global transit potential. With abundant natural and agricultural resources and a growing middle class, the nation has all the fundamentals for further growth and diversification, according to Nurlan Zhakupov, chief executive officer of sovereign wealth fund Samruk-Kazyna. Kazakhstan has attracted over $24 billion in foreign direct investment from strategic partnerships around the world, including Qatar and the UAE. In addition to being key partners in the oil and gas sectors, Middle Eastern countries provide opportunities in a range of other areas. Deputy Minister of Foreign Affairs Alibek Kuantyrov said: 'In general, GCC (Gulf Cooperation Council) countries are very important to (us). 'We have a lot of productive talks about mutual projects, from Kazakhstan to Saudi Arabia and Saudi Arabian investors to Kazakhstan.' Earlier this year, Mobile Telecom-Service LLP, one of two mobile communications subsidiaries of Kazakhstan's largest telecom company Kazakhtelecom, was acquired by Qatar's Power International Holding for $1.1 billion. Samruk-Kazyna is also in close talks with Saudi Arabia's Public Investment Fund, 'and we hope that soon these discussions will materialize into concrete projects,' Zhakupov said. The Kazakh fund's next big focus is logistics and transportation, aiming to double its cargo volume. Kazakhstan is additionally expanding its international transit capacity by building more ports across parts of Asia and Europe, including one in Abu Dhabi. Together with Abu Dhabi Ports, Samruk-Kazyna's subsidiary oil and gas company, KazMunayGas, operates a fleet of vessels in the Caspian Sea. This partnership is part of a bigger goal to expand China-Europe trade capacity through the Trans-Caspian Trade Route that connects Central Asia to the Caspian Sea; a path similar to the ancient Silk Road and through which 90 percent of Chinese cargo passes Kazakhstan. The Central Asian nation also has a strong focus on digitalization and renewable energy. Zhaslan Madiyev, the minister of digital development, innovation, and aerospace industry, said that a new artificial intelligence and cryptocurrency committee has been established. Kazakhstan is also one of the world's top 10 countries in crypto mining, with 60 operating mining firms and several mining pools. By amending laws and adding crypto ATMs, exchange shops and cards, 'the president's idea is to define a crypto city that will be completely crypto friendly,' the minister said. One of the major projects the ministry is working on is an International AI Center, a location for excellence focused on talent development, innovation, and economic growth in AI. The 20,000 sq. meters sphere-shaped center will be a regional hub for attracting international technological collaboration. The project will be part of a bigger ecosystem hoping to replicate the success of Astana Hub, an international technology park with 1,500 startups under its belt and an outreach across 20 cities worldwide, including a joint innovation hub in Riyadh, Saudi Arabia. Riyadh's Al-Farabi Innovation Hub opened in March 2024 with the intention of bridging startups from Kazakhstan, Central Asia and the Caucasus with the Middle East and North Africa markets. That same month, Kazakhstan's ed-tech startup CodiPlay partnered with Saudi Arabia's Artificially Intelligent Learning Assistant to bring digital education solutions to 200 Saudi schools, an initiative that aims to enhance IT literacy among students. Madiyev said: 'I believe there is a huge potential for bringing Saudi investments here and expanding Kazakhstan innovative startups and technologies to Saudi as well. 'With their startups and technologies, Saudi can access the whole Central Asia region through Kazakhstan, and we will be glad to access the Saudi market and the broader Middle Eastern region.' He also noted that another hub and acceleration program is set to open in Dubai in the fall of this year. When asked about plans to balance the environmental effects of AI and technology, the president's special representative on the environment told Arab News that nuclear power was a potential solution. 'It's really a big question of where your energy comes from. If it comes from coal, then there will definitely be a huge impact on the environment,' said Zulfiya Suleimenova, special representative of the president on international environmental cooperation. The country aims to have its share of nuclear in the national generation mix hit 5 percent by 2035. The first plant, expected to be completed in eight years, will be built in the Almaty region and is one of three planned nuclear power plants. One of the largest projects Kazakhstan has in the Middle East is an agreement with Masdar, the Emirati state-owned renewable energy company, signed between Samruk-Kazyna and the UAE's Prince Sheikh Khaled bin Mohamed bin Zayed Al-Nahyan in May this year. The agreement is two-fold. It will include the development of a 1 gigawatt wind farm in the Jambyl Region with a 600 megawatt-hour battery energy storage system, positioned to be one of the largest wind initiatives in Central Asia. Additionally, a 24/7 renewable energy project plans to provide up to 500 megawatts of baseload renewable energy with a capacity of up to 2 gigawatts. Kazakhstan aims to generate 15 percent of its electricity from renewable sources by 2030 and 50 percent by 2035. Other opportunities for joint environmental efforts in the Middle East are in water cooperation, Suleimenova said. The idea of the One Water Summit which took place in Riyadh last year was to drive more political momentum around water-related issues that otherwise do not get the same attention as other climate concerns. At the summit, nine international development banks committed to increase financing into water infrastructure and water-related projects — particularly in vulnerable regions — including the European Investment Bank. 'Back in 2023 when I was minister of ecology, I had the pleasure of meeting the Saudi minister of water, environment and agriculture, and am very (much) looking forward to continuing these discussions and cooperation and hopefully joint efforts,' said Suleimenova. The president's special representative noted that falcon and eagle diplomacy and the protection of these species was another key focus of collaboration between Kazakhstan and Saudi Arabia, and added: 'We hope to further our efforts and cooperation in biodiversity … including the preservation of eagles. They are the pride of our country and our people but also of your countries, of Saudi Arabia, the UAE, and others.' Discussions with Saudi Arabia's ACWA Power over the possibility of developing a 1GW wind energy and battery storage plant in Kazakhstan are also ongoing.
Trade Arabia
13-05-2025
- Business
- Trade Arabia
AIQ, Samruk Kazyna to boost Kazakhstan's energy digitalisation
AIQ, an Abu Dhabi-based AI company, has partnered with Samruk Kazyna, the Kazakhstan Sovereign Wealth Fund, to accelerate the digital transformation of the oil and gas industry in Kazakhstan. The strategic collaboration will enable the exchange of expertise and technological know-how in AI, Asset Digitalisation, and Autonomous Operations. The two organisations will also explore opportunities for implementing digital solutions to optimize oil and gas exploration, production, and infrastructure management. AIQ will support pilot projects and innovative use cases in AI and digitalisation, fostering long-term cooperation in research and development to support Kazakhstan's national goals for technological modernisation and energy sector resilience. A folder exchange ceremony was held during a state visit by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, between Dr Sultan Al Jaber, AIQ Chairman, and Nurlan Zhakupov, CEO of Samruk Kazyna. Magzhan Kenesbai, Acting Managing Director, AIQ stated, 'Innovation and knowledge transfer are important themes of our business, so to be able to extend them to our partners in Kazakhstan is an honor. The UAE and Kazakhstan already enjoy a positive bilateral relationship that will be made even stronger by today's agreement. AIQ is convinced of the transformational power of AI in making the energy industry suitable for modern demands and dynamics, and I am confident that AIQ's engagement with Samruk Kazyna will have an extremely positive impact on Kazakhstan's energy sector, economy, and society in general.' Nurlan Zhakupov, CEO of Samruk Kazyna said, 'Signing the agreement with AIQ opens new horizons for the digital transformation of Kazakhstan's energy sector. By combining the expertise and innovative solutions of our partners from the UAE with the industrial potential of Kazakhstan, we are laying a solid foundation for sustainable growth, technological progress, and enhancing the global competitiveness of our economy.'
Zawya
13-05-2025
- Business
- Zawya
Crown Prince of Abu Dhabi and President of Kazakhstan witness Masdar agreement to develop renewable energy projects
The agreement will support the development of '24/7' project providing up to 500MW of baseload renewable energy and battery energy storage projects with up to 2GW capacity UAE and Kazakhstan Energy Ministers also exchanged documents recognizing ratification of government agreement on development of Masdar's 1GW wind farm in Central Asian nation Astana, Kazakhstan: His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and His Excellency Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, witnessed a collaboration agreement between Abu Dhabi Future Energy Company PJSC – Masdar and Samruk-Kazyna JSC, related to the development of renewable energy and battery energy storage system (BESS) projects in Kazakhstan. His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Nurlan Zhakupov, Chief Executive Officer of Samruk-Kazyna, exchanged documents related to the collaboration agreement during the Kazakhstan-UAE Business Forum. Under the agreement, Masdar, the UAE's clean energy leader, and Samruk-Kazyna, Kazakhstan's sovereign wealth fund, will explore the development of a '24/7' project that will provide up to 500 megawatts (MW) of baseload renewable energy, and BESS projects with up to 2 gigawatts (GW) capacity. Masdar is currently developing a 1GW wind farm with a 600-megawatt-hour (MWh) BESS in Kazakhstan, set to be one of the largest wind projects in the region. HE Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, and HE Yerlan Akkenzhenov, Minister of Energy for Kazakhstan, also exchanged documents related to the ratification of the Intergovernmental Agreement (IGA) signed at COP28 in 2023 for the development of the 1GW wind project. This marks a significant milestone toward the project's implementation. HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, said: "This agreement builds on the already strong energy partnership between our two countries and will support Kazakhstan's ambitious renewable energy objectives. By leveraging Masdar's expertise in renewables and battery storage technology, Kazakhstan will be able to address today's energy needs while creating new jobs, stimulating its economy and preparing for the growing demands of tomorrow. We look forward to working closely with Samruk-Kazyna and the Government of Kazakhstan to deliver sustainable, secure energy and drive socioeconomic progress.' Nurlan Zhakupov, CEO of Samruk-Kazyna, said: "In line with President Tokayev's objective of reaching carbon neutrality by 2060, Samruk-Kazyna is strengthening its efforts in low-carbon development, including through partnerships with leading international companies such as Masdar. This agreement represents a step forward toward increasing the share of renewable energy in Kazakhstan's energy mix, using advanced technologies to support a more sustainable and resilient energy future." Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: "Kazakhstan is a key strategic partner for Masdar and today's agreement further strengthens our presence in the country, building on the strong collaboration established through our existing 1GW wind and battery storage project in the Jambyl region. This agreement also strengthens our partnership with Samruk-Kazyna and we will continue to work closely together to support energy security, economic diversification and climate action." Kazakhstan is targeting generating 15 percent of electricity from renewable energy sources by 2030 and 50 percent by 2050. Masdar signed an agreement at COP28 with W Solar, Qazaq Green Power QGP, a Samruk-Kazyna Group company, and the Kazakhstan Investment Development Fund to develop and implement the 1GW wind project. The power purchase agreement and the investment agreement for the project were signed at COP29 in Baku last year, with construction expected to begin in 2026. Masdar announced a significant advance in battery storage technology this year, with the launch at Abu Dhabi Sustainability Week (ADSW) of the world's first gigascale 24/7 solar and battery storage project. Located in Abu Dhabi, the project will feature a 5.2GW (DC) solar photovoltaic (PV) plant, coupled with a 19 gigawatt-hour (GWh) BESS to deliver up to 1GW baseload power every day – the largest combined solar and BESS project in the world. With abundant solar and wind resources, Central Asia is a key strategic region for Masdar. Beyond its footprint in Kazakhstan, the company has an active presence across the region, including Uzbekistan and Azerbaijan. Masdar is targeting a 100GW global portfolio capacity by 2030.
The National
13-05-2025
- Business
- The National
Masdar to develop new renewable energy projects in Kazakhstan
Abu Dhabi's Masdar has announced that it will be developing new renewable energy and battery energy storage system (BESS) projects in Kazakhstan to help the central Asian republic reach its clean energy targets. In a statement on Tuesday, Abu Dhabi's clean energy company said it has agreed to link up with Samruk-Kazyna, Kazakhstan's sovereign wealth fund, to explore the development of a '24/7' project that will provide up to 500 megawatts of baseload renewable energy and BESS projects with up to 2 gigawatts capacity. The two companies exchanged documents on the collaboration in the presence Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Kazakhstan President Kassym-Jomart Tokayev in Astana. 'This agreement builds on the already strong energy partnership between our two countries and will support Kazakhstan's ambitious renewable energy objectives,' said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and chairman of Masdar. 'By leveraging Masdar's expertise in renewables and battery storage technology, Kazakhstan will be able to address today's energy needs while creating new jobs, stimulating its economy and preparing for the growing demands of tomorrow.' Kazakhstan is aiming to generate 15 per cent of its electricity from renewable energy sources by 2030 and 50 per cent by 2050. Masdar is currently developing a 1-gigawatt wind farm with a 600-megawatt-hour BESS in Kazakhstan. It is set to be one of the largest wind projects in the region. It signed an agreement at Cop28 with W Solar, Qazaq Green Power QGP, a Samruk-Kazyna Group company, and the Kazakhstan Investment Development Fund to develop and implement the 1-gigawatt wind project. The power purchase agreement and the investment agreement for the project were signed at Cop29 in Baku last year, with construction expected to begin in 2026. 'Kazakhstan is a key strategic partner for Masdar and today's agreement further strengthens our presence in the country,' said Masdar chief executive Mohamed Al Ramahi. The deal strengthens Masdar's partnership with Samruk-Kazyna. Al Ramahi said 'we will continue to work closely together to support energy security, economic diversification and climate action'. Masdar is also active in other Central Asian countries including, in Uzbekistan and Azerbaijan. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of 51 gigawatts. The company, jointly owned by Taqa, Adnoc and Mubadala, is aiming for 100 gigawatts of global portfolio capacity by 2030.
