Kazakhstan and UAE implement investment projects


ASTANA (TCA) — Kazakhstan’s First Deputy Prime Minister Askar Mamin held talks with Vice Prime Minister, Minister for Affairs of the President of the United Arab Emirates Sheikh Mansur bin Zayed Al Nahyan in Abu Dhabi on March 19 to discuss implementation of agreements reached at the highest level during the official visit of Kazakhstan President Nursultan Nazarbayev to the UAE on 15-16 January 2017, including joint investment projects in key areas of cooperation. 111

Particular attention was paid to the construction of an oil and gas chemical complex with a capacity of 800 thousand tons per year of polypropylene in Kazakhstan’s Atyrau region, taking into account the attraction of a strategic foreign investor and the transfer of advanced petrochemical technologies from the UAE.

The parties also discussed the participation of Kazakhstan’s National Railways Company Kazakhstan Temir Zholy and the National Railway Company Etihad Rail (UAE) in the implementation of joint infrastructure projects in the territory of the Emirates. The project for the construction of a 406 km long railway with a gauge of 1435 mm, which will link the developing cities and industrial zones of Abu Dhabi and Dubai to the border of Saudi Arabia, was considered. In addition, the issue of joint development of the airport infrastructure in Kazakhstan with Abu Dhabi Airports Corporation (ADAC) was discussed.

The parties confirmed the readiness to create a joint Kazakhstan-UAE investment fund in the near future between Kazakhstan’s JSC National Management Holding Baiterek and state investment company Mubadala Investment Company (UAE) with a total authorized capital of $500 million in equal shares.

The talks also discussed cooperation between the United Arab Emirates Corporation for Atomic Energy (ENEC) and Kazakhstan’s National Atomic Company Kazatomprom in the field of peaceful use of nuclear energy.

Kazakhstan earlier stepped up with an initiative to hold Kazakhstan-UAE Business Forum in Astana on May 22 this year.

Sergey Kwan