On December 2nd, during his visit to the United Arab Emirates (UAE), President of Kazakhstan, Kassym-Jomart Tokayev, oversaw the signing of twenty commercial agreements. These agreements, facilitated by the Ministry of Foreign Affairs of Kazakhstan and the National Company KAZAKH INVEST, are collectively worth $4.85 billion.
A landmark agreement was reached between the governments of Kazakhstan and the UAE for a $1.4 billion construction project of a 1 GW wind power station in Kazakhstan. The project will be implemented with the assistance of Masdar, a UAE-based renewable energy company.
Furthermore, a Memorandum of Understanding (MoU) was signed between the Ministry of Energy of Kazakhstan, JSC Samruk-Kazyna, and the Ministry of Investments of the UAE. This MoU outlines plans for implementing low-carbon energy projects with a combined capacity of 10 GW. In addition, JSC Samruk-Kazyna and ACWA Power agreed to jointly develop a project for the construction of wind power stations with a total capacity of 1 GW and an energy storage system in the Zhetysu region in Kazakhstan.
An investment agreement was also inked between the Government of Kazakhstan and French company Total Energies. This agreement pertains to the development, construction, and operation of a wind power station with a total capacity of 1 GW in the Zhambyl region of Kazakhstan.
In terms of venture funding, the Qazaqstan Investment Corporation established a co-investment platform with ADQ, an Abu Dhabi-based investment and holding company, on strategic partnership for creating a joint financing mechanism for venture projects. Moreover, a joint venture agreement was signed between JSC National Company Kazakhstan, Temir Zholy, and the Abu Dhabi Ports Group. The agreement covers collaboration in five key areas: maritime transportation, maritime and dry ports, railway logistics, digitization, and trading5.
Lastly, the JSC National Company KAZAKH INVEST and Emirati company Al Amana Power Solutions agreed to initiate the development of renewable energy projects with investments exceeding $100 million.
Overall, these agreements underscore Kazakhstan’s commitment to sustainable energy and international collaboration in pursuing green initiatives.