• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00215 0%
  • TJS/USD = 0.10456 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%

Daughter of Uzbekistan’s First President Sells Beverly Hills Home for $36 Million

Lola Karimova-Tillyaeva, the youngest daughter of the First President of Uzbekistan, Islam Karimov, has sold her luxurious two-story Beverly Hills mansion, Le Palais. The exact amount of the deal and the name of the new owner were not disclosed, but it’s known that the buyer paid about $36 million.

As the Wall Street Journal reports, the house, located opposite the Beverly Hills Hotel, has an area of 4,500 square meters. Karimova-Tillyaeva bought it in 2013 for $32.75 million from real estate developer, Mohammed Hadid, the father of models Bella and Gigi Hadid. Le Palais was built according to Hadid’s own plans.

The mansion has a summer terrace, a garage for 10-12 cars, separate rooms for staff accommodation, an 18-meter outdoor swimming pool, and a roof garden. For the hosts and their guests, the house has seven bedrooms, a dining room of approximately 500 square meters, a ballroom which can accomdate 200 people, a home theater, a gym, and a Turkish bath with an indoor pool.

Four years ago, Lola Karimova-Tillyaeva and her husband Timur Tillyaev put three homes up for sale in Hollywood at prices ranging between $6 million and $6.5 million. They had purchased the properties in 2014 through offshore companies for $16.1 million in total. The couple then proceeded to rent the properties out. In 2015, the American press became aware that the daughter of the Former President of Uzbekistan owned four luxury mansions in one of the most fashionable areas of Los Angeles – the neighborhood of Bel Air. As noted by the Wall Street Journal, the couple also own real estate in France and Switzerland, where their home in Geneva is valued at $41 million.

The 44-year-old youngest daughter of the late President Karimov is the founder of the Harmonist Maison de Parfum perfume company. Her husband owned the largest wholesale market in Uzbekistan,Abu Sahiy. In 2017, Mediapart published an investigation which revealed that Abu Sahiy had transferred $127 million through offshore bank accounts in the United Arab Emirates and Switzerland.

Karimova-Tillyaeva, known in the West as “Till,” served for ten years as Uzbekistan’s Ambassador to UNESCO. She is actively involved in various projects in the fields of culture, health, education, science, and the ecology. The Sen Yolg’iz Emassan (You Are Not Alone) Foundation, which she heads, conducts free surgeries for children from low-income families in Uzbekistan.

Kyrgyzstan’s Kumtor Begins Underground Gold Mining

The Cabinet of Ministers of Kyrgyzstan has said that underground gold mining at Kumtor can provide hundreds of millions of additional dollars to the country’s budget. The deputy head of the Kyrgyz Government, Adylbek Kasymaliev, presided over a ceremony marking the beginning of work at the mine.

The Kumtor deposit is one of the ten largest gold deposits in the world. The mine is located in the Issyk-Kol region in the permafrost zone at an altitude of 4,000 meters above sea level. Revenues from Kumtor account for roughly one-third of the state budget in Kyrgyzstan, with the mine producing about 17 tons of gold per year.

“The feasibility study of the underground gold mining project developed by specialists speaks about its economic efficiency. According to preliminary data, with the help of an underground mining method, it will be possible to get 115 tons of gold. Taking into account the precious metal mined at the [site] by the open-pit method, this is a big step forward,” said Almazbek Baryktabasov, President of the Kumtor Gold Company. Mining underground will help the company reach gold of a higher-grade ore, he said, and as a result, the company will be able to increase its tax payments.

Until its nationalization in 2021, the Kumtor mine was owned by Canadian company, Centerra Gold. Earlier, the Canadian owners tried to extract gold through shafts. However, gold prices did not render this profitable, as the shaft method is much more expensive than the open-pit mining. Over the past ten years, however, the price of an ounce of gold has risen by more than $700 and is currently trading at just over $2,000. Before Kumtor was expropriated, Centerra Gold spent approximately  $180 million dollars on research related to underground mining.

Today, the authorities have allocated an additional mining site next to the one where gold ore is already being extracted. According to some reports, the new site contains a denser concentration of the precious metal per unit of ore. Currently, at Kumtor’s open-pit mine, it takes one ton of processed ore and more than 40 tons of extracted waste rock to produce 5-7 grams of gold. Underground mining could double that yield. Furthermore, underground mining is not as environmentally damaging as open-pit mining. For example, one of Kumtor’s main environmental concerns is the destruction of glaciers which literally hang over the edge of the open pit.

Kazakhstan Mulls Alternative Freight Routes

On February 19th Kazakhstan’s deputy prime minister Serik Zhumangarin held a government meeting on the subject of road freight routes to and from Kazakhstan. 

According to the Ministry of Transport, last year 7.6m tons of goods were transported through the country by automobile transport, comprising 2.8m tons of exports and 4.8m tons of imports. Kazakhstan’s freight forwarders accounted for 50.2% of the total volume (Uzbekistan – 10.6%, Turkey – 5.5%, Russia – 3%, and Tajikistan – 2.5%.)

As an alternative to existing international routes, Kazakh officials proposed a route through Turkmenistan to Turkey. For this to happen, Kazakhstan’s visa procedures with Turkmenistan would need to be simplified. In addition, a route through Latvia was proposed as an alternative for the supply of goods to EU countries.

European countries accounted for 1.6m tons of the goods transported to and from Kazakhstan by road in 2023, with Kazakh companies carrying 50% of the total volume. However, the closure of all checkpoints for international road transport in Poland, and the availability of only one checkpoint on the border of Russia and Belarus, became serious obstacles to international trade.

Germany and Kazakhstan Expand Their Partnership

A meeting of the Kazakh-German Intergovernmental Working Group on Trade and Economic Cooperation was held in Berlin on February 16th. It was co-chaired by Kanat Sharlapaev, Kazakhstan’s minister for industry and construction, and Dominik Schnichels, the director for foreign trade policy of Germany’s Federal Ministry of Economic Affairs and Climate Protection. 

The meeting discussed bilateral trade and economic relations, cooperation in energy, environment, agriculture and water management, transport, logistics and infrastructure, as well as cooperation in raw materials, industrial and technological spheres, the Kazakh Embassy in Germany reported. 

Mr Schnichels commented: “To confirm once again the level of Strategic Partnership between Kazakhstan and Germany, constructive and fruitful talks were held at today’s meeting of the Intergovernmental Working Group, which made it possible to identify specific projects in priority areas.” 

“The agreements reached today demonstrate that this bilateral platform contributes to improving the framework conditions for further rapprochement of government and business circles, as well as practical promotion of mutual trade and investment. Kazakhstan is a resource-rich country with unique opportunities. Germany is interested in further deepening trade and economic cooperation in the way of the ongoing economic and social reforms in the country.” 

In his speech, Mr Sharlapaev stressed that the strategic synergy between Kazakhstan and Germany, together with a convenient geographical location at the crossroads of intercontinental transport routes, including energy supply routes, strengthens Kazakhstan’s position as a regional investment hub and one of the key players in the global energy arena.

“The development of the Trans-Caspian International Transport Route
(Middle Corridor) is of great importance for Kazakhstan as a reliable supplier of energy resources and strategic goods to Europe,” he said. “Strengthening Kazakhstan’s industrial potential is also among the strategic areas of cooperation with Germany.” 

EDB Reports Economic Growth in Three Central Asian Countries

The Eurasian Development Bank (EDB) has released the latest Macroeconomic Review for its six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

In the face of a challenging external economic environment, the EDB region saw a strong recovery in 2023, with the aggregate GDP of the six nations increasing by almost 4%. According to EDB analysts, this growth was propelled by internal drivers such as robust consumer and investment demand, as well as effective adjustments in production to accommodate changing operating conditions.

In Central Asia, Kazakhstan’s economy showed particularly robust growth, surpassing 5% by the end of 2023, largely due to government programs aimed at unlocking the country’s investment potential. Investment and trade increased by 13.7% and 11.3% respectively over the year.

Inflation in Kazakhstan continued to decline, with the year-on-year inflation rate dropping from 9.8% in 2023 to 9.5% in January 2024, laying the groundwork for further monetary policy easing.

Kyrgyzstan’s GDP grew by 6.2% in 2023, supported by stronger consumer demand and increased investment activity. Inflation in the country halved to 7.3% year-on-year in 2023, but the National Bank kept its discount rate unchanged at 13% per annum due to persistent pro-inflationary risks. Furthermore, abnormally cold weather in December-January 2022-23 contributed to an increase in production from the energy sector.

However, there are factors that still hinder the pace of growth for businesses in the country. Against a backdrop of persistent, pro-inflationary risks, the National Bank of the Kyrgyz Republic is maintaining its base lending rate at 13 percent per annum to help control price growth.

“We believe that domestic demand will weaken against the backdrop of constraining monetary policy conditions and the projected state budget surplus. According to our estimates, GDP will grow by 4.5 percent in 2024,” EDB analysts report.

For its part, the Ministry of Economy and Commerce of Kyrgyzstan said that the greatest contribution to GDP growth was made by industrial production. According to the department, the economy received an additional boost due to an increase in the output of basic metals. As has been reported previously, Kyrgyz gold miners have exported a record amount of gold in recent years.

In Tajikistan, strong domestic demand and increased exports drove an 8.3% GDP growth in 2023. Inflation declined to 3.8% year-on-year at the end of 2023, close to the lower bound of the National Bank’s target range.

Uzbekistan and Turkmenistan were not included in the report as they aren’t EDB member countries. However, according to local media reports, they also showed strong growth at the end of 2023. The Uzbek economy grew by 6 percent, mainly due to growth in industry and increased agricultural  output in agriculture.

Turkmenistan’s GDP in 2023 showed growth of 6.3 percent — mainly due to growth in the economic spheres of trade, industrial production and agriculture. According to international organizations, Turkmenistan’s GDP has almost doubled in the last five years to $82 billion from $46.5 billion. Turkmen authorities are actively investing in the oil & gas sector, which is their main source of export revenue.

Problems and Prospects for Development: Raushan Yeschanova on Art in Kazakhstan

It is said that art can open doors to the depths of the human soul, transport one to other worlds and allow one to see and experience things from a new perspective. The history of Almaty is rich in culture and creativity, and today, Almaty-based art historian Raushan Yeschanova shares her thoughts on contemporary art in Kazakhstan, the problems of its development, and the role that will be played by the new Museum of Contemporary Art, which is scheduled to open this year.

 

TCA: Tell us how you came to study art?

Traveling has always made me think about how mankind was able to create such masterpieces and what moved them. And it’s not just about the Renaissance, Art Nouveau and or contemporary art; it’s also about ancient Egyptian art and artifacts from lost civilizations. In addition, I worked as an interior designer, and this required a good knowledge of interior styles. After all, art is not only paintings and sculptures, but also architecture, and I always wanted to immerse myself in it.

 

TCA: How do you assess the influence of the national culture of Kazakhstan on the development of contemporary art in the country?

If we talk about the present time, at the moment our country is experiencing, I would say, “a period of revival in art”. Since the formation of the fine arts school in Kazakhstan occurred during the accession of Kazakhstan to Russia, our art developed under the influence of Russian painting, which in turn looked to Western European art. After all, before the period of annexation there was only decorative applied art, and to engage in painting was forbidden due to religious traditions. After a century of development, once ideological principles became less strict, artists have returned to their “nomadic” past in which they find more and more sacred knowledge about life

 

TCA: What themes and motifs from history and culture most often inspire contemporary artists?

They are inspired by rock art, symbols, mythological subjects… Kazakhstan is first of all a steppe, it is a yurt – and this universe is a source of inspiration for many. Artists use different styles, for example, combining ancient techniques with painting or, for example, placing the meaning of human existence into the national female headdress, the “saukele”.

 

TCA: What problems do contemporary artists face in Kazakhstan?

The main problem facing contemporary artists is the underdeveloped art market within the country. Many established artists live and work outside of Kazakhstan. As for young artists, it is the lack of quality institutions aimed at the realization of their creativity. There is no opportunity to participate in exhibitions, and the basis for promotion is social networks. Despite the presence of galleries in the cities, not all artists have the opportunity to display their works, as the issue of selling work is often controversial.

Also, many talented artists have second jobs where their labor is better paid; for example, in the field of interior design, wall painting or creating pieces to order. Some even work as florists. The lack of such specialty subjects as art management in universities creates a vacuum between the work of the artist and the consumer. I think this problem exists in many countries in the post-Soviet space.

 

TCA: Which art, modern or traditional, is more relatable and understandable to you personally, and why?

Actually, contemporary art does not seek to be understood. It exists on its own. It does not seek to please the eye. By revealing the ability to see more than just form or color, contemporary art leads to dialogue. It is often a kind of manifesto. The artist always engages the viewer through a challenge. After all, it is often realized in such a way that it does not fit into society, and as a consequence is often subject to criticism. But in general, I prefer the term actual art, art of the 21st century, because the term “modern art” originates in different periods in different countries.

As for “traditional” art, it is more understandable even to the “uninitiated viewer” as it has the forms of realistic traditions. Since we are talking about Kazakh painting, it is the landscapes of steppes, mountains, pastures, and picturesque valleys. Also, the art of Kazakhstan is epic! There are portraits of prominent figures, batyrs, and sculptures showing traditional Kazakh life in a yurt, and arts and crafts depicting women on the steppe sitting in a traditional pose with a knee directly on the ground symbolizing their connection with nature. These are young people looking into the distance and waiting for something new. So, as an art historian, it is difficult for me to choose one.

 

TCA: Which artists of Kazakhstan inspire you and who should we pay attention to?

Contemporary artists in Kazakhstan work in different directions. Classical painting demonstrates the color, mythology, ancient beliefs and modern cultural priorities of the inhabitants of the Great Steppe. Through the means of new technologies artists create installations and video art combining natural and classical materials to depict the problems of society. Almagul Menlibayeva, a well-known contemporary artist, is characterized by her originality of thought and is a striking figure. Works by Adil Aubekerov, who believes that the line is the basis of everything, the connection between the visible and invisible as between the past and the future in noteworthy. Saulet Zhanibek in his latest works explores the nomadic past as a point of reference which left the so-called imprint of time in faces and fates. I would advise you to familiarize yourself with them.

Among modern artists, there are surrealists, symbolists, graphic artists and realists. All of them are united by one thing – love for their native land, its history and culture.