ASTANA – President Kassym-Jomart Tokayev expressed his satisfaction with the signing of over 20 commercial agreements valued at $5 billion during the official visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to Kazakhstan on May 12, as reported by Akorda.
Kassym-Jomart Tokayev and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. Photo credit: Akorda
In the course of discussions, President Tokayev noted that the United Arab Emirates (UAE) stands as one of Kazakhstan’s key partners, with shared ambitions and objectives. In 2023, both nations formalized a Joint Declaration concerning strategic investment ventures, and it has been reported that the direct investment flow from the UAE is expected to more than double in 2024.
Crown Prince Al Nahyan remarked that the relationship between the two countries has expanded beyond mere trade and investment, now encompassing sectors such as energy, transportation, digital infrastructure, and education.
The Samruk Kazyna National Wealth Fund and Masdar entered into a collaboration agreement aimed at developing projects that will deliver a continuous power supply of up to 500 megawatts (MW) along with energy storage solutions of up to 2,000 MW in Kazakhstan.
The fund also established a strategic partnership with AIQ, a leading artificial intelligence (AI) enterprise based in Abu Dhabi, focused on driving the digital transformation of Kazakhstan’s oil and gas industry.
Additionally, Samruk Kazyna signed a memorandum of understanding for cooperation with Abu Dhabi Commercial Bank.
Kazakhstan entered into an agreement with Presight for the establishment of a supercomputer cluster within its borders. The national oil and gas firm KazMunayGas (KMG) also agreed to collaborate with the Abu Dhabi Ports Group to enhance the merchant fleet.
The QazaqGaz national company reached an agreement with AIQ for strategic collaboration on digitizing the oil and gas sector.
Among the other signed documents were a memorandum for cooperation in automotive transport and another between the Ministries of Justice of both countries.
The two governments finalized agreements for the financing and development of a maternity hospital in Turkistan, as well as investments in the enhancement of the Nursultan Nazarbayev International Airport in Astana and its surrounding area.
Furthermore, the governments ratified an agreement pertaining to a wind power plant project.