ASTANA – President Kassym-Jomart Tokayev welcomed the signing of more than 20 commercial agreements worth $5 billion during the official visit of the Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to Kazakhstan on May 12, reported Akorda.
Kassym-Jomart Tokayev and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. Photo credit: Akorda
During the negotiations, President Tokayev emphasized that the United Arab Emirates (UAE) is one of Kazakhstan’s main partners, sharing common goals and aspirations. In 2023, both governments signed a Joint Declaration on strategic investment projects, and the inflow of direct investment from the UAE in 2024 more than doubled.
Crown Prince Al Nahyan noted that bilateral ties now go beyond trade and investment, covering various areas from energy and transport to digital infrastructure and education.
Samruk Kazyna National Wealth Fund and Masdar signed a cooperation agreement to develop projects providing round-the-clock power supply of up to 500 megawatts (MW) and energy storage systems of up to 2,000 MW in Kazakhstan.
The fund also agreed on strategic cooperation in the digital transformation of Kazakhstan’s oil and gas industry with AIQ, the Abu Dhabi-based artificial intelligence (AI) champion developing innovative solutions for the energy sector.
Another document Samruk Kazyna signed was a memorandum of understanding and cooperation with Abu Dhabi Commercial Bank.
Kazakhstan signed an agreement with Presight on the creation of a supercomputer cluster on its territory. KazMunayGas (KMG) national oil and gas company agreed to cooperate with Abu Dhabi Ports Group on expanding the merchant fleet.
QazaqGaz national company concluded an agreement with AIQ on strategic cooperation in the oil and gas industry digitization.
Among the documents signed were a memorandum of cooperation in automobile transport and a memorandum between both countries’ Justice Ministries.
The parties also signed agreements on financing and building a maternity hospital in Turkistan, and on investments in developing the Nursultan Nazarbayev International Airport in Astana and the adjacent territory.
The governments of the two countries ratified the agreement for a wind power plant project.
