Kazakhstan and the UAE inked more than 20 commercial agreements worth more than $5 billion during Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s official visit to Kazakhstan on May 12. President Kassym-Jomart Tokayev hailed the agreement, citing the UAE as one of Kazakhstan’s most important strategic allies.
During the meeting, both presidents reaffirmed their commitment to promoting economic cooperation. In 2023, a Joint Declaration was made to encourage strategic investment initiatives. In just the first few months of 2024, direct investments from the UAE into Kazakhstan have more than doubled.
The agreements include a wide range of sectors. Samruk Kazyna, Kazakhstan’s National Wealth Fund, has signed an agreement with Masdar to create continuous power supply and storage systems with capacities of 500 MW and 2,000 MW, respectively. Samruk Kazyna has also partnered with AIQ to digitally change the oil and gas sector, and has inked a memorandum of understanding with Abu Dhabi Commercial Bank.
Kazakhstan has struck an agreement with Presight to develop a supercomputer cluster. Other agreements include a partnership between KazMunayGas and Abu Dhabi Ports Group to increase Kazakhstan’s merchant fleet, and QazaqGaz’s collaboration with AIQ on oil and gas digitisation.
