Saudi Arabia Plans Big Investments In The Central Asian Hub Of Uzbekistan

Saudi Arabia Plans Big Investments In The Central Asian Hub Of Uzbekistan

Saudi Arabia plans to make a significant investment in Uzbekistan’s economy. The 3rd Tashkent International Investment Forum attracted global investors, notably from the Gulf, resulting in $26.6 billion in agreements. Over 2,500 participants from 93 countries attended, showcasing its global reach.

Key projects included regional energy initiatives like Kambarata HPP-1 and Yavan HPP, with the presence of Uzbek and Kyrgyz Prime Ministers highlighting their importance. Uzbekistan celebrated the forum’s success, noting the jump from $11 billion in 2022 to $26.6 billion this year. Notable Saudi investments include $1 billion for urban infrastructure in “New Tashkent” and a $3 billion green technology-based data centre by Data Volt.

Other investments span sectors, with companies like Nil Shugar, Shanghai Knud International, and Wilmar International contributing to economic diversification. Deals with global players like Orascom Investment, Bonafarm Group, and Goldwind totaled $6.6 billion. Discussions centred on supporting small and medium-sized businesses, tax reforms, and leveraging digital technology.

Minister Shermatov highlighted the $5 billion Data Volt green data centre launch, signalling a boost in foreign investment, while initiatives like the “Zero Risk” programme aim to streamline IT operations. Roundtable talks focused on revitalising the Silk Road and integrating innovative solutions for sustainable urban development.