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Kazakhstan, UAE trade ties on upswing

Trade relationship between the UAE and Kazakhstan is growing rapidly with bilateral trade between the two countries reaching $246 million (Dh904 million) for 2016 and the UAE investments in the central Asian country touching close to $2 billion.
“There is a strong relationship between the two countries and it is growing. UAE Investors are keen to invest in a number of sectors in Kazakhstan,” said Mohammad Helal Al Muhairi, director general of Abu Dhabi Chamber of Commerce and Industry while speaking at UAE-Kazakhstan Business Forum in Abu Dhabi on Monday.
Ainur Tumysheva, regional director of Kazakh Invest told Gulf News that companies should look for investments in areas like mining, oil and gas servicing, transport and logistics, construction and agro sector especially in camel breeding, milk processing or sturgeon farming.
“Investments could vary from small size to billions of dollars. It depends on what kind of opportunity investors are looking at and what kind of share they are interested in,” she said, adding that firms can also look into investing in the exploration of oil and gas fields.
Oil rich region of Mangistau produces 18 million tons of oil and three billion cubic meters of natural gas annually.

A number of UAE companies are already active in Kazakhstan including DP World which has signed an agreement last year to develop a special economic zone in Aktau. DP World is also involved in developing port facilities and logistics zone.
There was also a Memorandum of Understanding (MoU) between Shaikh Suroor Bin Mohammad Al Nahyan private office and the mayor office of Mangistau for building a 35-storied tower in Aktau during the forum.
Meanwhile, budget carrier flydubai is planning to start flights to Kazakshtan city of Aktau in October this year. An MoU was signed in this regard too between the two parties. Aktau is the capital Mangistau province in Kazakhstan.
“We are planning to launch the route during winter in October. However, it is yet to be decided whether it would be a daily flight,” said Hamad Obaidalla, chief commercial officer of flydubai, speaking to reporters.
Currently flyduabi operates flights to Astana and Almaty in Kazakhstan and nine other cities in Russia.

Source: Gulf News

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