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ING Group forecasts Kazakhstan's GDP to grow by 4.5% in 2025, with quarterly estimates of 5.4%, 4.5%, and 3.5%. The economy showed a strong start in early 2025, growing 5.4% in January-February, driven by industrial production and key sectors like manufacturing and construction. In 2024, GDP growth was 4.8%, bolstered by agriculture and trade.
The Development Bank of Kazakhstan (DBK) has secured a framework agreement with Banco Santander for up to €400 million (approximately $434 million) to finance infrastructure and energy projects involving international exporters. Over the past year, DBK has borrowed around $1.96 billion, initially relying on Chinese banks before shifting to European lenders, including recent agreements with German banks and Italian institutions.
Central Asia's startup ecosystem is thriving, with Kazakhstan leading in venture investments, attracting $71m in 2024, primarily from foreign investors. Uzbekistan saw a remarkable 2.7-fold increase in investments to $17.5m, while Kyrgyzstan and Tajikistan also reported growth in their respective markets. Key sectors driving this momentum include artificial intelligence, fintech, and educational technologies, indicating a robust potential for future development and global integration.
Kazakhstan's largest publicly traded company, Kaspi.kz JSC, is set to issue its first bond to raise at least $500 million over five years, targeting international fixed-income investors. With a market capitalization of approximately $19 billion, the Almaty-based firm serves 14 million users in a country of 20 million and is focused on international expansion. Citigroup Inc. and JPMorgan Chase & Co. are acting as arrangers for the bond transaction.
BYD has officially launched its vehicles in Kazakhstan through a partnership with Astana Motors, showcasing the Han EV sedan and Song Plus models tailored for local conditions. The Han EV boasts a blade battery, 380 kW power, a 565 km WLTP range, and 120 kW fast charging, while the Song Plus offers a range of 505–602 km and advanced driving assistance features.
VEON Ltd, a UAE-based digital operator, has signed a solar power deal with Huawei in Pakistan. The company provides a range of mobile and fixed-line telecommunications services, including voice, data, and internet, under various brands such as Jazz and Beeline, across multiple countries.
OPEC+ has announced an increase in oil production by 138,000 barrels per day starting April 1, 2025, marking its first output hike since 2022. This decision, made during a virtual meeting of eight member nations, is based on positive market conditions and will be flexible to adapt to market stability.Following the announcement, oil prices fell, with Brent crude dropping 2% to below $72 a barrel. The group also committed to compensating for overproduced volumes since January 2024, with plans to complete this by June 2026.
Dubai's FIX chocolate has become a viral sensation, significantly boosting tourist spending, particularly through Deliveroo. Transaction data reveals peaks at 2:00 PM and 5:00 PM, coinciding with the chocolate's limited releases, leading to doubled average spending during these times.International tourists, especially from the U.K., U.S., and Kazakhstan, are driving this trend, with even typically lower-spending visitors from Singapore and South Korea showing increased transactions. This phenomenon underscores the role of unique local products in enhancing tourism and economic activity in Dubai.
István Tiborcz, son-in-law of Hungarian Prime Minister Viktor Orbán, is reportedly negotiating to acquire a Russian subsidiary of Raiffeisen Bank International (RBI), which nominally holds a 13.1% stake in the Kazakhstan Stock Exchange (KASE). Despite denials from Tiborcz and OTP Bank regarding their involvement, RBI faces legal restrictions preventing the transfer of its shares due to a court dispute. As of January 2025, Russian Raiffeisen Bank will nominally hold the full 13.1% stake previously owned by the Moscow Exchange, which was sanctioned by the U.S. in June 2024.
UBS ranks as the 9th largest non-US investor in nuclear weapons producers, having invested nearly $2.5 billion in shares and bonds, alongside over $3 billion in loans. Despite a decline in financial institutions involved in nuclear weapon financing, total investments in major manufacturers rose to $513 billion. The International Campaign to Abolish Nuclear Weapons highlights the impact of the Treaty on the Prohibition of Nuclear Weapons, which Switzerland has yet to join.
KAZ
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kazakhstan's gdp projected to grow 4.5 percent in 2025
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