The UAE and Kazakhstan have “ambitious plans” to implement joint investment projects worth $11bn (AED40.4bn), the President of Kazakhstan, Kassym-Jomart Tokayev, said during a meeting attended by the UAE Minister of Energy and Industry, Suhail bin Mohammed Faraj Faris Al Mazrouei.
Kazakhstan is currently negotiating with Mubadala Investment Company (Mubadala) to implement a $6.6bn (AED24.24bn) project for the construction of a petrochemical facility to produce polyethylene.
The UAE Minister of State and Chairman of Abu Dhabi Global Market (ADGM), Ahmed Ali Al Sayegh; as well as other heads of the UAE chambers, government representatives, and Emirati and Kazakh business owners, were also present at the meeting.
Two-way trade grew between the nations rose 10% between January and November 2019, compared to the same period in 2018, according to state news agency, Wam.
In addition, total direct investment from the UAE to Kazakhstan has risen to $2.1bn (AED7.7bn), while the investments from Kazakhstan into the UAE have reached $1bn (AED3.67bn). Approximately 350 legal entities, branches, and representative offices from the UAE are operating in Kazakhstan.
During the meeting, three agreements were inked between the Emirati and Kazakh nations, spanning the logistics, agricultural, and educational sectors.