Kazakhstan has ratified the agreement with the UAE on promoting and protecting mutual investments, QazMonitor reports citing the Central Communications Service.
The law reflects a series of bilateral investment deals that took place this year.
In the second half of 2022, government and business representatives of Kazakhstan and UAE met on several occasions to review potential areas of cooperation and sign project agreements to develop different economic sectors, mainly in Kazakhstan.
Several documents were signed in September between the Kazakh Government and state investment and development companies Mubadala group and ADQ during Prime Minister Alikhan Smailov’s official visit to the UAE.
The agreements focus on the development of various sectors, including areas of interest to the UAE, which are green energy, finance, oil and gas, and mining metallurgy. The total amount of investments is worth $900 million (₸415 trillion).
The following month, there were talks between the Kazakh Ministry of Industry and Abu Dhabi Port Group to create a joint venture to increase sea trade via the development of Aktau Seaport. The cost of the project was estimated to be $29.7 million (₸13.7 billion).
On November 3, the Kazakh foreign minister’s visit to Abu Dhabi resulted in talks with the Emirati side that identified more spheres for joint projects. They ranged from mining and construction to agriculture and education.
Kazakhstan is also negotiating with UAE on establishing a free trade zone, which will improve the quality of interactions and the attraction of further investments.