RUSLAN AKHMETOV

Qatar’s Power International Holding, a diversified business conglomerate, will buy Kazakhstan’s Mobile-Telecom Service, a joint company of Tele2 and ALTEL brand, for $1 billion, said Kazakh Minister of Digital Development, Innovation and Aerospace Industry Zhaslan Madiyev on June According to him, Power International Holding will invest nearly 300 billion tenge (US$651.3 million) in infrastructure, reported Kazinform. “There are obligations to build base stations and install 5G base stations. This will supposedly increase competition, and competition, as you know, leads to improved quality,” said Madiyev. On February 14, 2024, the Kazakh investment holding Samruk-Kazyna announced that the telecommunications operator Kazakhtelecom had entered into an agreement to sell one of its mobile assets, Mobile Telecom-Service LLP .The buyer is Qatari holding Power International Holding (PIH). The decision to sell Mobile Telecom-Service LLP was made on January 20, 2024 at a meeting of the State Commission for the Modernization of the Economy of the Republic of Kazakhstan. The corresponding trilateral agreement was signed in Qatar by Kazakhtelecom, Samruk-Kazyna (is the majority shareholder of Kazakhtelecom JSC) and Power International Holding. On June 18, 2024, details became known about the sale by Kazakhtelecom of Mobile Telecom-Service, which operates under the Tele2 and Altel brands. The value of the asset, which was acquired by the Qatari holding Power International Holding (PIH), amounted to approximately $1 billion. Tele2, an international telecommunications company founded in Sweden at the end of 1970, arrived in Kazakhstan in 2011. ALTEL was the first Kazakh cellular mobile operator founded in 1994. https://lnkd.in/dbntKnWC

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Uzbekistan to Launch $10 Million Venture Fund to Boost IT Startups   On August 13, President Shavkat Mirziyoyev reviewed the latest achievements and strategic plans for the development of IT startups in Uzbekistan. The country is currently home to over 400 startups, with around 10% already securing foreign investments.   In 2023, Uzbek startups attracted a total of $133.5 million in venture capital, with only $5 million sourced from local venture funds and the remainder from international investors.   As part of a two-year program to support and scale startups, a new venture fund with a capital of $10 million is set to be launched in September. This initiative will also focus on attracting top-tier international accelerators and incubators, creating a unified digital platform for startups, and enhancing the legislative framework to elevate Uzbekistan's standing in global innovation rankings. Source: spot.uz #startups #uzbekistan #mosaicfinancial

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KPMG Caucasus and Central Asia has presented a new report, entitled ‘Fintech: B2C Payments, POS Financing and BNPL in Uzbekistan’. This document sets out some of the key aspects and forecasts for the development of the #fintech market in #Uzbekistan. The document identifies the following key points: 1. The growth of cashless payments and P2P transactions is expected to increase on average 1.9 times, with an 18% #CAGR between 2023 and 2027. 2. The forecast of cashless payments as a share of #GDP. 3. The peculiarities of P2P-financing and BNPL market in Uzbekistan. 

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As highlighted in the recent Euronews feature, Uzbekistan is undergoing a transformative era of economic reform, showcasing significant growth in foreign investment and an evolving business landscape. Since 2017, our commitment to modernizing economic policies and infrastructure has successfully attracted global attention and capital, positioning Uzbekistan as a beacon for international business. At the recently held III Tashkent International Investment Forum, which brought together over 2,500 guests from 93 countries, Uzbekistan demonstrated its dedication to enhancing bilateral and multilateral cooperation. Contracts totaling $26.6 billion were signed, opening avenues for projects that include new infrastructure in Tashkent, a data center, power plants, and the modernization of heat supply systems. At IT PARK Uzbekistan, we are at the forefront of this transformation, fostering a conducive environment for tech companies and startups. Our mission is to bridge the gap between local talents and global opportunities, offering world's finest conditions for offshore outsourcing. 🌍 Grow your business with us! For more information, visit our website at https://outsource.gov.uz #Uzbekistan #Investment #Technology #Innovation #EconomicGrowth

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