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March 3, 2024

UAE inks deal with Kazakhstan for investment cooperation

The UAE Ministry of Investment has signed a Memorandum of Understanding (MoU) with the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan and the Sovereign Wealth Fund Samruk-Kazyna.

This strategic agreement aims to create a framework for investment cooperation in data center and artificial intelligence (AI) projects in Kazakhstan.

According to the statement, the MoU between the UAE and Kazakhstan centers on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organizations.

The agreement also proposes introducing incentives to bolster relevant initiatives and seeks to facilitate the exchange of knowledge.

Kazakhstan’s exports to the UAE amounted to $560.34 million in 2022, while the UAE’s exports to Kazakhstan reached $1.69 billion, as per the reports.

Mr. Nurlan Zhakupov, Chairman of the Management Board of Samruk-Kazyna, said that, “The establishment and growth of data centers is pivotal for Kazakhstan’s technological advancement. They serve as the backbone of innovation, fostering economic development, and propelling the nation into the forefront of the global digital landscape.”

“Furthermore, the strategic development of data centers not only enhances domestic capabilities but also acts as a magnet for foreign investments, positioning Kazakhstan as an attractive destination for international businesses seeking a robust technological infrastructure,” Mr. Zhakupov added.