An agreement on the conditions for making foreign direct investment in the Republic of Uzbekistan was signed between the BI Group construction holding, the Ministry of Trade and Integration of the Republic of Kazakhstan and the khokim of the city of Tashkent at a business council as part of the state visit of the President of the country Shavkat Mirziyoyev to Kazakhstan.
As part of a large-scale program to create a new district in Tashkent, the Kazakh developer BI Group is implementing an investment project for the construction of housing, social and commercial infrastructure facilities for a total of $500 million. The start of work is scheduled for the 1st quarter of 2022. The phased implementation of the plan within five years will create up to 20,000 jobs in Uzbekistan.
Jahongir Artykhodzhaev, Khokim of Tashkent:
“In general, the cost of the new project in Tashkent is $1.2 billion. Of these, BI Group is implementing social infrastructure facilities, including schools, kindergartens and others on the territory of 420 hectares. We are grateful to the Kazakh company for its significant contribution to the economy of our country. In Nur-Sultan, we got acquainted with the housing and social projects of BI Group, and were shocked by the scale of activities, as well as innovative technologies introduced during construction. If such objects appear in Tashkent, our city will become even more comfortable for life and attractive for tourists.”
Aidyn Rakhimbaev, Chairman of the Board of Directors of BI Group Holding:
“Our company, through the NRG consortium, has been implementing projects in fraternal Uzbekistan for the second year. At present, we are completing the construction of two residential complexes and see the prospects of the neighboring country's market, its investment attractiveness. As a business, we feel comfortable here, so we decided to increase the volume of investments and today we signed an agreement for $500 million. It is important for us to be a direct participant in such cooperation. In addition, the company already has successful experience in this area - our partnership with the leading Uzbek developer Murad Buildings is proof of this. We like to work with local authorities - I express my gratitude for the assistance to the Khokimiyat of Tashkent, headed by Mayor Jahongir Artykhodzhaev. In the future, we intend to implement several more large investment and technological projects in this country. All the innovative developments that we have created in Kazakhstan - smart home, connected home, smart repair and others - will also be implemented at the facilities of the neighboring state.”
It should be noted that BI Group and the Uzbek developer Murad Buildings created the NRG consortium in 2020. The first joint venture project in Tashkent was the construction of the NRG Oybek residential complex with a total area of 66,000 sq. m., $ 33 million was invested in it. In partnership with Murad Buildings, a Kazakh company in Uzbekistan is developing in several directions - residential, commercial and infrastructure construction, as well as in management objects. By the end of the year, it is planned to commission the NRG Oybek and Mirzo-Ulugbek residential complexes, where digital solutions - Smart Home and Smart Remont - will be introduced for the first time in the country. In the near future, the launch of several new projects.
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