Kyrgyzstan, UAE create company with capital of USD 100 mln

Bishkek, Nov. 1, 2022. /Kabar/. Kyrgyzstan and the UAE have created a joint holding company with an authorized capital of USD 100 million and the possibility of increasing investment capital to USD 1 billion 200 million, press secretary of the President of the Kyrgyz Republic Erbol Sultanbaev said. “Following the negotiations between President of the Kyrgyz Republic Sadyr Zhaparov and President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, a bilateral Agreement was signed on the establishment of a joint holding company in Kyrgyzstan. Partnerships and formal agreements have been established with the Abu Dhabi Development Fund to establish a joint holding company with an authorized capital of USD 100 million, aimed at implementing various commercial development projects worth up to USD 1 billion 200 million,” Sultanbaev said. He noted that in addition to entering with financial resources, the Emirati side provides business competence. “The company will be managed on the principles of corporate governance through the application of the best business practices of the Emirates. High-level foreign managers will be involved in the development and management of projects,” the president’s press secretary noted. He added that the funds will be used to implement major projects in the field of transport and logistics hubs, IT innovations, the energy industry and food security, the creation of new format joint recreation areas and new cities, as well as other development projects.