Since its opening in July 2018, around 100 UAE companies have registered with Astana International Financial Center. The latest reports from Kazakhstan capital says that the number will touch to 250 companies by 2019 and 500 by the end of 2020. Media gathering was chaired by HE Mr. Madiyar Menilbekov, Consul General of Kazakhstan, and Ms. Mikaela Cornelia Moldovani – Assistant Director of the Dispute Settlement Authority of the Dubai International Financial Center.
The Astana International Finance Centre (AIFC) was officially inaugurated Kazakhstan President Nursultan Nazarbayev, in presence of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force, in Astana
Business and financial centers between the UAE and Kazakhstan, have Unique investment benefits, while financial observers expect that the AIFC occupies a prominent position between the financial markets of these two nations
Mr. Madyar Minilbekov, The Kazakh Consul General in Dubai and Northern Emirates, said, “The Center is a great opportunity for financial institutions in Middle East and Arab countries to benefit from the services of Astana Center for investment expansion in Central Asia, especially in Eurasia, taking advantage of cultural proximity and Islamic banking. “The distribution of these companies is 70 percent of the Kazakh companies and 30 percent of the international companies. The total volume of state funds in Kazakhstan is 110.5 billion dollars.”
The Consul General said that 50 percent of Kazakhs and 50 percent of international companies would be represented in the coming years. The institutions are linked in some way to the financial industry, such as brokerage firms, Islamic finance, green financing, conventional insurance and others. The official said that the center provides free offices for two years, exemption from duties and any taxes until 2066, as well as the provision of facilities for obtaining a visa and the visa, and many other privileges that have not been provided by any other global financial centers.
The Kazakh Consul General in Dubai and Northern Emirates added that Kazakhstan has learned from other countries in financial fields. The experience of the UAE and the Financial Center in Dubai, which proved its worth on the global level, has always been a point to the existence of many common features between the UAE and Kazakhstan.
A large number of Arab countries have dependence on oil revenues, and seek to shift to diversification and build an economy based on the development of trade and the provision of financial services in their region. The Kazakh Consul General said that the visit of the Kazakh President to the UAE resulted in the signing of agreements and MoU’s on the cooperation between the International Financial Center in Astana and giant UAE financial institutions, including in particular an agreement with the Dubai Financial Center and agreements with Abu Dhabi Global Market.
Our country is to seek to create diverse partnerships at all economic levels with the Arab countries in general, and to improve the level of trade between us and reach record levels, while the relations with the UAE have a special peculiarity, as we continue to benefit from its expertise in the field of Islamic ‘Sukuk’.
The Astana Financial Center opens the door to a huge market of more than one billion people. The city of Astana is one of the main links in the new intercontinental routes to the Global Belt and Road Initiative. The center will open new horizons for investment in the Eurasian Economic Community, All companies operating within the EU will have offices and branches within the center. The opportunity is now effectively available to investors around the world.
The Kazakh capital of Astana is going to be as a leading financial center like other international centers such as New York, Zurich, Tokyo, London and Dubai. Competitive advantages include the political will, strong growth of the national economy and the creation of many large companies that need,” said the Kazakh Consul General. To global financial services, as well as international capital flows, international investments and international investors interested in investing in Kazakhstan’s economy are doing big business. The Kazakh Consul General explained that the inauguration of the AIFC is a response to the intensive economic activity and the increasing development of the Eurasia region, which includes economic blocs such as the Eurasian Economic Community and the China Economic Initiative “One Belt – One Way”.
“The financial center will provide services to the markets of Kyrgyzstan, Uzbekistan, Tajikistan, Mongolia and, in the future, as well as working with strategic partners among the world’s leading exchanges and with the help of their management, to establish a high-tech exchange.
Things are all settled and discussed with London, Metals, Nasdaq, Chicago Trade, NASDAQ Dubai and New York”, he added.
The Consul General identified the advantages offered by the Astana International Financial Center:
- Create an attractive environment for investment in financial services and development of the stock market in Kazakhstan.
- Provide opportunities for wealthy clients in the region.
- A platform to develop the Islamic finance market.
- The Astana Financial Center Court provides fast special procedures for the consideration of small claims of up to $ 150,000.
- The International Arbitration Center provides an independent, cost-effective and practical alternative to litigation and operates in accordance with the best standards.