RIYADH: Uzbekistan’s leading Shariah-compliant insurance company has partnered with the country’s State Assets Management Agency to strengthen the influx of investment into the economy.
The Islamic Corp. for the Insurance of Investment and Export Credit — a member of the Islamic Development Bank Group — signed a memorandum of understanding with the agency on Monday to attract potential investors for privatized state assets in Uzbekistan.
“We are thrilled to work with UzSAMA and to enhance trade and investment ties between Uzbekistan and international markets,” said ICIEC CEO Oussama Abdel Rahman Kaissi.
He added: “This MoU will support the Republic of Uzbekistan in achieving its national development plan for economic growth, diversification of revenue streams and job creation.”
This move aligns with the comprehensive reforms of the National Development Strategy of Uzbekistan 2026.
These reforms aim to improve the business and investment environment, enhance regional cooperation, improve the agricultural sector, and promote innovation and entrepreneurship to achieve dignity for all people by 2026.
In May, Uzbekistan’s power sector also received a significant boost after the UAE-based utility firm Abu Dhabi National Energy Co., also known as TAQA, announced plans to invest over $3 billion in new and existing power plants.
The utility company signed a strategic partnership with the Uzbek government to explore projects and investment opportunities within the Central Asian country’s energy sector, the company said in a press release at the time.
The gas firm also secured deals regarding the country’s electricity transmission and distribution infrastructure.
“This new partnership and the proposed projects build on the cooperation opportunities that exist today between the Republic of Uzbekistan and the UAE as well as our common vision to support the energy sector and invest in sustainable and reliable energy services,” said Deputy Minister of Investments and Foreign Trade Shukhrat Vafaev in a statement.
These agreements come after Saudi Arabia’s ACWA Power inked deals valued at over $120 million for energy projects in Uzbekistan earlier this month, further strengthening bilateral energy relations between the Kingdom and the country.
In April, ACWA Power announced it would develop two wind power plants in Uzbekistan financed by loans of $174 million from the Asian Development Bank.
This deal followed agreements worth $2.5 billion signed with the National Electric Grid of Uzbekistan to develop three solar photovoltaic projects in Tashkent, Bukhara and Samarkand.
