ASTANA — President Kassym-Jomart Tokayev made a significant impact at the Conference of the Parties of the United Nations (UN) Framework Convention on Climate Change (COP28) on Dec. 2 in Dubai, the United Arab Emirates (UAE) by overseeing the signing of ten agreements between government agencies and business entities of Kazakhstan and various countries.
President Tokayev and Muhammad Abunayan, the Chairman of the Board of Directors of ACWA Power on Dec. 2, Dubai. Photo credit: Akorda
On the sidelines of the conference, President Tokayev engaged in discussions with high-profile figures, including the UAE Minister of Investment and Managing Director of ADQ Holding, Mohammed Al-Suwaidi. Emphasizing the dynamic growth in investment cooperation between Kazakhstan and the UAE, both leaders focused on plans to implement joint investment projects.
Tokayev praised the package of agreements signed with ADQ and its subsidiaries during the conference, affirming his commitment to supporting the expanding bilateral ties.
President Tokayev during the singing of a memorandum of understanding between the Kazakh Ministry of Energy, Samruk-Kazyna Sovereign Wealth Fund, and UAE’s Ministry of Investment for the development of a 10 GW low-carbon energy project in Kazakhstan on Dec. 2, Dubai. Photo credit: Akorda
The sides highlighted the significance of signing a memorandum on developing low-carbon energy with a total capacity of 10 GW in Kazakhstan and an intergovernmental agreement with Masdar on a wind power plant project with a capacity of 1 GW during the meeting.
President Tokayev and the UAE Minister of Investment and Managing Director of ADQ Holding, Mohammed Al-Suwaidi on Dec. 2, Dubai. Photo credit: Akorda
Tokayev stressed the pivotal role of the partnership with AD Ports Group in transforming the ports of Aktau and Kuryk into the leading maritime hub on the Caspian Sea. The sides also discussed potential joint projects between Presight and Samruk-Kazyna Sovereign Wealth Fund and the strategic agreements involving QazaqGaz and Kazakhstan Temir Zholy in artificial intelligence.
President Tokayev reassured investors of the state’s unwavering support and commitment to facilitating a conducive environment for their operations in the country.
During a meeting with Muhammad Abunayan, the Chairman of the Board of Directors of ACWA Power, the sides delved into the company’s ongoing and future interactions with Kazakhstan, focusing on investment projects in the green energy sector. Tokayev and Abunayan discussed the construction of a 1 GW wind power plant in the Zhetysu Region, attracting an estimated investment volume of $1.8 billion.
Muhammad Abunayan expressed keen interest in expanding ACWA Power’s presence in Kazakhstan and implementing green investment projects.
President Tokayev stressed that this aligns with Kazakhstan’s ambition to become a regional center for renewable energy development. He commended the company’s remarkable achievements, particularly highlighting the construction of the world’s largest solar power plant, Noor Energy 1, in Dubai, with an impressive investment of $4.6 billion.
The list of agreements included:
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an Intergovernmental agreement between Kazakhstan and the UAE on a wind power plant project with a substantial capacity of 1 GW;
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a memorandum of understanding between the Kazakh Ministry of Energy, Samruk Kazyna Sovereign Wealth Fund, and UAE’s Ministry of Investment, focusing on the development of low-carbon energy with an extensive capacity of 10 GW in Kazakhstan;
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a strategic partnership memorandum of understanding between Qazaqstan Investment Corporation and ADQ;
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an Investment agreement involving the Kazakh government, Aktas Energy LLP, and TotalEnergies for a wind energy project with a total capacity of 1 GW, accompanied by a battery energy storage system near the village of Mirny, Zhambyl region;
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an agreement between Samruk Kazyna Sovereign Wealth Fund and ACWA Power to jointly develop a wind power plants project with a combined capacity of 1 GW, including an energy storage system;
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an agreement between Samruk Kazyna Sovereign Wealth Fund and UAE’s Presight.AI to establish a joint venture for projects in digitalization and information technology;
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an agreement on principles for establishing a ship repair and shipbuilding enterprise in Kazakhstan between KazMunayGas national company and AD Ports Group; an agreement between Kazakhstan Temir Zholy railway company and Abu Dhabi Ports Group for a joint venture;
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a memorandum of cooperation between Atameken National Chamber of Entrepreneurs, SAFC LLP, and SEFE Marketing and Trading on forest climate projects;
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an agreement between Kazatomprom national company and Emirates Nuclear Energy Corporation for the supply of natural uranium concentrates.
