In business, three years is enough for bold forecasts to become reality. Do you remember 2023? Our first Kursiv Research issue on the capital market then captured an era that now feels like a time of small numbers. Back then, deals worth a few million dollars seemed like the ultimate goal. Gold had just crossed $2,000. The som was steadily losing ground to the dollar.
The world has changed, and we have returned to document a new reality. Have you noticed how quickly safe havens have become centers of extraordinary returns? In 2025, gold made its strongest leap since the late 1970s, up 64%. JPMorgan Chase even forecasts $6,300 per ounce by the end of 2026. Meanwhile, the Uzbek soum strengthened by nearly 7%, defying many skeptical predictions. The key point, though, is not even the quotes, it’s who is now setting the tone in Tashkent.
Let’s be honest: for a long time, our capital market resembled a closed party for insiders. This reality was shaped by low liquidity and high expectations. However, over the past three years, the ice has started to break, signalling a shift in market participation.
The arrival of Franklin Templeton as manager of the National Investment Fund (UzNIF) is not just another line in a press release. In October 2025, people managing over a trillion dollars will gather in the capital for Investor Day. It becomes clear that we are no longer a «promising periphery.» We are now a point on the map where large-scale deals are being planned.
In this issue, we decided to dig deeper and ask directly: Why are our domestic giants, banks and insurance companies, still inactive as investors? We examine what prevents them from becoming anchor players. We also explore what holds them back from bringing the long-term capital so often discussed at forums.
We have prepared a truly powerful mix for you. Inside, you will find insights from the London Stock Exchange and Freedom Broker. There are success stories from Uzum and TBC, as well as an honest perspective on Islamic finance from IMAN. The global context of this issue is provided by the legendary Jim Rogers. His exclusive interview challenges conventional thinking. His forecasts spark debate, but they cannot be ignored.
Uzbekistan’s capital market in 2026 is about concrete strategies and competition for private capital. At Kursiv Research, we strive to create a space where hidden market mechanisms become understandable. Risks become measurable. Our goal is to give you not just information, but tools for decision-making.
Looking forward, are you ready for the IPO of a fund that manages stakes in more than a dozen of the country’s largest enterprises? Don’t miss your chance to be part of the most pivotal event of the year, join the next phase of our capital market’s evolution. In the meantime, let’s dive into the details.
Enjoy your reading, and take this chance to get involved!
