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The international company Bolt views Uzbekistan as an attractive market for investment, IT Park reports.

During a meeting with IT Park representatives, Bolt’s Head of Public and Government Relations, Yuliya Malich, described Uzbekistan as a priority region for the company. She highlighted the country’s rapid digital transformation, a large pool of young professionals, and growing population as key strengths.

Bolt has expressed interest in collaborating with Uzbekistan’s Ministry of Digital Technologies and other government agencies. The initial phase of this partnership may include joint workshops for aspiring IT specialists and startup teams.

IT Park proposed involving local specialists in...

Uzbekistan and the United Arab Emirates have signed a declaration formalising their strategic partnership, according to the press service of Uzbekistan’s President, Shavkat Mirziyoyev.

The Uzbek leader is currently on an official visit to the UAE. During the visit, the two sides also signed agreements on the mutual promotion and protection of investments and financial and technical cooperation.

The signed documents include interagency agreements on investment collaboration and industrial cooperation.

Hamas and Israel have agreed to a ceasefire in the Gaza Strip, which will take effect on January 18, Reuters reports.

The agreement will be implemented in phases and includes the release of Israeli hostages, the gradual withdrawal of Israeli forces from Gaza, and the release of Palestinian prisoners.

However, hostilities persist despite the deal. On Saturday evening, Israel conducted airstrikes on Gaza, resulting in at least 32 fatalities, according to local authorities.

Photo: RIA Novosti
On January 15 at 12:32 PM, an earthquake was recorded in Uzbekistan, as reported by the Republican Center for Seismic Forecasting Monitoring of the Ministry of Emergency Situations.

The epicentre was located in the Kashkadarya region, specifically in the Dekhkanabad district. The tremors occurred at a depth of ten kilometers, with a magnitude of 3.9.

In the Kamashinsky district, the intensity of the tremors reached two on the scale.

Kursiv Uzbekistan reported that another earthquake was recorded in the Bukhara region of Uzbekistan in the early morning hours of Tuesday, January 14.

BRICS is not planning to abandon the use of the US dollar, according to a statement by Brazilian Foreign Minister Eduardo Saboya, as reported by TASS.

Saboya noted that it doesn’t make sense for BRICS nations to move away from the dollar, especially since these countries hold significant dollar reserves. He emphasised that the members of BRICS are not trying to oppose the United States or other nations; instead, their work focuses on facilitating mutual settlements and trade operations.

There has been discussion about creating a single currency for trade among BRICS countries and establishing an alternative to the...

Over the past five years, Uzbekistan’s energy sector has attracted nearly $20 bn in foreign investments, as the Pravda Vostoka newspaper reported.

During this period, 14 solar and wind power plants with a total capacity of 3.5 GW were constructed in the country.

Two 300 MW electricity storage systems were established. Work is ongoing with foreign investors on 50 major energy projects valued at $26 bn.

In 2024, the Republican Electric Networks (RES) secured $189 mln in investments. The company supplied consumers with over 67 bn kWh of electricity, representing a 5% increase compared to 2023.

Over the past year...

Out of UZS 8.8 trln in undistributed profits, UzAuto Motors will allocate UZS 264 bn for dividend payments to its shareholders, according to the company’s report.

The decision was made by the shareholders on January 10. The dividend per share will amount to UZS 975.

It is worth noting that by the end of the second quarter of last year, UzAuto Motors’ net profit exceeded UZS 1.9 trln, while undistributed profits reached UZS 8.5 trln.

The company’s annual revenue grew from UZS 22 trln to UZS 23.4 trln.

It should be noted that from 2021 to 2024, UzAuto...

The President of Uzbekistan, Shavkat Mirziyoyev, held a meeting with a delegation of leading companies from the United Arab Emirates, headed by the UAE Minister of Investment and CEO of the ADQ holding, Mohamed Hassan Alsuwaidi.

The parties agreed to expedite the implementation of projects in the fields of innovative technologies, rare earth metal extraction, railway development, dry port creation, cable production, and public-private partnership (PPP) projects in education and healthcare.

Further steps for cooperation with each company were also outlined. Joint projects in infrastructure, construction, energy, transport, logistics, mining, electrical engineering, and utilities are planned.

At the end...

Uzbekistan’s major taxpayers, comprising 949 companies in 2024, contributed UZS 123.3 trln to the state budget, according to the State Tax Committee.

Revenue from the ten largest state-owned taxpayers amounted to UZS 70.3 trln.

The Navoi Mining and Metallurgical Combine (NMMC) led the list, paying nearly UZS 35.5 trln in taxes. The Almalyk Mining and Metallurgical Combine (AMMC) ranked second, contributing UZS 10.8 trln, while Navoiuran secured third place with UZS 4.6 trln in tax payments.

The top 10 private-sector taxpayers collectively paid UZS 8.7 trln into the budget. British American Tobacco Uzbekistan (UzBAT) topped this category with UZS...

Uzbekistan and the United Arab Emirates plan to create a major data processing centre in Tashkent. The initiative was discussed by President Shavkat Mirziyoyev and UAE Minister of Artificial Intelligence Omar bin Sultan Al Olama.

The two parties also explored collaboration in developing generative artificial intelligence, including the use of large language models in the energy sector.

President Mirziyoyev proposed launching a programme to enable Uzbek students to study at the Mohamed bin Zayed University of Artificial Intelligence. The discussions also covered plans to establish research laboratories and technology clusters.

The value of exchange transactions between Uzbek and Belarusian enterprises reached $55 mn in 2024, tripling the amount recorded the previous year, BELTA reports.

The number of Uzbek companies participating in the Belarusian exchange nearly doubled over the year, rising from 97 to 177.

The trade portfolio also expanded, with Uzbek businesses starting to purchase Belarusian dried milk and initiating the exchange of raw materials for the textile industry in 2024.

«This increased interest in exchange trading reflects the success of targeted outreach efforts with Uzbekistan’s business community,» said Grigory Ginsar, Director of the Gomel branch of the Belarusian Universal Commodity...

President Alexander Lukashenko of Belarus emphasised his strong relationship with Uzbekistan’s President Shavkat Mirziyoyev and highlighted opportunities for expanding bilateral cooperation, BELTA reports.

«Our relationship is excellent, but there is still much work to be done. I am confident that we have significant opportunities to strengthen cooperation,» Lukashenko stated.

He stressed the importance of building ties with regional authorities in Uzbekistan and Kazakhstan to boost the supply of Belarusian goods. Belarus also plans to introduce halal products to the Kazakh market.

Between January and November 2024, trade turnover between Uzbekistan and Belarus exceeded $646.2 mn, representing a 13.4% increase...

President of Belarus Alexander Lukashenko has selected candidates for ambassadorial posts in several countries, including Uzbekistan, BELTA reports.

Alexander Ogorodnikov, previously the First Deputy Minister of Industry of Belarus, will lead the diplomatic mission in Uzbekistan.

Lukashenko appointed Alexey Bogdanov, the Minister of Antimonopoly Regulation and Trade, as the ambassador to Kazakhstan.

The president also announced new appointments to Belarusian diplomatic missions in Azerbaijan, Turkey, Israel, and Cuba.

Uzbekistan will collaborate with the Arab company M42 in genomics and with IFFCO Group in the production of food industry ingredients and household chemicals. These matters were discussed during a meeting between Uzbekistan’s President Shavkat Mirziyoyev and the heads of the companies in Abu Dhabi.

President Mirziyoyev held talks with Hussain Al Nowais, CEO of AMEA Power. The parties agreed to accelerate projects involving the construction of wind power plants, energy storage systems, and the establishment of high-tech facilities in petrochemicals.

South Korean investigators executed an arrest warrant for President Yoon Suk Yeol on Wednesday morning local time, Yonhap reports.

According to his lawyer, the president voluntarily appeared for questioning at the Corruption Investigation Office (CIO), although he continues to regard the investigation as unlawful.

Yoon Suk Yeol declared martial law in the country in December 2024. The decision was not supported by parliament and triggered mass protests.

Earlier, the CIO had attempted to detain the president on charges of rebellion but faced resistance from the military.

In Uzbekistan, factoring operations will now be permitted in foreign currency when the client’s counterparty is a non-resident. This change was approved in the second reading by the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan.

The new law will also lift the ban on transferring monetary claims to another person. It will also allow the registration of refusals to receive payment in a centralised collateral register.

These measures are expected to enable companies to sell accounts receivable and receive immediate payment under contracts with deferred payment terms.

The bill will authorise entrepreneurs to establish private organisations...

The Tashkent Presidential School has been awarded the Sheikh Zayed Al Nahyan Prize, as reported by the press service of the President of Uzbekistan.

The school won in the Global Secondary Schools category. Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE, presented the prize. The President of Uzbekistan, Shavkat Mirziyoyev, attended the award ceremony and congratulated the school representatives on their achievements.

In the winter of 2019, President Mirziyoyev signed a decree to establish presidential schools, creating such institutions in Tashkent, Nukus, and Khiva during the initial phase.

Kursiv Uzbekistan also reports that 709 nurseries...

Samarkand plans to construct a six-kilometre-long ground underground, as the draft law outlines for the city’s expansion.

The city will also acquire 170 hectares of land in the Samarkand district and 243 hectares in the Akdarya district. These changes are related to developing a business center and a residential complex named Shirin, which are expected to be completed by 2030.

The plans include constructing 254 multi-story buildings, 19 business centers, 50 social facilities, and 89 shopping and entertainment centers. Infrastructure developments will encompass the construction of 112 kilometres of roads, two bridges, irrigation structures, and a historical town.

It...

According to a report from the parliament’s press service, the Legislative Chamber of the Oliy Majlis deputies have approved a draft law to legalise gambling in Uzbekistan.

The proposed legislation includes creating a registry to track Uzbeks who are addicted to gambling and establishing regulations for the operation of online casinos, bookmakers, and lotteries.

The deputies emphasised that this new law will enable better monitoring of gambling organisers in the country.

The government approved guidelines for bookmakers to operate legally in December last year. To enter the market in Uzbekistan, they must obtain a permit and maintain an...

The UAE is a reliable and strategic partner for Uzbekistan in the field of green energy, stated President Shavkat Mirziyoyev during the Abu Dhabi Sustainable Development Week Summit.

He highlighted that with the support of Masdar, five power generation facilities with a total capacity of 1.5 GW have been launched in Uzbekistan. Additionally, he mentioned that three more projects are set to be implemented, which will create generating capacities of 1.6 GW, along with energy storage systems capable of approximately 520 MW/h.

Mirziyoyev noted that in collaboration with foreign partners, Tashkent is working on green energy projects totalling $26 bn...

As of January 14, the average weighted dollar exchange rate decreased by 1.08 soums, reaching 12,971 soums, according to data from the currency exchange in Uzbekistan.

The Central Bank of the Republic has set the American dollar exchange rate at a similar level.

As of January 9, banks were buying dollars for between 12,895 and 12,935 soums and selling them for between 12,960 and 13,035 soums.

Kursiv Uzbekistan also reports predictions regarding potential growth in the dollar exchange rate by the year 2025.

According to Bloomberg, the American stock market has nearly erased all its gains in the month following Donald Trump‘s victory.

On January 13, during trading, the S&P 500 index dropped below its closing level on November 5, 2024, reaching 5,773.31 points. At the beginning of December, this figure was 6,081.38 points.

Analysts attribute the decline in American stocks to investor concerns regarding the new administration’s plans and the Federal Reserve’s monetary policy. Investors are apprehensive about Trump’s proposals to impose high tariffs on imported goods from China, Europe and Canada. These increased tariffs are expected to raise costs for...

Jetex, a company based in the UAE, plans to provide services for business aviation and launch an air taxi service in Uzbekistan, according to the Ministry of Transport of the Republic of Uzbekistan.

A memorandum of cooperation was signed during a meeting between the company’s management and a delegation from the Ministry of Transport in the UAE.

The initiative will be launched at Tashkent Vostochny Airport. Jetex will also provide services for private aircraft maintenance, repair, and storage. This will establish the country’s first Fixed Base Operator (FBO) service for business aviation.

The ministry highlighted that this agreement will...

Chinese authorities are considering the possibility of selling TikTok’s American assets to billionaire Elon Musk, according to a report by Bloomberg, which cites sources in the Chinese government.

The Chinese government has not yet reached a final decision on this matter. While Beijing would prefer to keep the social media division under the ownership of its parent company, ByteDance, U.S. courts and authorities disagree with this approach and are demanding the sale of these assets.

In April 2024, President Joe Biden signed a law requiring that TikTok’s assets be transferred to an American company. If this does not...