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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...

On Tuesday morning, January 14, an earthquake was recorded in the Bukhara region of Uzbekistan, according to the Republican Center for Seismic Forecasting and Monitoring of the Ministry of Emergency Situations.

The tremors were felt at 5:43 local time by residents in the Peshkun and Karakul districts. The earthquake had a magnitude of 4, and its strength was assessed at 2 on the intensity scale.

Kursiv Uzbekistan also reports that the last earthquake in Uzbekistan occurred on January 6 in the Navoi region.

In 2024, more than 14,800 companies with foreign capital were reported to be operating in Uzbekistan, according to the Statistics Agency.

Throughout the year, the number of these companies increased by 5.8%. At the beginning of the previous year, Russian investors were the most active, establishing over 3,000 enterprises in Uzbekistan. However, by the end of the year, China took the lead with 3,300 companies, while Russian companies accounted for 2,900.

Turkey completed the top three with 1,800 companies, a figure that remained unchanged since the beginning of 2024.

Kursiv Uzbekistan also reports that, according to ESCAP...

Common shares of Yo’lreftrans JSC, trading under the ticker YRFS, have been officially listed on the Republican Stock Exchange (RSE) “Tashkent” since January 14, according to a report from the exchange’s press service.

The company’s securities are classified under the “Privatization” segment of the Stock Market, as designated by the RSE.

Yo’lreftrans, established in 1978 in the Syrdarya region, specializes in repairing railway cars and producing consumer goods.

For the third year of the previous fiscal year, the company reported a net profit of 14.3 bn soums and revenue of 35.8 bn soums.

Kursiv Uzbekistan also reports

The Turkish company Albayrak Holding is interested in constructing a business center at the site of the Beshagach market in Tashkent, according to the press service of the Chilanzar district Khokimiyat.

The proposed project includes several residential buildings and a skyscraper for the future complex.

City authorities plan to transform the Askiya market into an eco-bazaar featuring indoor shopping pavilions, recreational areas, and parking facilities.

A market complex is also being developed in the Mirzo-Ulugbek district of the capital.

Furthermore, Kursiv Uzbekistan reports renovations have begun at the Sputnik housing estate in Tashkent.

A fair will be organised for Kyrgyz entrepreneurs in the Uzbek shopping complex Food City Tashkent, the press service of the Trade Representation of the Republic of Kazakhstan in Uzbekistan said.

They will be able to discuss recent products and contract signings that were addressed in a meeting where representatives of the Trade Representation and Food City Tashkent signed a memorandum.

The trade complex will offer businesses from Kyrgyzstan free trading space and warehouses. Tashkent is also keen on facilitating meetings between business representatives from both countries to establish long-term relationships.

In the first 11 months of 2024, trade...

In 2024, the Uzbek Ministry of Ecology, Environmental Protection and Climate Change announced the rehabilitation of 29 landfills for solid domestic waste (SDW) covering a total area of 81.2 hectares in Uzbekistan. These landfills were situated in nine regions of the country.

The rehabilitation work was conducted following a decree from Uzbek President Shavkat Mirziyoyev aimed at modernising the waste management system. This initiative includes plans to reclaim 167 landfills, encompassing over 1,100 hectares.

The recultivation of landfills and restoration of soil cover contribute to reducing greenhouse gas emissions, minimising fire risks, and decreasing water and air pollution.

As...

KT&G, a South Korean tobacco company, plans to establish a subsidiary in Uzbekistan, according to a report from The Korea Herald.

The company has been operating a regional office in Uzbekistan since 2023 and aims to expand its workforce in the country, as well as establish a sales network to enhance its presence in the Eurasian market.

A spokesperson for KT&G stated, “The establishment of the new facility in Uzbekistan symbolizes our commitment to investment and innovation as we strive to become a leading global company.”

Founded in 1987, KT&G sells tobacco products in 132 countries and has six...

The State Assets Management Agency of the Republic of Uzbekistan has announced an extension for accepting applications for the privatisation of the Khiva Plaza and Khiva Locomotive hotels. The announcement was published on the agency’s portal.

Investors can submit binding proposals until February 20 of this year.

Previously, the department had extended the privatisation process for these two hotels until November 29 last year. Investors are being offered 100% ownership of the state shares in these assets.

The Khiva Plaza Hotel covers a total area of over 8,700 square meters and has 106 rooms. Meanwhile, the Khiva Locomotive Hotel has...

The Ministry of Agriculture of Uzbekistan has signed a memorandum with the Arab company IFFCO Group to strengthen cooperation in food security.

The UAE plans to export up to 10,000 tonnes of strategic products, including vegetable oil and flour, to Uzbekistan as part of the agreement.

The memorandum also outlines the establishment of a Food Security Centre that will focus on combating counterfeit products and protecting intellectual property.

Additionally, both parties agreed to implement new production projects, including manufacturing tomato paste, vegetable oils and other products.

Kursiv Uzbekistan also reports that Binghalib Group intends to relocate from the...

Students from the Tashkent Architecture and Construction University designed the cat houses. These structures are ventilated and heated to ensure the animals remain comfortable in any weather conditions.

This project was carried out in collaboration with the Mushukkent Initiative, with support from the Tashkent Police Department, the National Guard of Uzbekistan, and various government agencies and NGOs.

Kursiv Uzbekistan also reports that airports will begin accepting electronic ID cards.

Paynet has won the auction to privatise 100% of the state’s stake in the National Interbank Processing Centre JSC (HUMO). The State Assets Management Agency of Uzbekistan organised the bidding.

Anvar Isamukhamedov, CEO of Paynet, stated, “We believe that the synergy between HUMO and other participants in the payment market will not only help preserve HUMO’s achievements but also enable it to enhance its market position and effectively realise its long-term goals. By improving business processes, expanding the range of products and services, and introducing new technologies, the company can offer better, more affordable, and innovative solutions for households and...

Uzbekistan and Afghanistan signed an agreement for the transit of goods, according to the news portal TOLONews.

Similar agreements have also been signed by Afghanistan’s Ministry of Industry and Commerce with Turkmenistan and Kazakhstan.

From January to November 2024, trade between Uzbekistan and Afghanistan totalled nearly $1 bn. This represents an increase of $215.8 mn compared to the same period in 2023.

During the first eleven months of the past year, Uzbekistan exported goods worth $969.4 mn to Afghanistan. Meanwhile, Afghanistan’s exports to Uzbekistan amounted to $30.5 mn.

In January-November 2024, Uzbekistan’s clothing production reached UZS 28.3 trln, marking a 43.6% increase compared to the same period in 2023, according to the State Statistics Agency.

Since 2020, the country’s clothing production has more than tripled.

For reference, in the same period last year, Uzbekistan’s textile exports totalled $2.6 bn, with a 6.4% decrease in exports.

Almalyk Mining and Metallurgical Complex (AMMC) produced goods worth UZS 38 trln in 2024, according to the company’s press service. This figure is 20.5% higher than the results of 2023.

The plant exceeded its production forecast by 16%. Over the year, AMMC increased ore extraction by 4.6% and cathode copper production from its raw materials by 4.1%.

AMMC also met its targets for the extraction and processing of gold-containing ores, as well as for the production of chemicals, selenium, and tellurium.

At the end of the year, the plant produced consumer goods worth UZS 7.5 bn.

Uzbekistan became the largest importer of grain from Kazakhstan in 2024, importing 3.3 mn tonnes, according to the Ministry of Agriculture of Kazakhstan.

China ranked second, importing 1.7 mn tonnes, while Tajikistan secured the third position with 1.2 mn tonnes.

From September to December 2024, Kazakhstan increased its grain exports to Uzbekistan by 45%, reaching 1.5 mn tonnes.

Uzbekistan has finalised the privatisation of the Humo payment system, part of the National Interbank Processing Center, for $65 mn. This announcement was reported by Uzbekistan’s State Assets Management Agency (UzSAMA). The sale follows an open process, where six applicants were invited to submit Binding Offers (BO).

Three offers were received, with Paynet submitting the highest bid of $65 mn. This bid aligns with the price range set by the consultant and exceeds the valuation by independent appraiser KPMG.

Paynet, one of Uzbekistan’s largest payment operators, has agreed to ensure the stability of the Humo payment system and protect the...

From January to November 2024, Uzbekistan’s agricultural producers exported 32,200 tonnes of cherries worth $70.3 mn, according to the Statistics Agency of Uzbekistan.

In volume terms, exports decreased by 28% compared to the same period in 2023. However, in value terms, they increased by 33%, driven by a rise in the average price from $1,200 to $2,200 per tonne.

Russia was the primary importer of Uzbek cherries during this period, accounting for nearly 79% of shipments. Kazakhstan imported 3,500 tonnes, and Kyrgyzstan received 2,800 tonnes.

Uzbek cherries were exported to markets in Belarus, the UAE, China, South Korea, Malaysia, and other countries.