News

According to S&P Global Ratings, the banking sector in Uzbekistan is experiencing significant growth in consumer credit and microloans, which is reshaping the structure of credit portfolios. This aggressive lending growth, coupled with increasing competition, including the entry of foreign players, is exerting pressure on the quality of banking assets.

In response to this surge, the regulator took action in 2023 to curb the excessive expansion of retail lending. As a result, the share of retail loans decreased from 50% to approximately 20% in 2024. Despite these regulatory steps, the overall trend of expanding unsecured consumer and small business...

Uzbekistan’s start-up airline, Air Samarkand, has announced the launch of regular flights to Israel, Central Asia+ Aero reports. Starting on March 30, the airline will operate a weekly route connecting Samarkand with Tel Aviv. The flights, with a duration of approximately 5.5 hours, will be serviced by an Airbus A321ceo narrowbody aircraft.

Air Samarkand’s new service to Israel will join existing routes operated by other Uzbek airlines. Qanot Sharq, a privately-held carrier, currently offers direct flights from Samarkand to Tel Aviv. Additionally, Uzbekistan Airways, a state-owned airline, provides flights from the capital, Tashkent, to Tel Aviv.

The airline indicated...

Uzbek President Shavkat Mirziyoyev has signed a decree aimed at supporting startup projects. According to the Justice Ministry, initiatives targeting foreign markets can receive funding of up to two bn soums.

Projects that successfully launch in Uzbekistan can expect to receive one bn soums, while high-potential startup initiatives may qualify for funding of up to 500 mln soums.

This funding will be sourced from a venture fund with a charter capital of $10 mln. The Chamber of Commerce and Industry, in collaboration with local authorities, will be responsible for supporting the business projects funded through this initiative.

In February...

Uzbekistan and Kuwait plan to launch a platform to attract investments for joint projects in the agro-industry, transport and logistics sectors. This agreement was made during a meeting between Uzbekistan’s President Shavkat Mirziyoyev and Kuwait’s Crown Prince Sheikh Sabah al-Sabah.

During their discussions, Mirziyoyev and al-Sabah also addressed ways to support initiatives related to the dialogue between Central Asia and the Gulf Cooperation Council.

The leaders signed a tourism development program extending until 2027 and agreements concerning the labour migration industry.

Kursiv Uzbekistan reports that the Asian Development Bank (ADB) plans to increase its annual financial commitments...

The Asian Development Bank (ADB) plans to increase its annual financial commitments to $36 bn by 2034, as reported by the bank’s press office. This represents a 50% growth over the next ten years.

The bank has allocated $24 bn for loans, guarantees, investments, grants, and other types of financing for 2024.

According to the Capital Utilization Plan (CUP), significant growth in the bank’s operations is anticipated over the next three years. After that period, ADB’s commitments will gradually increase. This strategy aims to enhance support for developing countries in the Asia-Pacific region while maintaining the bank’s high credit rating.

The U.S. military has eliminated a leader of al-Qaeda in Syria, according to U.S. President Donald Trump on the social media platform Truth Social.

“Over the weekend, U.S. forces conducted a precision airstrike targeting a member of al-Qaeda in Syria. This terrorist leader collaborated with al-Qaeda throughout the region,” stated the head of the White House.

It was later reported that the U.S. Central Command (CENTCOM) carried out a special operation to eliminate a leader of the organisation Hurras al-Din in Syria. He was connected to al-Qaeda and was responsible for financing and logistics.

The installation of “panic buttons” started in the Chilanzar District of Tashkent, according to the city’s police department. These devices will allow residents to quickly summon law enforcement agencies in the event of an incident. Upon pressing the button, a police squad is expected to arrive on the scene within four to six minutes.

“Alarm buttons are being installed in the mahallas,” the police stated. Additionally, Kursiv Uzbekistan reported that law enforcement stations are planned to be opened in areas with challenging crime situations.

President of Uzbekistan Shavkat Mirziyoyev arrived in Kuwait for an official visit, as reported by the press service of the President of Uzbekistan.

At the airport, Mirziyoyev was greeted by the Emir of Kuwait, Sheikh Mishaal Al-Sabah. The two leaders had a brief conversation at the airport.

President of Uzbekistan Shavkat Mirziyoyev and Emir of Kuwait Sheikh Mishaal Al-Sabah held talks in Kuwait City. Following the meeting, they signed a protocol on air connectivity, a tourism development programme for 2025-2027, and an agreement with the Kuwait Fund for Arab Economic Development.

Additionally, the heads of state issued a Joint Statement on the development of Uzbek-Kuwaiti relations.

The two countries also signed agreements in key sectors, including industry, labour migration, healthcare, culture, and the creation of «smart» cities.

ACWA Power is advancing its study on mitigating bird collisions with power lines by integrating satellite tracking of Asian houbara bustards. The project, part of a broader environmental responsibility initiative, aims to address gaps in measuring bird mortality and develop effective conservation strategies.

The study will monitor captive-bred houbara fitted with satellite transmitters to track their survival after potential collisions. By analyzing movement patterns, researchers hope to determine the true impact of power lines on bird mortality. Professor Paul Dolman from the University of East Anglia emphasized that many collision-related deaths go undetected.

“If a...

ACWA Power launched a three-year study to prevent power line collisions among migratory birds, focusing on the vulnerable Asian houbara bustard. Professor Paul Dolman from the University of East Anglia highlighted the urgent need for mitigation.

“Bustards have a restricted field of vision, making them highly vulnerable. Collisions with power lines threaten entire populations,” he stated at a press conference on February 17 in Uzbekistan’s Tashkent.

The study will test Bird Flight Diverters (BFDs) along power lines in key flyways. Unlike static markers, which have failed for bustards, the experiment will assess dynamic, high-contrast...

In 2024, Uzbekistan imported air conditioners worth $104 mln, according to the State Statistics Agency.

Over the past year, the country imported a total of 457,200 air conditioners, with 443,900 units sourced from China.

Other major exporters of air conditioners included Turkey (5,200 units) and Kazakhstan (3,700 units).

An Uzbek restaurant has opened in the vicinity of the Grand Mosque in Mecca (Masjid al-Haram), Dunyo news agency reports.

The restaurant is situated on the third floor of the iconic The Clock Tower skyscraper. Visitors can enjoy a variety of traditional dishes, including samsa, shurpa, plov, manti, and other Uzbek specialities.

According to the agency, the restaurant aims to promote Uzbekistan’s tourism potential among pilgrims.

As of February 2025, Uzbekistan had over 15,100 companies established with foreign investment, according to the State Statistics Committee.

The data shows that more than 3,400 companies in the country were founded by Chinese investors. Russian investors were also highly active, opening 2,900 companies, while Turkish entrepreneurs established 1,800 businesses.

Among countries outside the region, South Korean and US investors were the most frequent, with 660 and 303 companies, respectively, being set up in Uzbekistan.

In 2024, major enterprises in Uzbekistan produced 16 mln tonnes of cement, representing a 34.2% y/y increase, according to the State Statistics Committee of Uzbekistan.

At the same time, cement sales on the Uzbek Republican Commodity and Raw Materials Exchange grew by 58%, reaching nearly 6 mln tonnes. The average annual price of cement on the exchange stood at UZS 534,700 per tonne.

Chinese company OPPO has announced the release of the OPPO A3i Plus smartphone, GSM Arena reports.

The new device is almost identical to last year’s OPPO A3 in terms of technical specifications.

The smartphone features a 6.7-inch OLED display with a 120Hz refresh rate and is powered by the Qualcomm Snapdragon 695 chipset. The battery capacity is 5,000mAh.

In China, the price starts at $178 for the 256GB storage version, while the 512GB version is priced from $205. The device will go on sale in China starting February 17.

Uzbek singer Shirin Abdullaeva passed away at the age of 20. The news of her death was reported by the Committee for Family and Women’s Affairs.

Abdullaeva was born on December 14, 2005 in the family of Namangan entrepreneur Bahodir Abdullaev. In 2023, she was awarded the Zulfiya State Prize in the field of arts.

Abdullaeva was known for songs such as «Luli,» «Metro,» and «Bezori.»

She studied at Tsinghua University in Beijing, where she was regarded as Uzbekistan’s cultural ambassador in China.

«I want to create an educational exchange project that enhances students’ understanding...

Timur Sadvakasov, the former deputy mayor of Aktau, was detained in Uzbekistan, according to reports from Kazakh media, citing the Telegram channel Kozachkov Offside. Sadvakasov had been placed on Kazakhstan’s wanted list.

He is suspected of being involved in large-scale fraud and facilitating bribery. Kozachkov Offside also noted that Sadvakasov had managed to cross into Kyrgyzstan illegally before entering Uzbekistan, where he was apprehended by Uzbek border guards.

Kursiv Kazakhstan reports that the Agency for Financial Monitoring (AFM) of Kazakhstan has not confirmed his detention.

According to the AFM, one of the shareholders of the mining company Tiolain, Viktor Dolgalev, attempted...

UK-based company Intertek Group plc will assist Uzbekistan with product certification and labelling in accordance with international standards, Dunyo News Agency reports.

The agreement to involve Intertek was reached during negotiations with representatives of the British company. This collaboration will help Uzbekistan boost its export of goods.

Founded in 1885, Intertek Group plc is a leader in quality control and product and service standardisation. The company operates across various sectors, including energy, automotive, construction, and more.

Intertek has over a thousand offices and laboratories worldwide. In 2023, the company reported a net profit of £318.1 mln.

The 2025 BRICS summit is set to be held on July 6 and 7 in Rio de Janeiro, the official website of Brazilian President Luiz Inácio Lula da Silva confirms.

The announcement came on February 15 from Brazil’s Foreign Minister, Mauro Vieira, alongside the Mayor of Rio de Janeiro, Eduardo Paes.

«It is an immense pleasure to further strengthen the collaboration and partnership between the federal government and Rio de Janeiro. We will be welcoming the heads of state from the 20 BRICS countries, including both full members and partners,» said Minister Vieira.

The...

In January 2025, the cost of holidays in Uzbekistan for Russian tourists decreased by 3.4% compared to December, according to TASS.

Earlier, Kursiv Uzbekistan reported that in December, the cost of vacations for Russians in the country had already fallen by 2.7%.

According to the Tourism Committee, over 7.3 mln international visitors travelled to Uzbekistan in the first 11 months of 2024, marking a 19% y/y increase. The majority of tourists came from Kyrgyzstan, with 2.1 mln visitors.

Tajikistan and Kazakhstan followed with 2.1 mln and 1.4 mln visitors, respectively. The number of Russian tourists during the same period reached 741,200.

Hungarian Prime Minister Viktor Orbán stated that the war in Ukraine could evolve into the European Union’s equivalent of Afghanistan, becoming a prolonged and costly engagement with no clear resolution. Speaking at a media event in Dubai, Orbán emphasized the substantial financial support the EU has allocated to Ukraine since the onset of Russia’s full-scale invasion three years ago.

In an interview with former Fox News host Tucker Carlson, Orbán referenced the hundreds of billions of euros provided in aid to Ukraine, suggesting that, in the absence of a diplomatic resolution, the war could become an enduring crisis for...

The first Xiaomi YU7 electric SUV has been spotted during a test drive in China. Its official release is scheduled for June 2025, and the expected starting price is around 250,000 yuan (approximately $34,200).

The YU7 measures 4,999 mm in length, 1,996 mm in width, and 1,600 mm in height, with a wheelbase of 3,000 mm. Its design is reminiscent of the Ferrari Purosangue. The front features aggressive air vents, distinctive headlights, and a roof-mounted lidar for driver assistance systems. The side profile includes hidden door handles, a panoramic roof, and aerodynamic wheels. At the rear, the SUV showcases...

President Shavkat Mirziyoyev of Uzbekistan has signed three important documents aimed at supporting youth entrepreneurship, including the transformation of Alokabank into a financial organisation specifically for young people, as reported by Press Office of the President.

The President announced this package of documents during a meeting with youth. Alokabank will allocate $200 mln to support youth projects.

The bank will provide loans of up to 5 bn soums to young individual entrepreneurs, requiring them to hire at least 20 peers. Entrepreneurs who open training centers and small businesses will also be eligible for preferential loans.

The bank will offer...