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Uzbekistan’s GDP grew by 6.5% in 2024, as reported by the Presidential Statistical Agency. However, more than one-third of the country’s economic activity remains unobservable in official statistics. This portion of the economy, driven by informal and shadow sectors, significantly impacts the national output.

Preliminary estimates place Uzbekistan’s total GDP for 2024 at UZS 1.45 quadrillion (around $115 bn). This includes both the recorded and unobserved parts of the economy. The report provides a breakdown of GDP contributions from key sectors like industry, trade, and services. Additionally, it highlights the significant role of unobservable economic activities.

The shadow economy...

As of December 31, 2024, Islamic financing in Kyrgyzstan reached KGS 9 bn (approximately $103 mln), reflecting a 49.3% increase since the start of the year. This growth shows a clear trend toward the adoption of Islamic finance principles across the country. The information comes from the National bank of the Kyrgyz Republic.

The mortgage sector received the largest share of Islamic financing. It amounted to KGS 3.2 bn (around $36.5 mln), representing a significant 213.9% increase. Following mortgages, consumer financing reached KGS 1.6 bn (approximately $18.2 mln), which marked a 37% decrease from the previous period. On the...

A recent report by the Center for Global Development (CGD) reveals that the suspension of US aid will have substantial economic repercussions for Afghanistan, predicting a 7% decrease in the country’s growth rate. Afghanistan is one of eight nations heavily reliant on foreign assistance, with the United States being a key contributor.

According to CGD, the country has long depended on the US, which accounts for 35% of all foreign aid delivered through the US Agency for International Development (USAID). The reduction in this aid is projected to severely impact Afghanistan’s overall economic performance, especially in sectors reliant on external financial support.

Kazakhstan is advancing its aviation infrastructure by focusing on the modernization of six key airports, with an anticipated $2.1 bn in private investments allocated for these projects. These airports are expected to play a pivotal role in enhancing Kazakhstan’s logistics and cargo capabilities.

The investment will target several critical areas:

Kazakhstan’s strategic location in Central Asia offers significant advantages for...

Uzbekistan’s microfinance institutions (MFIs) and pawnshops showed significant growth in 2024. The number of MFIs increased to 192, up by 7% compared to last year. The number of pawnshops also grew to 92, an increase of 4%. This announcement was made by the Central Bank of Uzbekistan.

This expansion means that more people and businesses across Uzbekistan have access to financial services. These services are especially important for individuals and businesses that may not have access to traditional bank loans.

Expansion in financial services

The microfinance sector saw an increase in the amount of loans provided. In 2024, the total loan amount reached UZS...

On February 19, the price of gold bars in Uzbekistan set a new record, marking the 11th increase this year. The price of one gram of gold rose to UZS 1,258,290 (approximately $111), up by 0.8% from the previous day. A 5-gram gold bar is priced at UZS 6.291 mln (around $557). This announcement was made by the Central Bank of Uzbekistan.

Globally, the price of gold is also rising. The spot price for a troy ounce reached $2,928, or $94.16 per gram, with prices peaking at around $2,940. This increase follows a brief decline, driven by global market...

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...