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American billionaire Elon Musk has reclaimed his position as the world’s richest person, according to Bloomberg, with a net worth of $348 bln.

Musk broke his previous record set in 2021 when Bloomberg valued his wealth at $340.4 bln.

Trailing Musk in Bloomberg’s ranking are Amazon founder Jeff Bezos and former Oracle CEO Larry Ellison, with fortunes of $219 bln and $206 bln, respectively.

Notably, Musk stands out as one of the few major U.S. billionaires who endorsed Donald Trump’s candidacy in the recent presidential elections.

Central Asia and the Caucasus play a vital role in the Middle Corridor’s trade network, stated Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, in an interview with Tazabek.

Azour underscored the strategic importance of these regions as a bridge between East and West. He praised efforts to boost regional economic cooperation and strengthen connectivity.

In 2023, Uzbekistan announced plans to link the Middle Corridor with the Trans-Afghan railway project, aiming to expand trade routes.

Since 2017, the Middle Corridor has connected China to Europe, enabling cargo transport in 20-25 days. The route handles up...

Gold prices climbed above $2,700 per troy ounce for the first time in two weeks, according to RBC.

At 12:51 Tashkent time, the precious metal traded at $2,701.6 on the Chicago Mercantile Exchange (CME). By 13:35, the price stood at $2,699.5 per ounce.

The surge in gold prices reflects rising geopolitical tensions, economic uncertainties, and low interest rates.

Uzbekistan has proposed establishing a unified transport call centre for the countries of the Commonwealth of Independent States (CIS). The initiative was announced by Jamshid Karimov, head of the Transport Oversight Inspection of Uzbekistan.

The centre aims to facilitate the exchange of information on road traffic accidents and violations recorded within the CIS region.

Karimov emphasised that the creation of such a centre would expedite the process of obtaining incident data and enhance the efficiency of response measures.

Uzbekistan plans to send over 200,000 citizens to work in economically developed countries in 2025, Prime Minister Abdulla Aripov announced.

Job opportunities will be available in 21 countries, including the United Kingdom, Canada, the UAE, South Korea, and Japan.

Aripov stated that the government will introduce training programmes to prepare workers for employment abroad.

Earlier this year, Uzbekistan’s Agency for External Labour Migration noted a decline in the number of Uzbeks choosing Russia as a destination for work.

As of early November 2024, the volume of non-performing loans in Uzbekistan’s banks amounted to 22 trillion soums, according to statistics from the Central Bank.

For comparison, a month ago, this figure stood at 21.5 trillion soums.

According to the regulator, as of November 1, the volume of non-performing loans in state-owned banks was 14.96 trillion soums, while in private banks, it was 7.05 trillion soums.

At the same time, the loan portfolio of state-owned and private banks increased over the month from 515.6 trillion soums to 521 trillion soums.

The dollar exchange rate in Uzbekistan fell to 12,844.21 soum on November 21, down by 11.72 soum from the previous day. The Central Bank of Uzbekistan set the rate at the same level.

In banks, the dollar buying rate ranges from 12,790 to 12,840 soum, while the selling rate fluctuates between 12,870 and 12,820 soum.

Uzbekistan has no restrictions on gas supply to greenhouses, the Ministry of Energy confirmed in a recent statement.

The Ministry clarified that greenhouse owners can use gas by paying the required fees. From October to December, a 50% advance payment is required for gas supplies. Starting from January, a full 100% advance payment will be necessary.

It is important to note that since 2023, many greenhouse farms and businesses have shifted to coal to save on gas. Earlier this year, the Ministry reported that the number of greenhouses in Uzbekistan had grown 2.5 times over the past five...

Between February and October 2024, the return on investment in residential property in Tashkent dropped from 32.4% to 12.2% per year, according to data from the Institute for Macroeconomic and Regional Studies (IMRS).

The overall return on residential property consists of price growth and potential rental income.

After a period of rapid price increases in 2023, the property market in Tashkent stabilised. In the Shaykhontohur district, the yield from price changes fell from 35.8% annually in February 2024 to 5.5% in October. In the Mirabad and Yakkasaray districts, it dropped from 23.2% and 16.1% to 1.9% and 3.5%, respectively.

Uzbekistan’s GDP has crossed the $100 bln mark for the first time, President Shavkat Mirziyoyev announced during a speech to the Legislative Chamber of the Oliy Majlis.

The country’s GDP has doubled over the past five years. Exports have also hit a new record, surpassing $25 bn, beating last year’s figure of $24.4 bn.

Uzbekistan is on track to achieve a per capita GDP of $3,000. The World Bank projects the country to be among the top three fastest-growing economies in Europe and Central Asia by the end of 2024.

Foreign investments have played a vital role in Uzbekistan’s...

In the next five years, Uzbekistan’s population will grow to 40 mln, President Shavkat Mirziyoyev announced during a session of the Legislative Chamber of the Oliy Majlis.

He pointed out that this demographic growth presents a major opportunity, but also brings new and urgent challenges.

Mirziyoyev noted that the population’s demands are increasing, particularly in areas like poverty reduction, ecology, energy, and other sectors.

He added that addressing these challenges will be a significant test for the government.

The President emphasised that the candidate nominated for Prime Minister must take these issues into account and present a plan for...

Uzbekistan plans to sell state stakes in 2,000 enterprises, more than 5,000 properties, and offer shares in 16 major complexes through IPOs within the next five years, President Shavkat Mirziyoyev announced at a session of the Legislative Chamber of the Oliy Majlis.

The government also aims to implement public-private partnership projects worth $30 bln.

Mirziyoyev outlined key initiatives for the upcoming year. The Cabinet of Ministers must speed up the transformation of state-owned companies and cut their expenses by 15–20%, focusing on efficiency and stability.

To meet these objectives, the National Investment Fund must operate effectively. It now holds...

Uzbekistan’s economy could grow to $200 bln by 2030 if reforms continue and the government performs effectively, President Shavkat Mirziyoyev stated during an address to the Legislative Chamber.

The President tasked officials with maintaining annual economic growth rates of 6–7% and achieving a steady decline in inflation to 5–6%. He also emphasised that the budget deficit must not exceed 3% of government expenditures.

The future government will need to boost exports to $45 bln, partly by joining the World Trade Organisation (WTO) and increasing the share of finished goods to half of total exports.

Mirziyoyev highlighted the importance...

By 2025, Uzbekistan aims to lift one million people out of poverty. President Shavkat Mirziyoyev announced this during a session of the Legislative Chamber of the Oliy Majlis. He assigned the Cabinet of Ministers to oversee this goal.

The government will allocate 500 billion soum to provide free education for children from low-income families. These funds will focus on teaching foreign languages and vocational skills.

An additional 2 trillion soum will go towards upgrading infrastructure in 1,000 socially disadvantaged neighbourhoods.

In total, Uzbekistan plans to invest 46.5 trillion soum to reduce poverty and improve living standards across the country.

Citizens of Uzbekistan will soon be able to travel to Tajikistan and Kazakhstan using their internal ID cards. This announcement was made by the President of Uzbekistan, Shavkat Mirziyoyev.

Currently, such an agreement exists only in Kyrgyzstan.

President Mirziyoyev emphasized that Uzbekistan’s foreign policy should be based on strengthening good-neighbourly relations with Central Asian countries and protecting the republic’s independence and sovereignty, with the support of the armed forces.

The President highlighted the importance of maintaining strong relationships with Uzbekistan’s immediate neighbours to ensure regional stability and security. Good-neighbourly ties with Central Asian states will remain a priority in...

Photo: Mironov Vladimir / Shutterstock / FOTODOM

Uzbekistan has demonstrated impressive growth in its exports of cauliflower and broccoli, nearly tripling their volume and increasing their value by 3.8 times over the last three years to reach a significant total of $17.6 mln, as reported by EastFruit.

The primary markets for these exports are Russia, Kazakhstan and Kyrgyzstan, representing 96% of total exports.

New and promising markets are emerging, such as the United Arab Emirates, where prices for these vegetables are three times higher than the average. Mongolia and Vietnam have also shown notable increases in their imports in...

Photo: Porsche

The German car manufacturer Porsche’s first dealership centre opened in Tashkent. This new centre is situated in Tashkent City Park.

At the Porsche Studio, visitors can explore the latest models, including the fully electric Macan 4, and use a configurator to create a personalized version of their car. All vehicles are delivered directly from the factory in Germany.

The official opening of the Porsche Studio is scheduled for November 23. In addition, the company is currently constructing a full-scale Porsche Destination Center, which will offer comprehensive services for the brand’s vehicles in Uzbekistan. The groundbreaking ceremony for this...

By the end of 2025, Uzbekistan’s public debt is projected to reach $45.1 bn, according to forecasts from the Uzbek Ministry of Economy and Finance. This state debt will represent 36.7% of the country’s GDP.

External debt is expected to rise from $33.9 bn by the end of 2024 to $39.4 bn in 2025. The net volume of government bonds issued in 2025 will total 30 trillion soums.

The exact forecasts indicate that by the end of 2024, the state debt will be approximately $39.7 bn. This means the country’s debt obligations will increase by 13.8% this year and...

Uzbekistan is ready to host the inaugural M360 Eurasia 2025 following a Memorandum of Understanding (MoU) signing in Doha, Qatar, as notified by Veon press-office.

The agreement was sealed by Uzbekistan’s Minister of Digital Technologies, Sherzod Shermatov, GSMA Director General Mats Granryd, Beeline Uzbekistan Chairman and VEON Group CEO Kaan Terzioglu and incoming Beeline Uzbekistan CEO Andrey Pyatakhin.

The M360 series, presented by GSMA, aims to unify the regional mobile ecosystem through global events that foster innovation, contribute to positive business environments and drive societal change.

Shermatov highlighted Uzbekistan’s ambitious digitalisation agenda, emphasising its role in enhancing national prosperity...

Uzbek President Shavkat Mirziyoyev has signed a law establishing a mechanism for declaring foreign citizens and stateless persons as undesirable in Uzbekistan. This document was published on the Lex.uz portal.

Foreigners who promote interethnic, social, or interstate hostility will be classified as undesirable. The inclusion of individuals on this list is based on submissions from the Kengashes of the Zakpata and the Senate of the Oliy Majlis, along with other specially authorised authorities.

Individuals identified as undesirable will not be permitted to open bank accounts in Uzbekistan or participate in the privatisation of state assets. A...

From 8 to 15 November 2024, the Toshkent Republican Stock Exchange saw a significant overall change in share prices. During this period, 5.6 thousand transactions worth 1.8 trillion soums were carried out on the stock market. Kursiv Uzbekistan analysed how the situation on the market of highly liquid shares changed over the past week.

Uzbekistan Composite Index (UCI) rose by 0.51% to 632.88 points over the week. The largest growth was recorded in Alokabank shares (30.79%).

Also, common securities of Hippodrome – Сhilonzor buyum savdo kompleksi(8.14%) and preferred shares of Uzbektelecom (8.72%) showed significant growth.

Shares...

On Monday, November 18, the concentration of harmful PM2.5 particles in the air of Tashkent exceeded the permissible limit by 13.4 times, according to data from the IQAir platform.

The capital of Uzbekistan ranked 11th on the list of cities with high air pollution levels.

The leading cities in the ranking were Delhi (India), Lahore (Pakistan), and Baghdad (Iraq).

Around 75% of people in Uzbekistan are ready to report corruption, according to a survey by the country’s Anti-Corruption Agency.

The study involved 500 participants from across Uzbekistan, including employees from 10 ministries and 20 anonymous state agency staff. Over 88% of respondents condemned those who accept bribes. They were more lenient toward those who paid bribes under pressure.

The survey participants ranked healthcare, higher education, preschool and secondary education, and local government as the most corrupt sectors. Moreover, 13.8% of people did not see gifting officials as corruption but as a sign of appreciation.

However, 18.4% of respondents said...

A ceremony to honour the winners of the Gross Travel Awards 2024 took place in Tashkent.

The Tourism Committee, the Ministry of Ecology, and the Gross Insurance Company organised the event.

Asialux Travel and PrestigeTravel were named the best tour operators.

Talgat Kambarov received the “Tourism Legend” award for his contribution to the industry. He has worked in this field since the 1990s.

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