In mid-December 2024, the Kazakhstan-Qatar Chamber of Commerce and Industry, supported by the KazService Oil Service Companies Union, held its second investment roundtable in Doha. The event gathered over 130 participants, including representatives from around 60 Kazakhstani and Qatari companies across various sectors and government agencies from both countries. During the forum, participants discussed the prospects for cooperation, exchanged experiences, and had the opportunity to establish business connections.
The KazService Association, which unites more than 150 oil service companies in Kazakhstan, aims to bring at least 20 Kazakhstani oil service companies to the oil and gas markets of the Middle East over the next two years. The total investment in more than 660 projects in these markets is expected to exceed $120 billion annually by 2030.
Rashid Jaksylikov, Chairman of the KazService Presidium, noted in his speech: “Cooperation with Qatar opens new opportunities for Kazakhstani companies in the implementation of large-scale projects. We see a huge potential for joint work that will strengthen our countries' positions in the international economy.”
Over the past year, the Kazakhstan-Qatar Chamber of Commerce and Industry has become a key platform for strengthening economic ties between the two countries and expanding opportunities for Kazakhstani businesses. Significant agreements for the economies of both countries were reached at the venue, including the signing of a roadmap between the Deputy Minister of Energy of Kazakhstan, Alibek Jamaov, and the General Director of UCC Concession, Infrastructure, Oil & Gas, Mehmet Arif Ozozan. This is a Qatari international energy, concession, and construction company known as a licensed Class A contractor. The company ranks 42nd among international contractors, 10th in the energy sector, and 112th in the building sector according to ENR – USA.
The roadmap aims to create a legal and organizational framework for the implementation of an energy project that will regulate investment, power and electricity purchases, and establish the structure of a project company in Kazakhstan. The parent company UCC, Power International Holding, plans to invest over $17 billion in Kazakhstan over the next 7 years.
Memorandums of understanding have also been signed between Tekfen Constructions in Qatar and the Kazakhstani CHI Qatar as part of the implementation of projects in Qatar Gaz and the Kazakhstan-Qatar Chamber of Commerce and Industry with the largest service company KENT in Qatar.
Deputy Minister of Energy of Kazakhstan Alibek Jamaov emphasized that this year Kazakhstani oil service companies have already begun working on oil and gas projects in Qatar and expressed hope that this cooperation will expand. “Last year, the President of the country instructed the Ministry of Energy to facilitate the entry of Kazakhstani oil service companies into the Gulf countries. Kazakhstani oil workers are highly valued in these countries, holding leading positions not only in international majors but also in national oil and gas companies in the Middle East.
The second stage is the export of not only Kazakh personnel but also companies. We have been conducting a series of successful negotiations with our colleagues in these countries since October 2023 and are seeing initial results. Our companies have already started working this year in Qatar, Saudi Arabia, and the Emirates. All this will attract tens of millions of dollars in foreign currency revenue to our country,” he stated.
The Kazakhstan-Qatar Chamber of Commerce and Industry was established in the fall of 2023 at the initiative of businessman Almas Kudaybergen Almas Kudaybergen 50 Most Influential Businessmen in Kazakhstan (October 2023) Oil Service | 44 years old Founder and Chairman of Centrasia Group, which includes oil service companies LLP “CHI Electric” (contractor on Tengiz, Kashagan, Karachaganak projects), LLP “Centrasia Heavy... to assist entrepreneurs conducting business in Qatar and Kazakhstan and to promote interaction between businesspeople from both countries.
“The volume of investments from all Arab countries, except Qatar, over the past 20 years has been just under $10 billion, while investments from just three major Qatari holdings in the coming years will amount to nearly $20 billion, and we are just beginning to work with other large Qatari businessmen who are actively interested in Kazakhstan,” noted Kudaybergen. “It is also important to attract investments from Qatar's sovereign fund, which has a volume of over $520 billion and invests several tens of billions annually in various foreign projects, and recently launched a fund of funds for venture funds worth $1 billion.”
Almas Kudaybergen is the founder and chairman of Centrasia Group, co-founder and member of the presidium of the Union of Oil Service Companies of Kazakhstan. He ranked 49th in the list of 50 most influential businessmen in Kazakhstan according to Forbes Kazakhstan in 2023.