As part of a government meeting between Alikhan Smailov, Kazakhstan Prime Minister and H.E. Suhail Mohamed Al Mazrouei, Minister of Energy in UAE the Prime Minister presented Emirati investors with a list of new investment projects worth over $6.5bn in multiple industries including construction, with a bid to better economic cooperation with the UAE.
As an integral part of this agreement, Dubai-based Ayana Holding has announced that it will be joining hands with Nad Al Shiba Holding LLC and Kazakh Invest National Company for the construction of a multifunctional residential and commercial complex, The Grand Mosque Residences, in Astana, the capital city of Kazakhstan. The cost of the first phase of the project is estimated at US$576 million, and the total cost of the project is US$2 billion.
Prime Minister Smailov stated that the Government of Kazakhstan is ready to provide the necessary assistance in the implementation and maintenance of the construction of the complex. Both parties have agreed to continue work on the transition and practical implementation of the project.
Ayana Holding & Nad Al Shiba Holding will be the lead developers of this project and manage the design, development and construction of the multifunctional, commercial and residential complexes, including crafting a master plan, the architectural design and the infrastructure planning. The complex will feature residential apartments, commercial space for restaurants, shopping centres and retail showrooms, boutique hotels, as well as office space for organizations to rent. Kazakh Invest National Company is on board to support on-ground operations and liaise with the Kazakhstan government for approvals and land allocation.
Post its pandemic-driven slump, Kazakhstan’s economy is ripe as reports reveal that between January and July 2022 alone, the republic’s economy grew by 3.4 per cent. The foreign trade turnover increased by 39.4 per cent to $63.7 billion in the same period. The growth was driven by a surge in many sectors — primarily by a rise in construction, information and communication and trade, among others.
Abdulla Lahej, Chairman of Ayana Holding commented on the project: “Almost 58 per cent of the Kazakhstan population live in urban areas like Astana and there is an increasing shift from rural communities too. As the demand for residential property grows, this project comes at the ideal time. At Ayana Holding, we are not limited to one location. We are expanding and reaching out to international cities and across continents to showcase our brand and discover where we have the potential to grow. The partnership between the countries will contribute to the promotion of a favourable investment reputation for Kazakhstan and increase the competitiveness of the company’s business in both regions. We are proud to contribute to Kazhakstan’s progress with The Grand Mosque Residences complex in Astana in collaboration with our partners and the Government of Kazakhstan.”
Mohammad Helal Salem, Chairman of Nad Al Shiba Holding said: “Kazakhstan is a rapidly developing country with great infrastructure and investment potential so we are keen to establish business with the country and create more opportunities in the long-term. The Grand Mosque Residences will be a regional attraction point for many investors and is designed to serve increasing local demand and to attract local and international markets. It uses a mixed-use approach, where the complex consists of residences for the end users, offices for large corporations and retail showrooms for international brands. We are excited to partner with knowledgeable players like Ayana Holding and Kazakh Invest National Company for this project.”
Ruslan Ibraimov, Deputy Chairman of the Management Board, Kazakh Invest National Company, stated: “Kazakhstan is experiencing a wave of urbanization. As the population in these areas increases, the demand for residential property is also growing. Consequently, there is a significant rise in the number of aspiring homeowners as real estate investment is a traditional investment methodology for domestic buyers. We look forward to utilizing our expertise, collaborating with our partners in the market to create a great landmark to attract tourists as well as bring in foreign direct investment into the country.”
The first five months of 2022 had a record number of real estate transactions in Kazakhstan, with primary and secondary housing in the country gaining momentum. In March alone, there were a record-breaking 67,800 real estate purchase agreements. This highlights that the market is rapidly progressing and The Grand Mosque Residences project is being developed at an opportune time.
