Kazakhstan, UAE to set up joint energy holding

NUR-SULTAN. KAZINFORM – Kazakhstan together with the UAE is working on establishing an energy holding, Kazinform correspondent reports.

«According to the signed intergovernmental agreement and to develop projects in the priority sectors of the country, namely the energy sector, it is planned to set up an energy holding with the participation of the Samruk Kazyna Fund and sovereign funds of the UAE. Participation of private energy generating companies both from the Kazakh and Arab sides is expected soon,» said Managing Director or Investment, Privatization, and International Cooperation, member of the Samruk Kazyna Board Yernar Zhanadil.

The energy holding is to focus on new construction and modernization in the electricity sphere, including implementation of projects in the renewable energy sector.

According to Zhanadil, the holding is to be regulated by the two countries.