The Astana International Financial Centre (AIFC) has reached a milestone, with ACWA Power Kazakhstan becoming its 3,000th registered company. This achievement highlights AIFC’s growing prominence as a global financial hub.
ACWA Power, a leading Saudi-listed company known for its expertise in water desalination and energy transition, is now part of the AIFC community. With operations in 13 countries, including Central Asia, ACWA Power manages a portfolio valued at $94.3bn, comprising 90 projects and a capacity to generate 65.6 GW of power. The company plans to build a 1 GW wind farm in the Zhetysu region of Kazakhstan, aimed at increasing the share of renewable energy and achieving carbon neutrality.
AIFC’s mission includes promoting sustainable development, transitioning to a low-carbon economy, and fostering a supportive financial ecosystem. The Centre has attracted participants from 82 countries, with the top ten including China, Russia, the UK, the US, Turkey, the UAE, Singapore, India, the Netherlands, and Cyprus. This diverse representation underscores AIFC’s international appeal.
Renat Bekturov, AIFC Governor, attributed the Centre’s growth to its unique legal framework, favorable tax conditions, and comprehensive support services. Since its inception, AIFC has welcomed firms from various sectors, including finance, technology, and energy, contributing to Kazakhstan’s economic development.
The AIFC offers various benefits to its participants, including Authorised Market Institutions, FinTech Lab participants, and Ancillary Service Providers. These entities benefit from a transparent market infrastructure, an innovative financial technology environment, and a comprehensive regulatory framework aligned with international standards.
In the first half of 2024, the Astana Financial Services Authority (AFSA) issued 32 licenses, a significant increase compared to previous years. AIFC’s growth is evident from its rapid expansion, having reached 1,000 registered firms in September 2021 and 2,000 in July 2023.
The AIFC provides a favorable legal and regulatory environment, robust infrastructure, and a business-friendly setting for firms. As it continues to attract global companies, the AIFC solidifies its position alongside long-established financial centers like London, Hong Kong, Singapore, and Dubai.
