Kazakhstan and Saudi Fund Discuss Investment, Economic Cooperation, and Infrastructure

Astana, The Gulf Observer: Kazakhstan and the Saudi Fund for Development (SFD) recently engaged in discussions on investment and economic cooperation, focusing on Islamic finance and the implementation of joint infrastructure projects in Kazakhstan. This was reported by the press service of the Kazakh Ministry of Foreign Affairs (MFA).

The discussions took place during a meeting between the Ambassador of Kazakhstan to Saudi Arabia, Madiyar Menilbekov, and the CEO of the Saudi Fund for Development, Sultan Al-Marshad.

Ambassador Menilbekov provided an overview of Kazakhstan’s comprehensive internal political and socio-economic modernization efforts, including the main aspects of President Kassym-Jomart Tokayev’s new political course. These reforms aim to enhance the investment climate in the country and improve the well-being of the population.

During the meeting, the Kazakh Ambassador extended an invitation to Sultan Al-Marshad on behalf of Nurlan Baybazarov, Deputy Prime Minister and Minister of National Economy of the Republic of Kazakhstan. The invitation is to participate in the Round Table of the Arab Coordination Group, scheduled for September 2024 in Astana.

The Saudi Fund for Development, a major financial institution in Saudi Arabia, has previously played a significant role in Kazakhstan’s infrastructure development. Notably, the SFD has been involved in the construction of the Astana-Karaganda highway, among other key projects.

This meeting marks a continued commitment to strengthening the economic and developmental ties between Kazakhstan and Saudi Arabia, fostering further collaboration in various sectors to support mutual growth and prosperity.