Almaty: A new Canary Wharf rises from the Steppes

Car parks that rival Monaco for the quality of the marques, apartment prices that rival those in New York, but a stock exchange capitalization of only $50 billion. That’s Almaty. Kazakhstan’s government hopes to develop its capital markets and create a financial centre there for all central Asia. The buildings are going up. Will there be enough tenants to fill them? Chloe Hayward reports from Almaty.

Regulator aims to open new doors to Kazakh pension funds

AS THE ARCHITECTS stepped off the plane in Almaty it was clear that they had accepted an extraordinary project. Everywhere you look, glass towers are being erected – a Canary Wharf lookalike is being created on the Steppes of central Asia.

Almaty, the financial centre of Kazakhstan, has ambitious plans. Poor liquidity, a limited number of listed companies and a lack of investors have all hampered KASE, Kazakhstan’s stock exchange.

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