The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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. In recent weeks a board has been formed to advise and assist the government on correcting these problems. “Legislation is outdated and changes are needed,” says Michael Sauer, CEO of Visor Capital, a local investment bank. The Regional Financial Centre of Almaty (RFCA) is mandated to overhaul the stock exchange and create an environment that investors and issuers will want to use.

In October two large Kazakh companies brought equity offerings. The exploration and production subsidiary of KazMunaiGas (KMG) issued a global offering of 23,086,791 shares that were listed on KASE priced at KZT11,163.39 ($87.20), and GDRs that were listed in London priced at $14.64. The offer, worth the equivalent of $6.2

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree