Political Scientist: Kulibayevs’ AIFC Move Signals Shift Toward Investment Protection

On September 9, it became known that Timur and Dinara Kulibayev had registered a new holding company in the Astana International Financial Center (AIFC), a jurisdiction operating under English law with its own special legal framework, Orda.kz reports.

Political scientist Gaziz Abishev commented on the move, noting that it coincides with the government’s decision to scale back its asset recovery campaign. The committee formerly responsible for this work has been renamed, now emphasizing “investment protection” rather than asset seizure — a signal that the authorities are shifting focus.

The point is that all reasonable wealthy people preferred to follow the course of President Toqayev — through charity, investments in real sectors of the economy and development of the Kazakh economy. Registration of the company Almex Holding Limited of Timur Kulibayev and Dinara Kulibayeva in the AIFC is one such example. The question here is what. The AIFC is based on leading international practices, following the example of London, Singapore and Dubai, operates within the framework of authoritative English law. Protection of investors’ interests is in the first place, Abishev explained.

He added that the decision demonstrates growing trust in the AIFC from major investors, while also reflecting Kulibayev’s careful approach to risk management.

Abishev also cautioned against drawing quick conclusions about the reported sale of JSC Caspiy Neft, calling rumors of Kulibayev’s exit from the oil and gas sector “exaggerated.”

In general, if the capital created in Kazakhstan is circulated on an international platform located in Kazakhstan, this will be a serious step towards turning the country into a regional financial hub. In this context, it seems that one should not rush to conclusions regarding rumors about the sale of ‘Caspiy Neft’ by its current owners. Various scenarios may be realized,he noted.

This is a major signal to international and domestic investors. Kazakhstan is becoming a platform where large capital is not withdrawn and operates on the basis of strong international rules, Abishev concluded.

Original Author: Nikita Drobny