On 22 October, The Government of Uzbekistan, Uzbekistan Reconstruction and Development Fund and Dubai Holding signed an agreement on creation of joint investment company Uzemiratholding.

Uzemiratholding is founded under patronage of the Uzbek President Islam Karimov and UAE Vice President, Prime Minister and Dubai Governor Sheikh Mohammed Bin Rashid Al Maktoum.

The charter capital of Uzemiratholding is US$1.25 billion, of which 80% shares or US$1 billion fell to share of Dubai Holding and 20% or US4250 to Uzbekistan Reconstruction and Development Fund.

Uzemiratholding will have headquarters in Tashkent, capital of Uzbekistan, and in future, it can open office in Dubai.

The venture will direct its efforts to investment activity in Uzbekistan and abroad. It will also assist Uzbekistan to attract foreign direct investments. The company will invest to various spheres of economy and companies in Uzbekistan, as well as fast growing and perspective projects.

The company’s investments will be in form of equity investment or portfolio investment, purchase of property to found new companies, crediting and other financial tools.

Dubai Holding was created in 2004 to consolidate and lead Dubai’s large-scale infrastructure and investment projects.

Uzbekistan Reconstruction and Development Fund was founded with the decree of the Uzbek President Islam Karimov on 11 May 2006. The Fund accumulates financial means of the government, economic entities, commercial banks, foreign funds and investors and other interested structure.

The fund finances important projects, which have great impact in realization of priority tasks in development of economy, structural reforms and modernization of production. The fund also credit programmes on modernization and technical re-equipment of strategic important enterprises, first of all basic sectors of economy.

The fund will ensure financing modernization and re-equipment of enterprises in fuel-energy complex, chemical industry, machinery and nonferrous metallurgy.

The fund finances realization of national socially significant state programmes and projects on formation of production and non-production infrastructure in perspective, but undeveloped regions.

Financing of modernization and development of transport and telecommunication networks are be also among priorities of the fund. The fund organizes joint financing of the projects with international financial institutions, credit establishments in Uzbekistan and foreign countries.