Central Asia

Private equity opportunities open up in Uzbekistan

Kiyan Zandiyeh, chief executive of Sturgeon Capital, explains why he thinks a return of 40% is achievable for his private equity fund in Uzbekistan.
Kiyan Zandiyeh, chief executive, Sturgeon Capital
Kiyan Zandiyeh, chief executive, Sturgeon Capital

The election of Shavkat Mirziyoyev as president in December 2016 provided and massive and long-awaited change for Uzbekistan. It drew a welcome line under the regime of Islam Karimov who had guided the country to independence in the early 1990s but whose isolationist stance had seen the land-locked Central Asian state overtaken by peers like Kazakhstan.

Under Mirziyoyev, the country has opened up financially to the world. It sold its first international sovereign bond last year and a pipeline of initial public offerings from domestic companies has been growing. With a privatisation programme kicked into gear, some of the crown jewels of the Uzbek economy are even expected to...

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