China’s CSCEC to lead $420 million project in Kazakhstan

Collage by Kursiv.media, photo editor: Dastan Shanay

China State Construction Engineering Corporation (CSCEC), the largest construction company in China, will participate in the construction of Alatau City, a new ambitious project in the Almaty region. According to regional authorities, the company’s engagement is the result of an agreement signed in September in Beijing between Kazakhstan’s National Investment Corporation and Caspian Group, on the one hand, and CSCEC International Construction Corporation Ltd., on the other.

Under the EPC+F (Engineering, Procurement, Construction + Finance) contract, CSCEC will provide design, procurement and construction services, as well as financial support for the joint project, the total value of which is estimated at $420 million.

The Chinese company will also manage the construction of complex high-rise buildings, applying its expertise and experience.

CSCEC International Construction Corporation Ltd. is an international subsidiary of CSCEC, one of the world’s largest contractors. The company’s project portfolio, for example, includes the construction of the LRT in Astana.

The National Investment Corporation under the National Bank was established in 2012 to diversify Kazakhstan’s international reserves.

Caspian Group is actively developing the Gate District, a business center in Alatau City. Its projects include Iconic Towers, an international business development center. The Kazakhstani company is owned by Yuriy Tskhay, a well-known Kazakhstani businessman and former politician, one of the main investors in Alatau City, along with Vyacheslav Kim, co-founder of Kaspi.kz.

According to the Almaty regional administration, overall fixed capital investment in Alatau in 2025 amounted to 115.8 billion tenge ($235 million), a threefold increase compared to the previous year. Private investment and banking loans account for the lion’s share of these funds — 103.5 billion tenge ($210 million) — with only 12.2 billion tenge ($24.7 million) coming from the state budget. In 2026, fixed capital investment in the project is expected to reach 127.1 billion tenge ($258 million).