Hyundai Motor Group Explores Future City Projects in Kazakhstan's New City

[Financial News] Hyundai Motor Group is seeking business opportunities in the mobility, energy, and digital sectors at Alatau City, Kazakhstan's largest new city development project. The group plans to establish a hub for future city projects based on physical artificial intelligence (AI) in Central Asia by partnering with local development and investment companies. It plans to determine the specific scope of its participation after verifying the project's feasibility based on demand for urban development and operations.
Hyundai Motor Group announced that it signed an agreement with Kazakhstan's private investment company Caspian Group and financial and investment company United Group Alatau to promote the Alatau City project at the 1st Korea-Central Asia Business Summit held on the 16th.
The signing ceremony was attended by Seo Gang-hyun, President in charge of Planning and Coordination at Hyundai Motor Group, Yuriy Tskhay, Chairman of Caspian Group, and Vyacheslav Kim, Chairman of United Group Alatau. Kim also serves as Chairman of the boards of Alatau City Bank and Caspian Group.
Alatau City is a new city under development covering 880 square kilometers north of Almaty, Kazakhstan's largest city. Designated as a special economic zone (SEZ) under a presidential decree, the project is being led by Caspian Group in terms of urban development and local execution, while incorporating the financial and digital ecosystem of United Group Alatau.
Hyundai Motor Group will identify smart city projects in cooperation with local companies and verify their feasibility for commercialization. It will first review business opportunities linked to urban development and operations, focusing on the Gate district, a key area connecting Alatau City and Almaty.
The group will also comprehensively examine the potential for cooperation in the mobility, energy, and digital sectors. It plans to gradually specify the scope of the project and its participation after conducting a feasibility study.
A Hyundai Motor Group official said, "Kazakhstan is an important market where Hyundai Motor Group has built a business foundation over many years. Through this cooperation, we will identify new business opportunities based on the actual needs of customers and the city."
The official added, "After sufficiently verifying the project's feasibility, we will strive to make Alatau City a collaborative example that demonstrates future urban services and new mobility business models."
[email protected] Kim Dong-ho Reporter