UAE’s Ittihad Investment expands presence in Uzbekistan with key acquisition

The Committee for the Development of Competition and Protection of Consumer Rights has approved the acquisition of a 100% stake in Chorsu Real-Estate Development by the UAE-based Ittihad Investment Central Asia Holding Ltd, according to the department’s press service.

Ittihad Investment Central Asia Holding Ltd is a specialized holding company founded in 2008 that engages in investment activities. Since its inception, the investment fund has invested in more than 20 portfolio companies worldwide. In 2023, the company’s turnover was $2.8 billion, with exports amounting to $2 billion and investments totaling $1.4 billion.

After a review, the special commission concluded that the economic concentration would not affect competition in the market and approved the transaction. According to the Unified State Register of Legal Entities, the developer’s founder is the UAE-based company.

Chorsu Real-Estate Development was founded in May 2024. Its authorized capital amounts to 102.6 billion UZS, and its primary activity is the construction of residential buildings. The company’s director is lawyer in corporate law and M&A deals, David Tagiev.

In 2020, Ittihad International Investment acquired the Chorsu Hotel building for 16.9 billion UZS in an open auction.

The buyer undertook the following obligations: to invest at least $25 million within two years, create 150 jobs, and ensure the operation of the hotel at a minimum of a three-star level.

According to the terms of the deal, the hotel must remain operational for at least 10 years. In the event of the building’s demolition, the new project must comply with the original design.

In January 2025, the investment company also signed an agreement for the implementation of a large public-private partnership (PPP) project in healthcare worth $70 million. The first phase will provide all 14 district medical associations in the Fergana region with multi-slice computed tomography (MSCT) scanners. Then, 86 more devices will be purchased for medical institutions in other regions.

Subsequently, specialized reading centers will be opened in each region, where tomographic images from districts and cities will be analyzed. The agreement also includes the training of specialists to work with MSCT.

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