Türkiye’s TAV Airports has committed another $353.9 million to Almaty International Airport, lifting its announced capital investment in Kazakhstan’s principal aviation gateway to about $642.5 million. The expansion is more than an airport project. It is a large-scale foreign direct investment that links Türkiye’s outward-investment capacity with Kazakhstan’s ambition to become a Eurasian transport hub, while testing whether infrastructure, trade facilitation and regulatory coordination can convert strong political relations into durable commercial integration.
TAV Moves Into a Second Investment Phase
The latest agreement was signed by TAV Airports Chief Executive Serkan Kaptan and Kazakhstan’s transport minister, Nurlan Sauranbayev, according to Anadolu Agency. TAV plans to complete the $353.9 million second phase by the end of 2027, following an initial $288.7 million program completed in 2024.
That first phase delivered new international and VIP terminals. The new international terminal, opened in June 2024, relieved a capacity constraint at an airport whose traffic had expanded significantly beyond pre-pandemic levels.
TAV has operated Almaty Airport since 2021, when a consortium led by the Turkish company acquired the airport and its associated aviation-fuel business at an enterprise value of $415 million. TAV initially held 85 percent of the acquisition vehicle, with the remaining 15 percent controlled through a fund managed by VPE Capital.
In July 2026, TAV disclosed that its subsidiary would acquire that remaining 15 percent for $133 million after the minority shareholder exercised a put option. Completion would raise TAV’s indirect ownership to 100 percent. The transaction demonstrates that the Turkish group is increasing both its capital exposure and its operational control rather than treating Almaty as a minority financial investment.
TAV’s position also extends beyond runway and terminal management. Its subsidiaries provide food and beverage services, duty-free retail, lounges, hospitality and technology infrastructure. This integrated model allows the operator to capture commercial revenue from growing passenger numbers while maintaining control over the service chain.
Almaty handled 11.9 million passengers in 2025, almost twice the level recorded when TAV began operating the airport. Anadolu reported that traffic reached 9.47 million passengers in the first nine months of 2026, with international traffic rising 11 percent. TAV said the airport served 42 airlines flying to 86 destinations in 30 countries at the end of 2025.
Building an Aviation and Logistics Hub
The expansion reflects a wider Kazakh strategy to turn Almaty into a regional passenger and freight hub. The office of Kazakhstan’s prime minister said in November 2025 that the airport’s Horizon development program envisages three runways, reconstruction of the main runway, a cargo apron, logistics and warehouse complexes, and expanded passenger infrastructure.
Under that long-term concept, annual capacity could reach 55 million passengers and 500,000 tons of cargo by 2050. The government said Almaty already accounted for about 70 percent of Kazakhstan’s air traffic, making its operational resilience a national economic issue rather than a local transport concern.
Nearer-term work includes modernization of the domestic terminal, new taxiways, aircraft de-icing infrastructure, baggage-system upgrades and expansion of cargo facilities. Kazakhstan’s aeronautical authorities have advised operators that phased construction and temporary closures of runways, taxiways and aprons are expected between 2026 and 2028.
Financing arrangements further illustrate the project’s international character. In September 2026, the Turkic Investment Fund said it would provide up to $20 million within a $670 million senior financing facility arranged by Bank of America. The Eurasian Development Bank separately announced a $100 million contribution to the same financing package, alongside Merrill Lynch International, Société Générale and Kazakh banks.
That financing should not be equated directly with TAV’s $353.9 million second-phase commitment. The broader facility supports multiple purposes, including capital expenditure, runway and airside works, cargo expansion, operational resilience and potentially the restructuring of existing obligations. Its scale nevertheless indicates that international lenders regard Almaty as a bankable infrastructure asset.
The European Bank for Reconstruction and Development had previously approved up to $229.4 million for the terminal program and acquisition refinancing. The EBRD described the project as Kazakhstan’s first large-scale FDI transaction in airport infrastructure and the largest of its type in Central Asia.
Aviation Growth Strengthens the Commercial Case
Kazakhstan’s aviation market is supplying the demand needed to support the investment. The country’s Civil Aviation Committee reported that national airports served 31.8 million passengers in 2025, up from 29.7 million in 2024. Cargo volumes increased to 173,300 tons from 170,900 tons.
The committee also reported a 95.7 percent compliance rate with international aviation safety standards, placing Kazakhstan among the top 20 countries by that measure. Continued improvement in safety oversight is critical for attracting international airlines, maintaining insurance access and supporting additional bilateral air-service agreements.
Almaty benefits from its role as the home base of Air Astana and from Kazakhstan’s expanded open-skies policy. Air Astana’s 2024 annual report noted that the policy had been extended through 2027 and covered 24 Kazakh airports by early 2025. Greater route access can increase competition and connectivity, although airport investment returns will still depend on airline capacity, fleet availability and passenger affordability.
The commercial case also rests on cargo. The Turkic Investment Fund estimates that Almaty handles approximately two-thirds of Kazakhstan’s air freight. Modern cargo aprons, warehousing and customs processes could allow the airport to capture higher-value flows in pharmaceuticals, electronics, perishables and time-sensitive industrial components.
This opportunity is connected to the Trans-Caspian International Transport Route, commonly called the Middle Corridor. In February 2026, the World Bank approved an $846 million guarantee intended to mobilize $1.41 billion for rail connectivity along Kazakhstan’s section of the route. The World Bank has estimated that, with infrastructure and trade-facilitation reforms, Middle Corridor volumes could quadruple and travel times could fall by two-thirds by 2040 compared with 2023.
Air freight will not replace rail and maritime transport on this corridor. It can, however, provide a complementary premium service and support supply chains that require speed, reliability or multiple transport modes.
A Flagship for Türkiye-Kazakhstan Investment Relations
The airport expansion comes amid a deliberate effort by Ankara and Astana to deepen investment ties. At talks in October 2026, Turkish President Recep Tayyip Erdoğan and Kazakh President Kassym-Jomart Tokayev reiterated a target of raising bilateral trade to $15 billion and identified transport, logistics, energy, artificial intelligence, agriculture and defense as priority sectors.
Türkiye’s Ministry of Foreign Affairs estimates that Turkish investment in Kazakhstan had reached approximately $5.8 billion by 2025. It also reports that more than 3,000 Turkish-capital companies operate in the country, particularly in construction, manufacturing, transport, food, agriculture, mining, hospitality and pharmaceuticals.
Official trade values vary according to customs methodology and reporting country. Türkiye’s Foreign Ministry recorded bilateral trade of $9.94 billion in 2025, while Kazakhstan’s diplomatic reporting placed turnover at $5.4 billion. The discrepancy underlines the need to establish a consistent statistical basis when measuring progress toward the $15 billion target.
The investment relationship is nevertheless broadening beyond construction contracting. In July 2025, KAZAKH INVEST announced Turkish-backed agreements worth more than $490 million. They included a $320 million grain and legume processing complex, $100 million of logistics-center projects and a $70 million pharmaceutical manufacturing facility.
Almaty Airport is significant because it can support those investments rather than merely adding another project to the bilateral total. Better passenger connections facilitate executive travel and technical staffing, while cargo and logistics capacity can reduce friction for manufacturers and exporters.
The timing is also notable because Kazakhstan’s broader FDI performance has weakened. The World Bank reported that the economy grew 6.5 percent in 2025, but net FDI inflows turned negative by $900 million, compared with positive inflows of $2 billion in 2024. Infrastructure investment rose strongly, yet private investment remained comparatively subdued. TAV’s commitment therefore stands out as a vote of confidence during a period of weaker aggregate foreign-investor appetite.
Execution Risks Extend Beyond Construction
The expansion still carries significant execution risk. Construction must proceed while the airport handles more than 30,000 passengers a day, requiring careful sequencing of runway, taxiway and apron closures. Delays could disrupt airlines and cargo operators, while inadequate coordination could undermine the service improvements the investment is intended to deliver.
Land and environmental management are equally important. EBRD project documents refer to aviation safety and sanitary protection zones and to a potential government-led land-acquisition process affecting thousands of properties within four kilometers of the safety zone. Noise mitigation, resettlement standards, de-icing-fluid management and consultation with nearby communities will influence both compliance and project schedules.
Foreign investors must also manage currency, tax and financing exposure. Airport revenue may be divided among tenge-denominated domestic activity, foreign-currency passenger charges and commercial income. Kazakhstan ended 2025 with inflation at 12.3 percent and a policy rate of 18 percent, according to the World Bank. Those conditions can raise local costs and complicate long-term financial projections.
For businesses seeking to participate in the airport ecosystem, market entry requires more than registering a local company. Investors need to determine whether to establish a wholly owned subsidiary, joint venture or contractual presence, then align incorporation and corporate structuring with tax treaties, customs rules, licensing and repatriation arrangements.
Legal and tax compliance is particularly important for airport retail, aviation services, warehousing, fuel supply, construction and technology operations. Government relations and regulatory liaison matter because permissions may involve national transport agencies, civil aviation authorities, customs bodies and the Almaty city administration. Import-export facilitation becomes essential when specialized equipment or components must cross several jurisdictions under strict delivery schedules.
What This Means for Foreign Investors
TAV’s expansion signals that Turkish companies can use operational expertise developed at home to secure strategic infrastructure positions in Central Asia. It also shows that political alignment creates opportunity only when matched by financing, regulatory coordination and sustained on-the-ground execution.
Companies assessing Kazakhstan through Türkiye should begin with a market-entry analysis covering demand, partners, procurement pipelines and local-content expectations. Incorporation and corporate structuring must reflect ownership objectives and the tax treatment of cross-border financing. Investment-incentive work should identify applicable customs, land, infrastructure or sector-specific support without assuming that announced benefits will apply automatically.
Compliance reviews should map construction permits, aviation-security requirements, environmental obligations, employment rules and customs procedures. Government relations can help coordinate legitimate engagement across agencies, while import-export support is needed to prevent equipment and materials from being delayed by classification, certification or documentation problems.
Expo and trade-fair representation may help suppliers identify aviation, logistics and infrastructure partners before committing capital. Once a project is awarded, disciplined project management is needed to connect Turkish headquarters, Kazakh subsidiaries, contractors, lenders and regulators.
For fdiconsultancy.com and comparable FDI advisers, the practical lesson is that regional investment increasingly operates as a connected system. The opportunity may originate in Türkiye, the asset may be in Kazakhstan, financing may come from international banks, and the revenue case may depend on trade across the Middle Corridor. Investors that integrate market entry, structuring, incentives, compliance, government liaison, import-export planning and local project execution will be better placed to convert that connectivity into a viable long-term business.