The signing ceremony was attended by Suh Kang-hyun, president of planning and coordination at Hyundai Motor (005380) Group, Choi Yu-ri, chairman of Caspian Group, and Vyacheslav Kim, chairman of United Group Alatau.
The Alatau City project is Kazakhstan's largest new city development, spanning 880 square kilometers north of Almaty, the country's biggest city. It is a special economic zone (SEZ) designated as a national project by Kazakhstan's presidential decree. Caspian Group is leading urban development and local execution, combined with United Group Alatau's financial and digital ecosystem.
Through the agreements, Hyundai Motor Group will make Kazakhstan a base for physical artificial intelligence (AI)-based future city projects in Central Asia and, in partnership with local firms, explore smart city ventures and verify commercialization potential at Alatau City. The group plans to give priority to business opportunities tied to urban development and operations centered on Alatau City's gate district, a key area linking Alatau City and Almaty.
The group also plans to comprehensively review cooperation opportunities in mobility, energy and digital sectors, and to progressively define the specific business scope and participation plans through feasibility studies.
"Kazakhstan is a key market where Hyundai Motor Group has built a business foundation over a long period," a group official said. "We will work to make Alatau City a cooperation case that demonstrates future city services and new business models."
