Hyundai Motor Group said on the 17th that it had signed an agreement with Caspian Group, a Kazakh private investment firm, and United Group Alatau, a financial and investment company, to advance the Alatau City project at the first Korea-Central Asia Business Summit.
Seo Kang-hyun, president in charge of planning and coordination at Hyundai Motor (005380) Group, attended the signing ceremony along with Caspian Group Chairman Choi Yu-ri and United Group Alatau Chairman Vyacheslav Kim.
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 presidential decree. Caspian Group is leading the urban development and local execution, combined with the financial and digital ecosystem of United Group Alatau.
Through the agreement, Hyundai Motor Group will make Kazakhstan a base for its physical artificial intelligence-driven future city business in Central Asia, and will explore smart city projects and test their commercial viability at Alatau City in partnership with local companies. The group plans to give priority to reviewing business opportunities tied to urban development and operations, centered on the gate district of Alatau City, a key area linking the new city with Almaty. It will also conduct a comprehensive review of cooperation opportunities in mobility, energy and digital sectors, and gradually define the specific scope of the business and its participation through a feasibility study.
"Kazakhstan is a major market where Hyundai Motor Group has built a business foundation over a long period," an official at the group said. "We will work to make Alatau City a case of cooperation that demonstrates future city services and new business models."
