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Kazakhstan is accelerating its privatization program, with plans to sell six state-owned airports to private investors. This move is part of a broader strategy to transfer state enterprises to a competitive market environment, sparking discussions about the potential impact on the nation's infrastructure and economy.

Airports Shifting to Private Ownership

A list approved by the government in November includes six regional airports slated for sale. The primary conditions for these sales are attracting infrastructure investment and maintaining the airports' existing service functions. Each facility comprises real estate, land, terminals, and runways, currently owned by regional administrations or state institutions.

Timeline for 2026-2027

In 2026, the airports in Kyzylorda, Aktobe, Taraz, and the Aliya Moldagulova International Airport in Aktobe are scheduled for sale. The sale type for these four is designated as 'removal of service type,' indicating the state is preparing to divest certain functions while transferring the assets to private entities.

By 2027, the plan is to transfer JSC "Pavlodar Airport" and JSC "Turkistan International Airport" to trust management.

Prospects and Risks for Investors

This is not the first attempt to sell these airports. For instance, a plan in 2022 to transfer Shymkent Airport to trust management with a purchase option for 5.6 billion tenge did not materialize due to a failed tender.

Investors will consider state regulatory policies, sale conditions, and legal frameworks, alongside the profitability of the assets. While Turkistan Airport is developing rapidly, its current utilization and revenue generation potential remain limited, with infrastructure outpacing demand.

The riskiest airports for investors are identified as Shymkent and Aliya Moldagulova International Airport, due to the lack of a clear transfer model and uncertainty regarding asset scope. Kyzylorda Airport is considered highly likely to be sold. In Atyrau, the aerodrome and terminal operators are already distinctly separated. Pavlodar has potential as a regional hub, especially with ongoing upgrades to its runway and infrastructure.

Remaining State-Owned Airports

According to the Civil Aviation Administration of Kazakhstan, the country has 24 certified airports. Some are already under private or trust management. For example, Almaty Airport is owned by a Turkish holding, while Shymkent and Taraz airports belong to SCAT airline. Timur Turlov holds 60% of Karaganda Airport's shares, with Yerlan Ospanov holding 35%. Jezkazgan Airport is part of the "Kazakhmys" corporation.

Astana Airport was previously under trust management by UAE's Terminals Holding but has since been returned to communal ownership, with a new agreement being drafted. Aktau Airport remains under trust management by Turkey's ATM Grup (YDA Group) until 2036.

Concerns Over State Control

Concerns have been raised that transferring strategically important facilities to private hands could pose a threat to national sovereignty. Financier Rasul Rysmanbetov refers to airports as "sovereignty infrastructure," highlighting the risk of losing state control. Aviation expert Denis Krivosheev advises considering tariffs and logistical dependencies.

However, international practice shows many countries privatize airports to reduce budget burdens, attract private investment, upgrade infrastructure, and improve service quality.

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