BAKU, Azerbaijan, July 29. Turkish airport
operator TAV Airports has acquired the remaining 15% stake in
Almaty International Airport from Kazakhstan Infrastructure
Fund.
The corresponding statement was released by Qazaqstan Investment
Corporation.
“Qazaqstan Investment Corporation (QIC), a subsidiary of
Baiterek National Managing Holding, has completed its exit from the
Almaty International Airport project as part of a deal in which TAV
Airports acquired a 15% stake from Kazakhstan Infrastructure Fund.
The transaction value amounted to $133 million,” the company
said.
QIC's participation in the project was carried out through the
Kazakhstan Infrastructure Fund, a private equity fund with QIC's
participation. In April 2021, the fund became a shareholder of the
airport as part of TAV Airports' acquisition of the asset,
providing $30 million in equity financing within the framework of a
transaction with a total value of $415 million.
It was noted that the airport’s investment program was completed
in 2024, with the commissioning of a new 53,500-square-meter
international passenger terminal, a VIP terminal, and an
engineering facilities building. A modern baggage handling system
was also installed, with a capacity four times higher than that of
the previous system.
The airport’s modernization was driven by the rapid growth of
tourism flows in Almaty. During QIC’s participation in the project,
passenger traffic at the airport more than doubled, increasing from
5.6 million passengers in 2021 to 11.93 million passengers in 2025,
while the volume of tourism services in the city reached 110.9
billion tenge in 2025. In the first half of 2026, the airport
handled 5.76 million passengers, up 2% compared with the same
period a year earlier, while revenue amounted to $257.9
million.
TAV Airports, a global airport operator, manages a portfolio of
15 airports across eight countries and three continents.
