The ‘DSA academies’ offering ‘10-year series’ and intense training camps to help kids into top schools

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“UNEVEN Using FIELD”

The schools CNA spoke to said they have spoken with parents who have the sole intention of sending their baby to a prestigious institution rather than encouraging them to pursue an interest in sports or skill.  

In this spirit, Ms Chua’s work also involves managing kids ’ expectations.

“Being in a particular sport or domain area, ( parents ) always assume that if ( their child ) is good in that (area ), that the school should take ( their child ).  

“ But sometimes, they have to understand that there are lots and lots of other people as well, and it ’s not just ( their child ), ” she said.  

Wong Wei Long, the founder of the Scholar Basketball Academy, claimed that he had to “bluntly ” speak out against parents who use the sport as a means of a DSA end in his preparation course.

To the ex-national basketball player, love is more critical.

Why not try it if their kids love it, they say? ” said Mr Wong. “Because if ( children ) want it and have a goal or dream, we should push for it. ” 

Edward Chew, the founder and educator of the Findings tuition center, claimed that the DSA’s success ensures that learners enter schools on the required merit and reach to their potential.  

“ In the long term … that ’s a win for the system, ” he said. “If they are … pressured into that position, or fail to reach their potential, that ’s in some way a decline. ”

According to Dr. Chew, parents must learn to deal with their panic, insufficiency, and uncertainty so that as many children as achievable come away with outcomes they are happy with and find joy in.

What is the secret to accomplishing this? regular communication between parents and children to realize their changing pursuits, he continued.  

Then there is the larger issue of fairness and equity, with some academic institutions claiming that the DSA selection process has evolved into something that can be “studied ” for.  

The unequal playing field may become even more but thanks to intensive DSA-oriented efforts by better-resourced families, said Dr. Chew.

“For the less-resourced parents … It’s not easy for ( them ) to find the time, energy or information to find the best path for their children. ” 

Mr. Lee of the Goalkick Football Academy agreed, claiming that getting ready for DSA collection has become as simple as taking tuition classes.

More money can be spent on fee for those with more money than less money, and this also applies to this area as well, he said.  

“Those who have more, go for more. ”

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‘I just wanted to play more golf’ says the most successful golf startup founder in Malaysia

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  • David Wong ran Deemples as a small fleet of 5 team when he raised US$ 2m&nbsp, &nbsp,
  • Moving from 12 % to 15 % of GTV, the company achieved first profitability last year.

Where most have failed, David Wong has built Demples into the most successful golf startup in Malaysia, from a funding point, having raised a total of US$2.62 million over the past eight years.

Deemples and chairman of Malay golf Deemples and creator David Wong received US$ 2 million from a Singapore-based business venture capital firm, V Ventures, in May 2024. This brought its total funding raised to US$ 2.625 million ( RM11.6 million ), making Deemples the most successful startup, from a funding point, targeting the Malaysian golf market.

This is David’s eighth month, making this the longest David has ever lived. Since the late 1990s, startup founders have been trying to break into the Indonesian golf industry from a player and golf club perspective. Few have succeeded. &nbsp,

Not a bad achievement by the 41&nbsp, year-old David, who admits,” I actually did n’t want to do it, because I just wanted to be a user, and play more golf”.

Grains wrought in 2014

Deemples seeds were planted in 2014, to be planted in 2015. Users then presently had programs to address their needs for a lot of items, like Tinder with dating, Capture with ride-hailing, FoodPanda with food and food delivery, Airbnb with hospitality. &nbsp,

Therefore, it made feeling for there to be a system where golfers could enjoy along, as David had intended.

” I was hoping that there was a Tinder for sport out there that I could use to meet and get different people to play with at particular times that were suitable for me,” he said.

But he could n’t find such a platform.

Deemples ‘ concept was born with the intention of amp;nbsp; achieving his desire to play more golf. ” My friends could n’t play whenever I wanted to play because our times did n’t match, and I did n’t know a whole lot of golfers”.

With a full-time career in Shanghai and the luxury of working with an outsourced development team to create the software in the hopes of testing the market response, he decided to jump in with both feet and took the only chance. It did not go well.

Working with a team that did n’t care about his project was a lot of work. So he gave up on this. It was 2015.

At this point, David however wanted to pursue Deemples, even though it would be simple to do so. He took the experience while,” Part-and-parcel of trying and failing”.

He was aware from the beginning that it would be challenging, particularly since he had no leader to give him a blueprint or advice. He continues to struggle with the latter.

His knowledge selling books during his student days helped him emotionally for the challenging road ahead.

” I was selling ebooks door-to-door part-time, across three state, while studying in Indiana University’s Kelley School of Business in the US. They told me it was going to be hard, and I was mentally ready”.

He adopted that mind-set and was willing to give up a bit, also go broke developing Deemples.

Things improved in 2016 when he hired a friend with a background in technology to work on the game for his first CTO. &nbsp,

The software was launched in Sept 2016, with David’s primary aim to find 1, 000 downloads in Malaysia and 500 in Singapore. ” I told myself that if this hits 1, 500 files, I had quit my job”, he said.

Little did he know, but by Jan 2017 it had reached over 3, 000 files. David left his job in June with a distinct market potential.

His confidence was further bolstered when three friends whom he pitched Deemples to in 2014 when he was based in Shanghai, invested a combined US$ 125, 000 ( RM525, 000 ) after he went full time.

A minute funding round was provided for David in April 2019, which ultimately totaled US$ 150, 000. It was announced as US$ 105, 000 but David explains that another US$ 45, 000 came in after the news. In the interim, he appointed Ahmad Daleen as CTO, replacing his second CTO who left the same year.

Trying to monetize the marketing design and user growth

David made a point of getting as many users as possible in accordance with the company ecosystem’s prevailing pre-pandemic time mantra.

” In that same year, 2017, we expanded to Manila, to Jakarta, trying to build a customer basic, but nothing really stuck”, David said.

The corresponding argument of Deemples was finally realized that neither the business model nor the user experience aspect were sufficient. After all, no a pays to record for their Grab, FoodPanda, or Boost apps, charging customers to use the matching services may turn many people out.

From the user experience, it does n’t complete the experience. &nbsp,

” After I find someone to play golf with, I would still need to book a golf program”, David explains. Which is why David focused on a transaction-based booking system for Deemples in 2019 where users give a tee off fee to Deemples, who would then reimburse the clubs. This marked the beginning of his monetization journey.

” We started testing the model at a number of programs in the Klang Valley,” he said.

When profits started coming in 2020, he immediately raised US$ 350, 000 through pitchIN’s capital fundraising program in Sept. He actually raised US$ 230, 000 but with the Malaysian government matching any funding raised through equity crowdfunding via the Malaysia Co-Investment Fund ( MyCIF ) grant initiative, he received an extra 50 % investment. &nbsp,

 

Moving from 12 % to 15 % cut of GTV &amp, doubling revenue for past 3 years

Initially from 2020, Deemples took a 12 % cut of the Gross Transaction Value ( GTV ) from tee off bookings. ” Only now, we are moving towards a 15 % cut”, he said.

The first year it activated its income type, Deemples generated RM1 million in GTV, in 2021 it was RM2 million, in 2022 it was RM4.8 million and last year it was RM9 million in GTV.

” We’ve been doubling our GTV every year for the last three years, and 2023 was the first time that we reached revenue at around RM1 million and were profitable”, David said.

” This year however, we wo n’t reach profitability because we are investing more into growing the business, growing users, increasing marketing activities, and helping golf courses achieve their revenue goals by upgrading our product”.

The team has already begun developing innovative features, underlying fundamental modifications, and design improvements that may make it simpler for both golfers and golfers to employ.
 

Running a small fleet

What is distinctive about David is how, pre-raising the US$ 2 million, he has run Deemples as a very small fleet with staff at five individuals.

” We had to concentrate on growing the business rather than creating new products, so it was only Ahmad on the digital side.” But after May of this year, we have grown the technical staff to five top designers and one UI/UX people”, said David. The current personnel is 16

The latest overall customer base is between 80, 000 to 90, 000 with 11, 000 monthly active users on the game while the web has 30, 000 monthly active users. &nbsp,

This engaged user base provides useful information for golf clubs. ” Since many of these clubs do n’t have their own CRM ( customer relationship management ), they can use us to reach a lot of golfers”, he said.

” While sportsmen is article games at all golf clubs in Malaysia, we work competitively with 80 venues, who accept payments sincere from golf via Deemples”, he added.

Hotels work together to offer package services for lodging and transportation when golfers travel from outside the state or the country.

Various brands in real estate, finance, travel, luxury, and automotive who want to engage with golfers, who are mainly middle to high income males ranging between 25 and 65 years old, also partner Deemples. &nbsp,
 

Lessons learnt

Over his eight-year journey, the key lesson David has learned is to say’ No’ to a lot of things, and focus on things that matter.

Because everyone will want you to behave in their ways, it’s clear that you wo n’t do anything well and that there are only so many hours or resources to play around with if you try to please everyone.

He has also learned to be focused, especially when resources are tight, not just on the product offering but also on the geographic focus. And even now, with resources available, thanks to the US$ 2 million funding, he says, “you can plan product and geographic expansion accordingly with a specific amount of focus”.

For the ardent golfer, who has been playing since 2009 and has a lowest ever handicap of 14 versus 19 when he launched Deemples in 2017, David says he has” no desire to improve it- because golf is a tough game and it takes a lot of effort to improve.”

Nonetheless, it is a game anyone can enjoy, despite their handicap, says the Deemples power user who has racked up around 450 tee times. ” Sadly, I am not the top power user as there are those who have racked up over 500 tee times” .&nbsp, But that’s good for business.

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Hindenburg report: Why India’s market regulator Sebi is in the eye of a storm

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Getty Images Chairperson of Security and Exchange Board of India (SEBI) Madhabi Puri Buch gestures with her hands as she speaks at the Global Fintech Fest (GFF) in MumbaiGetty Images

Has the Indian stock market been a topic of conversation for a while now, with keywords trending on social media around it.

The reason is n’t just investor interest, but has more to do with its regulator. This break it down a little.

It all started over the weekend when US-based activist-investor Hindenburg Research posted on X ( formerly Twitter ) that” something big” was coming.

Hours later, it released a report alleging links between Madhabi Puri Buch, the head of the controversial Adani group, and the Securities and Exchange Board of India ( Sebi ) chief executive. Both Ms Buch and the Adanis have denied crime.

Now, Hindenburg had last year accused the Adani group – founded by Indian billionaire Gautam Adani – of decades of “brazen” stock manipulation and accounting fraud.

The team- which has 10 publicly traded companies, operating across a wide range of industries, including commodities investing, airports, utilities, ports and green energy- had clearly denied the allegations.

However, Sebi is also looking into the allegations and billions were lost because of the controversy, which has since largely recovered.

Hindenburg then say that Ms Buch’s connections with the money used by the Adanis have impacted the firm’s research.

Ms. Buch has denied having any conflicts of interest and claimed that the expense occurred before she became a member of the controller. Additionally, there is no conclusive evidence to date linking Sebi’s analysis or Adani Group stocks to her expenditure in the funds.

At the end of trading on Monday, Adani Group’s market value was significantly reduced by the new allegations, which resulted in a$ 2.43 billion ( £1.9 billion ) discount from its earlier losses.

What then is said by Hindenburg?

Hindenburg referenced earlier reports by Financial Times and the Organized Crime and Corruption Reporting Project that linked mysterious offshore funds in Bermuda and Mauritius to Mr. Adani’s business partners in its record.

Hindenburg alleged that Ms Buch and her father, Dhaval Buch, invested in these sub-funds in 2015.

Her father wrote to the account executive asking to be made the only person “authorized to run the accounts,” weeks before Ms Buch became a full-time part of Sebi in 2017.

According to the report, Ms. Buch wrote to a wealth management company asking for the forgiveness of her husband’s full stake in the fund using her personal email address.

The Adani Group’s Chairperson’s alleged involvement in using the exact same money used by Vinod Adani, his brother, led to Sebi’s allegations that the company is unwilling to take meaningful action against think offshore shareholders.

Hindenburg even mentioned Ms. Buch’s husband’s appointment as an advisor for US purchase firm Blackstone, which has invested in Indian real estate investment trusts. They claimed that Sebi’s regulation changes during Ms. Buch’s time as a member and chairman had had a direct impact on businesses like Blackstone.

Getty Images The Securities and Exchange Board of India (SEBI) headquarters at the Bombay Kurla Complex (BKC) in MumbaiGetty Images

What is Ms Buch’s reply?

The opportunities mentioned in the Hindenburg review were made in 2015 by Ms Buch and her husband, according to a statement released by them in a speech.

They claimed that Mr. Buch and the then-Chair Investment Officer Anil Ahuja, who likewise “had several decades of a successful investment career,” were friends when they were young.

” As confirmed by Mr Ahuja, the account did not invest in any relationship, capital or variant of any Adani group business”, their statement said.

The market regulation, according to the statement, had” robust institutional mechanisms of disclosure and recusal norms” that they had “diligently followed.

The Hindenburg statement was characterized as an effort at” character assassination of its chairperson” and an assault on Sebi’s credibility.

The couple claimed that Ms. Buch’s “recess record maintained with Sebi” included the investment firm and that Mr. Buch had a relationship with Blackstone.

What about Sebi?

The industry regulator said in a speech that it had “duly investigated” Hindenburg’s complaints against the Adani Group.

Additionally, it stated that its chairman recused herself in issues involving “potential conflicts of interest” and that she had made the necessary statements in “terms of assets of stocks and their transfers.”

Getty Images Gautam Adani, chairman of Adani Group, during a Bloomberg Television interview at the company's headquarters in AhmedabadGetty Images

And the Adani Group?

The company described the allegations as” a reuse of rejected claims that have been thoroughly investigated and ] proven to be false” in a statement released on its site on Sunday.

” Our overseas having structure is completely transparent, with all relevant information disclosed regularly in many public files”, it said.

Anil Ahuja, according to the group, was previously a director of Adani Enterprises and a nominee director of Adani Power from 2007 to 2017.

The Adani Group added that it had no business dealings with the people or issues mentioned in this ill-fated, deliberate effort to harm our reputation.

According to Hindenburg’s earlier report, which accused the Adanis of stock manipulation and accounting fraud, their businesses lost almost$ 150 billion from their market value, despite having mostly recovered the losses since then.

In January, in a major relief to the group, India’s top court rejected pleas for an additional investigation into the allegations. It also gave Sebi three months to complete its investigation – that deadline has long passed, but according to Sebi’s latest statement, it has completed 23 inquiries and the last one is “close to completion”.

In June, Sebi also issued a” show-cause notice” to Hindenburg Research, accusing it of violating US securities laws by colluding with an investor who made a short bet against the Adani group ahead of the report’s release. Hindenburg has dismissed the allegation.

A political slugfest

Rahul Gandhi, the leader of opposition in India’s parliament, said that the allegations have “gravely compromised” the “integrity” of Sebi,” which is entrusted with safeguarding the wealth of small retail investors”.

His party in the Congress has demanded that the allegations be investigated by the government and that “every aspect of the Adani investigation be resolved in its entirety.”

Mr. Adani has long been accused by opposition politicians of profiting from his political connections, which he denies. He is widely believed to be close to Prime Minister Narendra Modi.

Mr Modi’s Bharatiya Janata Party ( BJP), in turn, has accused the Congress of being “involved in creating economic anarchy” and “hatred against India”.

A top finance ministry official said on Monday that the government had “nothing to add” on the issue as both Sebi and Ms Buch had given statements.

What happens next?

In its response to Ms Buch’s statement, Hindenburg has doubled down on its accusations, saying it raises “numerous new critical questions”.

Sebi, Ms Buch and the Adani Group have n’t reacted yet to the latest comments.

We have n’t yet heard the last of the controversy because opposition politicians are expected to continue raising it.

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Thai Airways targets SET return in 2025

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PUBLISHED: 10 Aug 2024 at 04: 00

Boeing 787-800, Thai Airways. (Photo: Kuakul Mornkum)
Boeing 787-800, Thai Airways. ( Photo: Kuakul Mornkum )

Thai Airways International Public Company Limited ( THAI ) intends to complete its capital restructuring plan by the end of the year and will request that business rehabilitation be discontinued before stock exchange trading resumes in the second quarter of 2025.

The reform focuses on debt-to-equity change and right and consecutive offering of newly issued stocks to owners, employees, and investors.

Full profits for THAI and its subsidiaries was 43.9 billion baht in the second quarter of 2024, an increase of 17.7 % over the same period last year.

314 million baht, less than the 2 billion rmb profit in the second quarter of last year, was reported as gross profit.

Due to changing costs, the 38 billion baht’s full profit decreased by 32.1 % from the previous year, accounting for the higher total expenses.

Next month, the company plans to submit the SEC and the Stock Exchange of Thailand ( SET ) with the registration statement for the sale of securities and the draft prospectus for a capital restructuring.

The company rehabilitation will also be prompted by a petition to the Central Bankruptcy Court to end its operations and continue SET share trading in 2025.

The company’s trials and the SEC, SET, the Central Bankruptcy Court, and other important authorities are the bank’s certain deadlines.

The government mandated that the Ministry of Finance reduce its ownership in the symbol provider by at least 50 % before THAI submitted a petition to the Bankruptcy Court in May 2020 to start rehabilitation proceedings. Thus, THAI was no more considered a state sector.

This has enabled the business to have freedom in its control, raise its profitability, essentially alter its business, and conduct actions under the business rehabilitation plan, a source said. The bank’s measures include operational reduction, ships and engine similarity, cost reduction, and system growth, according to the source.

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Philippine Nobel laureate Ressa’s Rappler website wins appeal to overturn shutdown order

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After a judge overturned a bank’s decision to screen the media organization, Manila’s Nobel laureate Maria Ressa’s information website Rappler won an appeal to have its business license reinstated. The Philippine Securities and Exchange Commission ( SEC ) overstepped its authority by ordering Rappler’s shutdown in 2018, the Court ofContinue Reading

DBS’ Tan Su Shan to lead the bank in 2025; H1 profit hits record high | FinanceAsia

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On March 28, 2025, DBS announced the appointment of Tan Su Shan as the company’s second chief executive officer to take over from CEO Piyush Gupta. In the interval, Tan has become sheriff CEO of the institution, &nbsp, in addition to her place as team head of administrative banking.

After Gupta’s 15 years in charge, Tan, who joined Citi in late 2009, will become the first woman CEO in the company’s past. Following the review of both internal and external applicants, her appointment was made. In a company media release, Tan was cited as the strongest candidate in the lengthy development program attended by interior candidates. &nbsp,

Headquartered in Singapore, DBS is one of the largest banks in Asia with offices in Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Myanmar, mainland China, Philippines, Taiwan, Thailand, United Arab Emirates ( UAE ) and Vietnam. DBS even has appearance in Australia, the UK and the US. The bank provides services to consumers, small-medium enterprises ( SME) and corporates.

In her new position, Tan will take more than 35 years of experience in customer banking, wealth management and administrative banking. Based in Singapore, Tan has even worked in different financial centres such as Hong Kong, Tokyo and London.

Tan has worked for DBS since 2010, beginning her career there in 2010 when she started her career in the bank’s money management division. She now oversees the company’s customer banking, wealth management, and institutional banking divisions, which account for 90 % of the company’s revenue. Across these jobs, Tan had likewise helped apply DBS ‘ digilisation approach, and since 2014 has been president director of DBS Indonesia.

Tan has also been nominated for a seat on the Singapore legislature from 2012 to 2014, and he has also been appointed to a number of advisory boards.

The announcement came as DBS revealed Q2 2024 net profit up 4 % to S$ 2.8 billion ($ 2.1 billion ) with a return on equity of 18.2 %. First-half net profit was up 9 % to a record high of S$ 5.76 billion, &nbsp, driven by “broad-based growth”, according to the bank. &nbsp,

Consumer banking and wealth management revenue increased by 18 % to S$ 5.06 billion for the first half of the 2024 financial year, partially offset by Citi Taiwan’s consolidation, which was completed in August 2023, to reach S$ 5.06 billion. Lower net interest income and higher loan-related fees, cash management fees, and treasury customer income were all factors that contributed to institutional banking income, which was” stable” at S$ 4.69 billion. Businesses trading revenue was much changed at S$ 433 million.

Despite experiencing regulatory issues with the Monetary Authority of Singapore following a number of interruptions, the banks recorded record profits of S$ 10.1 billion for the 2023 fiscal year. &nbsp,

DBS president Peter Seah said in a media launch,” Under Piyush’s management, DBS has been transformed into a high-performing, high-returns organization recognised together for security and innovation”.

Seah continued:” Tan’s proper orientation, track record in building companies, familiarity with technology, leadership skill as well as strong customer control and communication abilities make her the best son. Important for us, she even embodies the DBS lifestyle. I’m pleased that a Singaporean with extensive international experience has emerged as the ideal leader and that Piyush may continue to leave us.

Tan has collaborated strongly with me for more than ten years to get the banks where it is today, according to Gupta in the same release. Since joining, she has been instrumental in the growth of our money management, consumer banking, and administrative banking operations, and she now holds personal ownership of the business. With her visit, we can be certain that DBS’s change will continue well into the prospect.

¬ Capitol Media Limited. All rights reserved.

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Central Asia teaming up to ship clean power to Europe – Asia Times

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Azerbaijan, Kazakhstan and Uzbekistan are set to consolidate a strategic partnership in sustainable energy initiatives, a collaboration that promises to supply clean energy to Europe and beyond.  

The three nations, following a mid-July meeting, are set to finalize an intergovernmental agreement that emphasizes clean and renewable energy sources, energy efficiency and cutting-edge technologies.

Key provisions include joint efforts in generating, transporting and trading environmentally friendly hydrogen and ammonia. Moreover, they aim to facilitate the transmission and distribution of electricity from renewable sources.

The groundwork was laid during the Third Tashkent International Investment Forum in May. There, the economy and energy ministers from the three countries met together and signed a “Memorandum of Understanding on Merging the Energy Systems of Azerbaijan, Kazakhstan, and Uzbekistan.”

This includes the operationalization of renewable energy resources, the production and export of green energy to Europe through Azerbaijan’s territory and the trilateral integration of energy systems.

The forthcoming agreement thus marks a significant step toward sustainable energy integration and regional economic cooperation. Separately, earlier this month, Azerbaijan and Uzbekistan discussed the expansion of bilateral investment cooperation projects they deemed as “strategic.”

Azerbaijan’s economy minister, Mikayil Jabbarov, participated in the 13th meeting of the bilateral intergovernmental commission in Tashkent, meeting with Uzbekistan’s minister of investment, industry and trade, Laziz Kudratov.

This meeting continued concerted efforts over the past few years by the governments of Azerbaijan and Uzbekistan to deepen their economic and diplomatic cooperation.

In August last year, Uzbekistan President Shavkat Mirziyoyev was received on a working visit to Azerbaijan, reciprocating three visits to his country by Azerbaijan’s President Ilham Aliyev in 2022.

The meetings marked a significant development in bilateral ties, as several strategic cooperation agreements were signed that emphasized their commitment to removing barriers in trade and transport.

Aliyev’s visits in 2022 had already seen the creation of a joint investment fund and nearly two dozen agreements for development of specific industrial production projects in both countries.

Mirziyoyev, during his August 2023 visit to Baku, also visited Karabakh and promised contributions to the region’s restoration following three decades of Armenian military occupation. In Baku, Mirziyoyev and Aliyev established a Supreme (or High) Interstate Council between their countries, solidifying their long-term prospects of cooperation.

A memorandum for cooperation between their National Security Councils, along with a protocol allowing visa-free travel for citizens of Azerbaijan, was also signed. At the same time, a roadmap for deepening the strategic partnership was agreed.

In 2023, the two countries’ bilateral trade surged by over a quarter to reach US$231.6 million. According to Azerbaijan sources, this appears to have fallen significantly on a month-by-month basis in the current year, although sources from Uzbekistan report a slight increase.

The headline goal of the bilateral Intergovernmental Commission on Cooperation is to increase this trade to $1 billion, although without a specific time horizon.

In addition to the petrochemical sector, the two sides have identified mechanical and electrical engineering, construction and construction materials, agriculture and tourism as promising areas for cooperation.

Bilateral energy cooperation has also been increasing since Azerbaijan turned toward Asia in 2021, in reaction against Western opposition to its dislodging of Armenia’s three-decade occupation of one-sixth of its national territory. 

Uzbekistan is rich in natural gas but needs to modernize its energy infrastructure. In 2021, the State Oil Company of Azerbaijan (SOCAR) and the Uzbekstani state energy company Uzbekneftegaz signed a memorandum of understanding to explore opportunities for cooperation in the oil and gas sector, including joint ventures in exploration, production and the development of petrochemical facilities.

In June 2023, the two countries announced plans to jointly extract and export gas. Now, the parties are negotiating an agreement under which Uzbekneftegaz will join Azerbaijan’s offshore Shah Deniz project with equity participation.

This initiative may also be in response to Uzbekistan’s declining natural gas production, which fell by 10% in 2023 over 2022, to 46.7 billion cubic meters, as the depletion of the country’s aging existing fields – already depleted by 75-80% – continued.

Azerbaijan’s expertise in oil and gas extraction provides significant possibilities to help realize Uzbekistan’s intentions to increase hydrocarbon production. Azerbaijan’s strategic geographic position enhances the geoeconomic significance of energy cooperation with Uzbekistan.

That is equally true for the Trans-Caspian International Trade Route (TITR, “Middle Corridor”). The potential for trans-Caspian transit cooperation via the Middle Corridor has already been realized with Kazakhstan. It is central to unlocking the potential of the partnership between Azerbaijan and Uzbekistan.

However, the World Bank report on Central Asian connectivity published in April 2024, which is a sort of roadmap for the TITR’s development, largely skirts Uzbekistan in favor of developing a main route through southern Kazakhstan.

Uzbekistan, therefore, looks set to benefit if Azerbaijan succeeds in attracting TITR investment from members of the Gulf Cooperation Council, of which the secretary attended the 25th-anniversary meeting, held in Baku, of the United Nations Special Program for the Economies of Central Asia (SPECA).

The Abu Dhabi National Oil Company (ADNOC) has recently made its first investments outside the Gulf, in Azerbaijan and Central Asia more broadly.

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