QIC Exits the Almaty Airport Project
Qazaqstan Investment Corporation (QIC), part of Kazakhstan’s Baiterek national holding group, is completing its exit from the Almaty International Airport project.
The investment was held through Kazakhstan Infrastructure Fund, which owned a 15% stake in the structure controlling the airport. TAV Airports already held the remaining 85%.
The transaction is valued at $133 million.
Following the acquisition of the minority stake, TAV Airports will become the sole owner of the structure controlling Almaty International Airport and its associated businesses.
For the Turkish operator, the transaction marks a shift from majority control to full ownership of one of Central Asia’s most important aviation assets.
Kazakhstan Infrastructure Fund Joined the Project in 2021
QIC participated in the airport investment through Kazakhstan Infrastructure Fund, which became TAV Airports’ partner when the Almaty asset was acquired in 2021.
The fund provided approximately $30 million in equity financing at the time.
TAV Airports took an 85% interest, while Kazakhstan Infrastructure Fund retained the remaining 15%.
The partnership was created not only to acquire the airport but also to support a major modernization program.
Over the following years, Almaty Airport underwent significant infrastructure development designed to accommodate rapid passenger growth and strengthen the city’s position as a regional aviation hub.
New 53,500-Square-Meter Terminal Opened in 2024
One of the main results of the investment program was the construction of a new international passenger terminal.
The 53,500-square-meter facility entered service in 2024.
Its opening increased the airport’s combined passenger capacity to approximately 14 million passengers per year.
The modernization program also included a new VIP terminal and utility infrastructure.
A modern baggage handling system was installed, with QIC saying its capacity is around four times higher than the previous system.
The additional infrastructure allowed the airport to separate international and domestic passenger flows while creating additional capacity for future traffic growth.
Passenger Traffic More Than Doubled
The investment period coincided with rapid growth at Almaty Airport.
The airport handled approximately 5.6 million passengers in 2021. By 2025, traffic had increased to 11.93 million passengers, more than doubling within four years.
The airport’s expansion has also coincided with strong growth in Almaty’s tourism sector. The value of tourism services in the city reached 110.9 billion tenge in 2025.
During the first half of 2026, Almaty Airport handled 5.76 million passengers, approximately 2% more than during the same period a year earlier.
Revenue during the six-month period reached $257.9 million.
For TAV, these operating figures reinforce Almaty’s importance within its portfolio and highlight the continued expansion of aviation demand in Central Asia.
Airport’s Role in Cargo Logistics Is Growing
Almaty International Airport is also becoming increasingly important for freight transportation.
The city sits at the intersection of trade flows connecting China, Central Asia, the Caucasus, the Middle East and Europe. Growing air connectivity creates opportunities not only for passenger airlines but also for operators transporting urgent and high-value cargo.
Air freight links serving Almaty continued to expand in 2026, strengthening the airport’s potential as a regional distribution point for pharmaceuticals, electronics, spare parts, perishables and other time-sensitive goods.
Full ownership could also give TAV greater flexibility in long-term investment planning across passenger, commercial and cargo infrastructure.
TAV Strengthens Its Position in Central Asia
Almaty Airport occupies a distinctive position in TAV Airports’ portfolio.
Unlike many airports operated by the company under time-limited concession agreements, the Almaty asset was acquired through an ownership structure.
The purchase of the remaining 15% gives TAV full control of one of the fastest-growing major airports in Central Asia.
For Kazakhstan, the transaction also marks the completion of Kazakhstan Infrastructure Fund’s investment cycle. The fund entered the project during the acquisition and modernization phase and is now selling its stake to the strategic investor.
The next stage of Almaty Airport’s development will depend on passenger and cargo growth, expansion of its airline network and further investment by TAV in Kazakhstan’s largest aviation gateway.
