The National Investment Fund of Uzbekistan, established in 2024 and holding 20–40% stakes in 18 major state-owned enterprises, has signed an Investment Management Agreement with Franklin Templeton Asset Management, a wholly-owned indirect subsidiary of Franklin Resources Inc.

Franklin Templeton will oversee the management and enhance the investment appeal of the Fund to prepare its shares for listing on the Tashkent Stock Exchange and international exchanges, including the London Stock Exchange. The Fund Manager will revise the strategies of these enterprises, align their corporate governance, financial performance, and risk management with international standards, and provide staff training.

Uzbekistan’s National Investment Fund

On August 27, 2024, President Shavkat Mirziyoyev signed a decree establishing the National Investment Fund of the Republic of Uzbekistan (UzNIF). The Fund is registered as a joint-stock company, with the Ministry of Economy and Finance as its sole shareholder.

Under the decree, one of the key obligations of the appointed management company is to list UzNIF’s shares on the Tashkent Stock Exchange and international stock exchanges, including the London Stock Exchange, by the end of 2026.

The document also states that at least 50% of the net profit from the Fund’s investment assets will be allocated for dividend payments until 2030.

The Fund’s assets are valued at $1.5 billion as of January 27, 2025 (estimated by Franklin Templeton)

List of companies Transferred to the Fund:

• Uzbekistan Airports – 25%
• Xalq Banki – 30%
• Uzbekistan Airways – 25%
• Uzbek Commodity Exchange – 40

For the full list of transferred assets, see the image attached to this news.