The UAE's Ittihad Investment Central Asia Holding has secured approval from the Committee for the Development of Competition and Protection of Consumer Rights for the acquisition of a 100% stake in Chorsu Real-Estate Development, according to a press release from the department.
Founded in 2008, Ittihad Investment Central Asia Holding is a specialized investment holding company. Over the years, the company has invested in over 20 portfolio companies globally. In 2023, it reported a turnover of $2.8bn, with exports reaching $2bn and investments totaling $1.4bn.
The Committee's special commission conducted a thorough review and determined that the economic concentration would not harm market competition, granting approval for the transaction. The company’s founder is registered as an Emirati entity according to the Unified State Register of Enterprises and Organizations.
Chorsu Real-Estate Development, established in May 2024, has an authorized capital of UZS 102.6bn ($7.9mn). The company focuses on residential building construction, and its director is Seid David, a specialist from the law firm Centil Tagiev, who likely played a role in the company's registration and supporting the transaction.
Previously, in 2020, Ittihad International Investment acquired the Chorsu Hotel building for UZS 16.9bn ($1.3mn) through an open auction. The company has committed to investing at least $25mn over the next two years, creating 150 jobs, and operating a hotel of no less than three stars. Furthermore, the hotel is required to remain in operation for a minimum of 10 years, with any demolition of the building resulting in a project that mirrors the original design.
In addition to the real estate investment, Ittihad International Investment continues to expand its portfolio in Uzbekistan. In January 2025, the company signed a $70mn public-private partnership (PPP) agreement to enhance medical services. The first phase of the project involves supplying 14 district medical associations in the Fergana region with multispiral computed tomography (MSCT) scanners.
A further 86 devices will be procured for medical facilities in other regions. Additionally, specialized reading centers will be established across the country to analyze tomographic images, while training for medical personnel on MSCT operation will also be provided.
During a recent meeting at the Qasr Al Watan Palace in Abu Dhabi, the Presidents of Uzbekistan and the UAE unveiled a new initiative to designate 2025–2027 as “A New Era of Economic Partnership.” The announcement was made during high-level discussions between President Shavkat Mirziyoyev and UAE President Sheikh Mohammed bin Zayed Al Nahyan, marking the beginning of a fresh chapter in strategic collaboration. At the heart of this initiative are objectives to boost mutual trade volumes by ten times by 2030 and grow the investment portfolio to $50bn.
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