MobiUz and UzXCMG State Assets to Be Privatized with US and Chinese Investors

Tashkent, Uzbekistan (UzDaily.com) — On the sidelines of the fifth Tashkent International Investment Forum (TMIF-2026), the State Assets Management Agency of the Republic of Uzbekistan signed two strategic agreements in the field of economic denationalization.

The documents aim to accelerate the privatization rate of major state-owned enterprises, attract transnational capital, and transform key assets based on transparent market principles.

The largest transaction of the forum in the telecommunications sector was the signing of a memorandum of cooperation on the privatization of the state share in the authorized capital of the mobile operator Universal Mobile Systems LLC (operating under the MobiUz brand).

The Agency's partner is a consortium consisting of the American investment company McKim and Company, serving as the financial donor, and the sector-specific technology player JVR Enterprises LLC (operating under the brand JVR Capital Group).

The document provides for the buyout of the state stake by the foreign consortium for US$351 million. Furthermore, the new owners pledge to direct additional investments amounting to US$500 million toward a deep modernization of the operator's digital and network infrastructure. The total investment value of this project will reach a record US$851 million.

The second important vector of the privatization program was the signing of an agreement with the leading Chinese corporation XCMG Construction Machinery Co., Ltd. The parties agreed to jointly coordinate an efficient and transparent privatization process for the state share in the authorized capital of the UzXCMG LLC joint venture.

The concluded memorandum regulates the execution of procedures in strict accordance with international standards, the exchange of regulatory experience, and the strengthening of industrial cooperation.

It is expected that the integration of the Chinese machine-building giant will provide a powerful impetus to domestic heavy engineering and expand the localization of special equipment production within Uzbekistan.