Eurasian Natural Resources Corporation (ENRC) emerged out of the post-Soviet privatisation process in Kazakhstan in the 1990s.
It was floated on the London Stock Exchange in 2007, where it is a member of the FTSE index with a market capitalisation of nearly £6 billion (Dh34.89bn). However, it is still majority owned by shareholders in Kazakhstan.
Last year, ENRC provoked controversy in London when two non-executive directors resigned after boardroom disagreements, with one of them commenting that the way the company was run was "more Soviet than City".
Here, Felix Vulis, the long-standing chief executive, gives his view of the company as a major Kazakh corporation and as a member of one of the big international exchanges.
Can you explain the significance of ENRC to the economy of Kazakhstan?
ENRC is one of the largest companies in Kazakhstan, with revenue of US$7.7bn (Dh28.28bn) and earnings of $3.5bn. We account for approximately 4 per cent of Kazakhstan's GDP and employ over 65,000 in the country. ENRC is a business with tremendous assets and an established track record, and it is our assets in Kazakhstan, which are world class, that form the bedrock of our international expansion programme.
Just to highlight a few points, ENRC is now one of the world's largest producers of ferrochrome, one of the world's significant exporters of iron ore, the world's ninth-largest producer of traded alumina, and one of the largest electricity providers in Kazakhstan, accounting for over 16 per cent of the country's recorded electricity production in 2011.
We aim to grow our business while maintaining our commitment to respecting the environment, providing safe and healthy workplaces and making a positive contribution to the societies in which we operate. Alongside our significant investment in infrastructure, energy supply and the modernisation of our extensive operations, we support the communities in which we operate.
As part of our well established CSR [corporate social responsibility] programme, last year ENRC funded projects totalling over $100 million, which specifically supported education, health care, housing and cultural initiatives.
You chose the London Stock Exchange as the location for your market listing. Why was this? Were there other viable alternatives?
The London Stock Exchange was a natural choice for us. It is one of the most respected exchanges in the world. It is also the home of a large number of our mining peers and hence provides us with a pool of informed investors.
What are the challenges for a Kazakh company in dealing with international investors?
The challenges for a Kazakh company are no different to other companies who are seeking international investment - showing that you have a world-class business and management team and consistently communicating our strategy, which is to deliver long-term investment returns. I would see it not so much as a challenge as an opportunity as international investors tend to inherently understand the international nature of our business.
What's your take on the current state of the Kazakh economy?
The Kazakhstan economy has undergone significant development of late. In the last year it showed relatively strong economic growth [7.5 per cent GDP growth against 7.3 per cent in 2010], primarily driven by growth in the services sector, communications, domestic trade, agriculture and manufacturing.
The local currency, the Kazakh tenge, appreciated modestly against the dollar. It is expected that the high global oil prices and investment into energy will help to sustain the strength of tenge. We have great confidence in the future prosperity of the Kazakh economy, demonstrated by our extensive investment programme. To highlight two examples, earlier this year we acquired the remaining shares we did not already own in a high-quality coal asset, Shubarkol, and next year we are due to complete one of ENRC's key investment projects, the $750m construction of the new Aktobe ferroalloys plant, which will be one of the largest and most modern high-carbon ferrochrome plants in the country.
What's your view on the global commodities market? Are we in a "bubble" phase?
The global commodities market has been strong for a number of years. However, against a turbulent economic backdrop, the commodity pricing environment has been volatile. In the longer term, our confidence in the commodities market remains strong.
As a global corporation, how do you view the Middle East?
While we currently have no operations in the Gulf, we are very aware that it has been one of the most successful regions in the global economy in recent years and remains one of the most important energy markets in the world. In particular, we have noticed the increasing commercial links between the UAE and Kazakhstan, which can only be a good thing for a developing economy.
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Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
RESULTS
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
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5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
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6pm: Maiden (PA) Dh 70,000 (D) 1,800m
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Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
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Winner: Al Sail, Tadhg O’Shea, Ernst Oertel
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
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Stars: Ma Dong-seok, Sukku Son, Choi Gwi-hwa
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Stars: Mark Ruffalo, Hugh Laurie, Aria Mia Loberti
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Cory Sandhagen v Umar Nurmagomedov
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Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
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Publisher: Indiana University Press; 532 pages
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Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
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Sour Grapes
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Publisher: Syracuse University Press
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FORSPOKEN
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
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MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
COMPANY PROFILE:
Name: Envision
Started: 2017
Founders: Karthik Mahadevan and Karthik Kannan
Based: The Netherlands
Sector: Technology/Assistive Technology
Initial investment: $1.5 million
Current number of staff: 20
Investment stage: Seed
Investors: 4impact, ABN Amro, Impact Ventures and group of angels
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Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
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In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers
Price: From Dh4,599
Zayed Sustainability Prize
Tu Jhoothi Main Makkaar
Director: Luv Ranjan
Stars: Ranbir Kapoor, Shraddha Kapoor, Anubhav Singh Bassi and Dimple Kapadia
Rating: 3/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Velimir Stjepanovic (Serbia, swimming)
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Company profile
Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital
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Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).
Cycling
Safia Al Sayegh (women's road race).
Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).
Athletics
Maryam Mohammed Al Farsi (women's 100 metres).
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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