Caspian Group, an investment holding actively involved in the design and construction of Alatau city, incurred a loss of 445.6 million tenge in 2025. This was reported by Qazaqyia.kz citing Kursiv Media.

A year earlier, the company had a profit of 559 million tenge. The main reason for the decline in financial results was a 27-fold decrease in revenue from sales: from 1.7 billion to 46 million tenge. The cost of goods sold amounted to 88.8 million tenge, compared to 295.8 million tenge a year earlier.

The company's income from financing decreased by 33% to 81 million tenge, while administrative expenses also decreased by 15% to 450.6 million tenge.

Caspian Group's Activities

The company is an investment holding. Its main activity is creating subsidiaries, developing them for income, or subsequently selling these businesses.

Currently, among Caspian Group's subsidiaries are:

  • 01Alatau City Properties (64%), a development company engaged in design and construction in Alatau city;
  • 02Alatau City Zher (100%), which conducts real estate operations;
  • 03Caspian Group International, which manages projects.

Financial Obligations

Caspian Group has significant liabilities to its shareholder Yuri Tskhai – 1.9 billion tenge at the end of 2025, as well as to his other company, Caspian Integrity – for 4.4 billion tenge. In turn, Caspian Group financed its subsidiaries involved in the Alatau project by 5.88 billion tenge at the end of 2025.

The report also states that in 2026, the company continued to actively receive financing from the shareholder and his companies for various projects.

Iconic Towers Project

The company Alatau City Iconic Complex, which is building the multifunctional skyscraper Iconic Towers, was financed.

According to the latest reporting, Caspian Group is 100% owned by businessman Yuri Tskhai. Tskhai ranks 72nd on the list of the richest Kazakhstani citizens with a fortune of $100 million.

Caspian Group and Yuri Tskhai himself are called the initiator and one of the key investors of the new city of Alatau. In particular, Caspian Group is implementing the project of building the international business center of the city, Iconic Building-1. The project's cost exceeds $800 million.