How much is the project expected to cost?
Construction of the multifunctional Iconic Complex has officially commenced in the new city of Alatau, with a symbolic foundation stone-laying ceremony held on October 26, 2026.
The complex will have a total floor area of 276,800 square metres and comprise two towers standing 272 and 78 metres tall. The main tower is expected to become the tallest building in southern Kazakhstan. It will accommodate Class A+ offices, a five-star hotel, and premium residential apartments.
The second tower will be residential, featuring apartments with terraces and a rooftop garden. The lower section of the development will include a three-level podium covering 58,000 square metres, providing space for retail, cultural activities, and events.
The complex will also feature six low-rise office buildings with internal courtyards, which are expected to accommodate the headquarters of various companies.
Approximately 25% of the development's territory, including the rooftop garden of the residential tower, will be dedicated to green spaces.
Iconic Complex will be located in Gateway District, Alatau City's business district, which borders the Almaty metropolitan area to the south.
The project is scheduled for completion by the end of 2029.
China State Construction Engineering Corporation (CSCEC), one of the world's largest construction companies, has been appointed as the general contractor.
CSCEC specialises in the construction of skyscrapers and has an extensive portfolio of landmark developments, including Iconic Tower in Egypt, the tallest building in Africa, as well as Ping An Finance Center in Shenzhen, Shanghai World Financial Center in Shanghai, and Doha Tower in Qatar.
The architectural concept for Iconic Complex was developed by the American architectural firm Skidmore, Owings & Merrill (SOM).
Founded in Chicago in 1936, SOM is recognised as one of the world's leading architectural firms specialising in skyscraper design. Its portfolio includes Burj Khalifa in Dubai and One World Trade Center in New York.
Gabriele Pascolini, architect and Head of SOM's European Practice, explained that architectural design is always a synthesis of numerous factors.
"The central concept behind Iconic Complex was inspired by Almaty's magnificent natural landscape, its mountains and plains. However, designing a building requires consideration of numerous factors, including its functionality, the region's seismic activity, and many other aspects.
All these elements must be brought together to create something harmonious, perceived as a unified whole through a comprehensive and integrated approach.
In this particular project, sustainability principles and environmental considerations also played a significant role. They influenced not only the architectural appearance of Iconic Complex but also the selection of technologies incorporated into the development," said Gabriele Pascolini.
Investment Impact
The development of Iconic Complex is being managed by Alatau City Iconic Complex, a company established specifically for the project and registered in Almaty in October 2025.
The company's responsibilities include overseeing project implementation, attracting private investment, and coordinating the activities of international partners.
Company representatives confirmed that the planned investment in Iconic Complex amounts to USD 800 million, a figure that had been announced previously.
According to Deputy Prime Minister Kanat Bozumbayev, it is still too early to determine the project's final cost.
"I believe it will be approximately USD 1 billion. The only state-affiliated institution participating in the project is the National Investment Corporation of the National Bank of Kazakhstan. However, its stake will be relatively small, at around 10%.
The majority of investors are local companies, including Caspian Group, Alatau City Bank, and others.
Meanwhile, the Chinese company CSCEC is currently obtaining the necessary approvals from its government to become a shareholder in the project. Its stake is expected to range between 10% and 15%," Kanat Bozumbayev stated.
Key Agreements and Strategic Partnerships
Gao Bo, Chairman of CSCEC, recalled that the agreements regarding the company's participation as the lead contractor for Iconic Complex were reached during President Kassym-Jomart Tokayev's visit to China.
According to Gao Bo, these agreements represent "a clear demonstration of mutual trust, mutually beneficial cooperation, and the long-term partnership between our countries."
He also described the project as an example of "high-quality cooperation under the Belt and Road Initiative and the strengthening of China's engagement with Central Asian countries."
Yuriy Tskhay, a member of the Alatau City Council, emphasised the significance of the project's launch.
"We have been working towards this moment for a long time, and finally, the day has come when we can confidently say that this is not merely a construction project, but an initiative that sends a clear message to the global business community: we have moved from words to action," Yuriy Tskhay stated.
He expressed his gratitude to the Government, represented by Deputy Prime Minister Kanat Bozumbayev, for its "strong support", as well as to the National Bank of Kazakhstan, represented by its Governor Timur Suleimenov, who "believed in the project from the very beginning."
Yuriy Tskhay also extended his appreciation to Caspian Group and Alatau City Bank for their contributions to the project.
Read more: https://forbes.kz/articles/neboskreb-iconic-complex-nachali-stroit-v-gorode-alatau-856a95