Uzbekistan and Saudi Arabia's ACWA Power signed an agreement to build a 1,500 MW wind farm in the country’s northwestern Karakalpakstan republic, which is expected to become the largest in Central Asia, the Energy Ministry said.

Banks in Uzbekistan reported a net profit of 1.473 trillion soums ($140 million) in the first quarter of 2021, 81 billion soums up from the same period last year, the Central Bank said.

The latest, but bloodiest Central Asian conflict in years is over water resources. And this clash, long in the making, has major regional implications.

Uzbekistan has announced the sale of the Fergana Oil Refinery, the second-largest in the country, through an open sale process, UzAssets Investment state company said.

Uzbekistan plans to list its securities on the Russian stock exchange in a bid to develop its capital market and attract foreign investors.

The Central Asian country is making efforts to improve its investment climate after more than two decades of economic isolation. The closed, autarkic system viewed most foreign investments as a threat. That ended when Islam Karimov, who had led Uzbekistan since before the Soviet breakup, died in 2016.