President of Uzbekistan Shavkat Mirziyoyev has approved an extensive list of state assets for privatization. In accordance with a decree signed by the head of state, state assets with a total value of approximately 100 trillion soums (over $8 billion) will be put up for public auction, reports “Fergana” citing the Agency for Management of State Assets (AMSA).

The list includes state shareholdings in 84 economic entities, 1,242 real estate objects, as well as approximately 8,000 hectares of land plots intended for business activities and construction projects.

Additionally, the liquidation and reorganization of 85 enterprises with state participation is envisaged.

Separately, 84 objects that were previously unable to be sold will be put up for repeat auctions with a starting price of 1 million soums ($83).

Major assets to be privatized

Among the most significant objects included in the privatization program:

• “Turonbank” — 98.9% of shares;
• insurance company Xalq Sug’urta — 100% of shares;
• airline Humo Air — 100% of shares (sale planned for 2026–2027);
• “Uzexpocentr” — 91.83% of shares;
• International Business Center — 79.27% of shares.

State shareholdings in industrial enterprises, transport companies, and retail organizations are also subject to privatization.

The Ministry of Economy and Finance has been tasked with preparing “Turonbank” for sale taking into account recommendations from international consultants.

As well as markets and shopping complexes

In addition to major companies, authorities intend to sell state stakes in retail trade facilities.

The list includes 18 markets and shopping complexes in Namangan, Samarkand, Surkhandarya, Tashkent, and Fergana regions.

Additionally, plans are underway to accelerate the privatization of 15 major markets and shopping complexes in Tashkent. Among them:

• Chilanzar farmers market;
• Kuyluk farmers market;
• “Navruz” market;
• “Sergeli” market;
• “Yangiobod” market;
• “Aviasozlar” market;
• “Farhad” market;
• other retail facilities in the capital.

Budget expects over $1 billion in revenue

The Agency for Management of State Assets expects that by the end of 2026, the sale of assets will bring the state budget at least 14 trillion soums ($1.17 billion).

At the same time, authorities have changed the conditions for participation in privatization auctions to make the purchase of assets more attractive to investors.

The initial payment amount when acquiring objects has been reduced from 35% to 15%. The remaining amount can be paid by buyers in installments without interest charges.

Previously, an additional surcharge was applied to installment payments, which averaged approximately 14%.

New benefits for buyers

Additional incentives are provided for large transactions. Buyers who pay the full cost of an asset within six months will receive a 25% discount.

Installment options are also available:

• up to 5 years — when paying 35% of the object’s cost within the first three months;
• up to 7 years — when paying 50% of the cost within six months.

If an object is not sold within three months, authorities will be able to apply a mechanism of gradual price reduction.

In certain cases, “hybrid auctions” will be used, in which the price is first reduced and then participants can increase their bids during the auction. These mechanisms will also apply to assets on the balance sheets of state commercial banks.

Special attention in the privatization program is given to land plots. Authorities plan to implement the principle of selling land using a “ready-made package” model. This means that investors will receive plots with pre-prepared technical conditions for connection to utility networks and necessary permits.

Additionally, plans are underway to transfer major state universities and specialized medical centers to commercial management with the possibility of attracting private investors.

The state will retain control over strategic facilities

The new decree provides for the possibility of retaining a special state participation right in strategically important enterprises even after their privatization. This mechanism will allow authorities to control companies that are important for national security and economic stability.

Thus, the sale of state assets will not always mean the state’s complete withdrawal of influence over individual enterprises.

The new program is a continuation of Uzbekistan’s course toward reducing the state’s role in competitive sectors of the economy. Authorities expect that the transfer of assets to private investors will increase enterprise efficiency, attract new investments, and strengthen competition.

Previously, the International Monetary Fund recommended that Uzbekistan accelerate the privatization of profitable state enterprises, noting that private companies in a competitive environment often operate more efficiently than state structures.