Turkish airport operator TAV Airports is set to become the sole owner of Almaty International Airport after agreeing to purchase the remaining 15% stake in Kazakhstan’s largest and busiest airport for $133 million.
TAV pursued the deal though its Dutch subsidiary Aviator Netherlands B.V., increasing its shareholding in Almaty Airport Investment Holding B.V. from 85% to 100%. It means the Istanbul-based aviation group will have full corporate ownership of the company controlling Almaty Airport once the transaction is completed.
TAV’s growing investment in Almaty International Airport
Last year, Kazakhstan’s largest airport handled nearly 12 million passengers. It handles around 70% of the country’s total air passenger traffic.
TAV Airports began operating Almaty International Airport in 2021 after acquiring an 85% controlling interest through a consortium.
Since taking over, the Turkish group has carried out an extensive programme of modernisation at the airport, which serves Kazakhstan’s largest city and economic centre.
A new international passenger terminal opened in June 2024 following a $200 million investment, increasing the airport’s annual capacity to more than 14 million passengers. The first passengers to arrive at the new terminal travelled on an Air Astana flight from London.
TAV says its first investment programme in Almaty, which included the new international terminal and a VIP terminal, was worth €257 million.
A second €315 million development programme covering 2025 to 2027 is now under way, bringing the combined value of its completed and ongoing investment in Almaty Airport to €572 million.
The second phase is intended to improve the airport’s operational efficiency, infrastructure and passenger experience as traffic continues to grow.
Terminal 2 Departures Hall at Almaty International Airport, Jan 2025. Photo © YangApinat - Own work, CC BY-SA 4.0 via Wikimedia
Almaty Airport was handling around six million passengers when TAV took control in 2021. This had almost doubled to 11.9 million passengers by 2025.
At the end of last year, 42 airlines were operating from Almaty, connecting the Kazakh city with 86 destinations across 30 countries. The airport is also the principal hub of Kazakhstan’s national carrier, Air Astana.
Its position on major transport corridors, connecting China, Central Asia and Europe, has made Almaty increasingly important as a passenger, transit and cargo hub. TAV has described the airport as strategically located on both the modern Silk Road and the Trans-Caspian “Middle Corridor” between Asia and Europe.
Almaty’s strong aviation links with Türkiye
The investment also reflects the growing commercial and transport ties between Türkiye and Kazakhstan, two Turkic states with close historical, cultural and political relations.
Air Astana currently operates services from Almaty to Istanbul, Antalya and Bodrum, while Turkish Airlines runs around 50 flights a week to the Kazakh city, including cargo operations.
Pegasus Airlines flies directly between Almaty and Istanbul and Antalya, while Air Astana’s budget airline FlyArystan has introduced a route connecting Almaty with Gazipaşa-Alanya Airport, which is also operated by TAV.
TAV Airports chief executive Serkan Kaptan has said the company is proud to represent Türkiye’s airport-management expertise internationally and to contribute to relations between Türkiye and Kazakhstan.
TAV’s portfolio of 15 airports
The Almaty purchase represents a significant expansion of TAV’s international assets. The company, in which French airport group Groupe ADP has a 46% controlling stake, operates a portfolio of 15 airports in eight countries across Europe, Asia and Africa. TAV served a combined 113 million passengers across its airport portfolio during 2025.
In Türkiye, TAV holds the operating concessions for Ankara Esenboğa, İzmir Adnan Menderes, Milas-Bodrum and Gazipaşa-Alanya airports. It also has a joint interest with German airport operator Fraport in Antalya Airport.
Its international portfolio includes Tbilisi and Batumi airports in Georgia; Skopje and Ohrid in North Macedonia; Monastir and Enfidha in Tunisia; Madinah Airport in Saudi Arabia; and interests in Zagreb Airport in Croatia. TAV also manages the commercial areas at Riga Airport in Latvia.
Unlike conventional property ownership, most of these arrangements involve TAV owning shares in companies holding long-term concessions to operate and develop publicly owned airports.
The Almaty transaction is therefore notable because it will give TAV a 100% interest in the holding company behind the airport, rather than operating it alongside a minority investment partner.
TAV said Almaty had continued to deliver strong operational results and was strengthening its position as one of Central Asia’s leading aviation hubs. The acquisition will give the Turkish group complete control over future investment and management decisions at an airport that has become one of the most important assets in its global portfolio.
Main picture, top, of Almaty International Airport Terminal 2, Jan 2025. Photo © YangApinat - Own work, CC BY-SA 4.0 via Wikimedia
