1 April 2025, Tashkent, Uzbekistan:
Korzinka, Uzbekistan’s leading supermarket chain with over 150 stores, is pleased to announce a landmark minority equity investment totaling $110 million, led by co-investors:
- Abu Dhabi Uzbek Investment (ADUI) — a joint venture between Abu Dhabi Fund for Development (UAE) and the Uzbekistan Fund for Reconstruction and Development (UFRD); and
- Uzbek-Oman Investment Company (UzOman) — representing a consortium of Omani sovereign investment entities, jointly backed by the Oman Investment Authority (OIA) and UFRD.
This represents Korzinka’s second major investment round, following the European Bank for Reconstruction and Development’s (EBRD) equity stake in 2020. The latest investment drew significant interest from a broad pool of global investors, reaffirming Korzinka’s market leadership, brand strength, and role in shaping the future of retail in Uzbekistan.
Korzinka’s founder and chairman Zafar Khashimov, who remains the majority shareholder, continues to lead the company alongside an experienced executive team with a strong combination of local expertise and international retail experience.
Morgan Stanley served as financial advisor to Korzinka, while Oman Investment Bank (OIB) advised the Omani investor consortium.
Driving growth and innovation
The capital injection will support the expansion of Korzinka’s multi-format strategy. This includes enhancing its supermarket leadership, accelerating the rollout of Korzinka Mahalla neighborhood stores, and expanding Korzinka Go, its fast-growing e-commerce platform.
Additionally, Korzinka is investing in logistics and infrastructure — most notably a 49,000 sqm Class-A distribution center set to launch in the second half of 2025.
Zafar Khashimov commented:
“We are thrilled to welcome our new shareholders. This investment marks a defining milestone in our journey and a strong endorsement of our management team, market position, and Uzbekistan’s economic transformation.
With a population of 37 million growing by around one million annually and a GDP exceeding $100 billion, Uzbekistan is one of the world’s most exciting emerging markets. Korzinka is proud to contribute to shaping the country’s retail future.”
CEO Rud Pedersen added:
“This strategic investment accelerates our growth trajectory and reinforces our target of surpassing 1,000 stores in the medium term. Since EBRD’s involvement in 2020, we’ve more than tripled our store count and delivered robust same-store sales growth — validating both rising consumer demand and our execution capabilities.
Korzinka is committed to maintaining its core values of quality, convenience, and affordability — the pillars that have earned the trust of millions across Uzbekistan.”
Investor Statements
Sarvar Khamidov, CEO of ADUI:
“We’re proud to co-lead this investment in Korzinka — the clear leader in Uzbekistan’s fast-growing modern retail sector. Economic reforms, demographic momentum, and increasing consumer power make Uzbekistan one of Central Asia’s most promising investment destinations. We look forward to supporting Korzinka’s continued expansion and the modernization of the country’s retail landscape.”
Omar Bahram, CEO of UzOman:
“Korzinka has consistently raised the bar for retail excellence in Uzbekistan. Its rapid growth, outstanding management, and unrivaled market position make it an exceptional partner. We’re excited to back a company with strong consumer loyalty and the potential to serve as a regional retail model.”
Tamas Nagy, Co-Head of Private Equity at EBRD:
“Since our 2020 investment, Korzinka has made impressive strides — from improving governance to adopting climate-conscious store designs. This new investment reflects the company’s exceptional progress and future potential.”
About Korzinka
Founded in 1996, Korzinka is Uzbekistan’s largest supermarket chain and a pioneer in the country’s modern grocery sector. With a market share over four times larger than its nearest competitor, the Korzinka brand is synonymous with trust, convenience, and value.
Operating a diversified retail model, Korzinka includes full-size supermarkets, smaller Mahalla stores, and a fast-growing e-commerce platform — Korzinka Go. With over 10,000 employees, the company is dedicated to workforce development, offering training, career opportunities, and a supportive environment.
In 2020, EBRD became a minority shareholder — marking its first equity investment in Uzbekistan in over a decade. Korzinka upholds high standards of corporate governance and has a Supervisory Board featuring three independent non-executive directors.
About the investors
ADUI (Abu Dhabi Uzbek Investment), established in 2019, is a joint venture backed by the Abu Dhabi Fund for Development (UAE) and UFRD. With nearly $200 million already invested in Uzbekistan and plans to scale to $1 billion, ADUI supports sustainable returns while catalyzing foreign investment.
UzOman (Uzbek-Oman Investment Company) was formed in 2009 to boost investment cooperation with Oman. Backed by OIA (75%) and UFRD (25%), it has diverse global holdings across energy, logistics, ICT, food, finance, tourism, and more — aligning with Oman’s Vision 2040 for sustainable growth and regional partnerships.
EBRD is a multilateral development bank supporting private sector growth across 36 economies. Owned by 75 countries, the EU, and the EIB, EBRD aims to foster green, inclusive, and competitive markets.
