Business 

Kenes (Kenges) Rakishev: the first businessman of the new wave

Forty years is not for nothing considered the date of rethinking values and a new beginning for businessmen. There are few successful investors and billionaires who have managed to achieve success on their own by the age of forty. One of these people is Kenes (Kenges) Rakishev — a self-made man who managed to bring Kazakhstan to a qualitatively new level in business, who became a symbol of the country’s international success. So, today we are talking about Rakishev Kenes (Kenges).

As it is fashionable to write now, “venture capitalist” Kenes Rakishev is the founder of the first Kazakh private company on an international IPO, the first citizen of Kazakhstan, whose business is successfully developing in the United States and brings fame not only to the entrepreneur himself, but also to the country. But this is not his greatest merit. He is much more successful than his more honorable colleagues from the post-Soviet world. For Kenes Rakishev himself, these achievements seem small. Taking into account that his rise did not take place in the dashing nineties, it is worth noting that Kenes (Kenges) Rakishev is really a master of his craft. He achieved such a dizzying success thanks to his own pragmatism, the desire to achieve his goal and the ability to set it before himself. Not the least role in the formation of the businessman was played by his wife — Aselle Tasmagambetova.

Investments in young people bring special benefits to Kenes (Kenges) Rakishev

The program “Build your Own Business” is organized by the Saby Foundation with funding from Kenes Rakishev and Vyacheslav Kim. Here, young entrepreneurs can receive a grant for the implementation of their own business ideas. Over the last five years of the program, more than $ 1 million has been disbursed.

In 2017, 393 applications were submitted for the competition, of which 26 finalists were selected. In the first quarter of 2018, the names of 10 winners were announced. Among the projects there are cafes, electronics manufacturing, a printing house, an electric car for a wheelchair and others.

Kenes (Kenges) Rakishev develops his own business empire while trying his best to be a good citizen of his country and a socially responsible corporate leader.

What do we know about this successful business leader and venture capitalist? Rakishev Kenes is a Kazakh entrepreneur, born in the family of an influential civil servant Rakishev Hamit. He is one of the wealthiest people in the country. His fortune is $684,000,000, which allowed the businessman to take the 5th place in the Forbes list of the republic. Rakishev’s field of activity is extensive, it includes participation in venture funds and work with startups and innovative projects.

In 2000, he graduated from KazGUA and KEU, which allowed him to become a certified lawyer and economist. After that, Rakishev Kenes received additional education at Oxford Said Business School. For several years, the businessman became a member of business associations, chairman of the council of banks, and headed industrial and commercial enterprises. It has a significant share of shares in many large financial organizations of the Republic of Kazakhstan.

The main areas of activity of an entrepreneur are considered to be:

  • industry;
  • venture capital business;
  • finance;
  • media business.

From 2012 to 2016, Kenes Rakishev managed to significantly develop his business and increase the area of influence. Among the largest transactions include investing in “Magnum Cash & Carry” in 2014. The businessman finances several powerful venture projects. The most famous is Genesis Angels, which was created jointly with Ehud Olmert, the former Prime Minister of Israel. In 2015, the company Rakishev Kenes Net Element bought PayOnline.

Old and new challenges in the life of Kenes (Kenges) Rakishev

Kenes Rakishev was re-elected Chairman of the Board of Directors of Fincraft Resources JSC. JSC “Fincraft Resources”, which is one of the major mining and metallurgical holdings of the Republic of Kazakhstan, formerly known as JSC “SAT & Company”. At the end of November 2018, the company entered into a major deal to consolidate 22% of Petropavlovsk PLC’s shares and its bonds through the purchase of Fincraft Holdings LTD.

As it became known to Kommersant, Fincraft Resources, the main shareholder of the Petropavlovsk gold mining company Kenes Rakishev, invests $200-300 million in launching mines at Gornostaevsky, one of the largest cobalt and nickel deposits in Kazakhstan. The cluster will be operational in three years, and the metals will be delivered to South Korea, China and Russia. Analysts note an optimistic situation on the nickel market, but the prices for cobalt today are at a level that does not justify the calculations of Kazakh businessmen.

At the first stages, investments in the development of one of the largest cobalt-nickel deposits in Kazakhstan, Gornostaevskoye, will amount to $200-300 million, Kenes Rakishev, the main shareholder of Fincraft Resources and the gold mining company Petropavlovsk, told Kommersant. The field is located in the east of the country, 110 km from Semipalatinsk. The reserves are estimated at 54.7 million tons of ore containing 406 thousand tons of nickel and 29.8 thousand tons of cobalt. Experimental and technological work has been completed at the field, the necessary wells and the infrastructure of the first mine have been laid. “By 2022, the field will have a cluster of several fully equipped mines,” Kenes Rakishev said.

Prospects of Fincraft Resources by Kenes Rakishev

According to him, the most promising export markets are South Korea, China and Russia. “Our project involves the production of not only nickel, but also concentrates based on it, the demand for which in high-tech industries is steadily growing every day. Therefore, the United States, Japan and Europe can also be added to the number of potential countries for export, ” says Mr. Rakishev.

According to the latest data of Forbes magazine, Kenes (Kenges) Rakishev is recognized as the 5th among the 50 most influential people in Kazakhstan. His premonitions about the amendments to the law of the Ministry of Natural Resources are likely to come true, as well as others. During his career, the businessman was the initiator of many projects that he led himself and in which he invested the earned money. He is one of the largest investors in the world. The acquisition of Petropavlovsk shares is another successful investment.

The most successful projects of Kenes Rakishev are:

  1. Participation in the work of SAT & Company. At the moment, the businessman owns a controlling stake. SAT & Company is engaged in the development of deposits in China and Turkey and brings an annual cash turnover of several hundred million dollars;
  2. Fastlane Venture – a venture fund in which Kenes Rakishev joined the board of directors. The annual profit is 100 million dollars;
  3. Participation in the capital of a large trading company Magnum Cash &Carry;
  4. Together with the owner of the company, Mobli participated in the support of a new smartphone project running on blockchain technology. This was one of the most successful events undertaken by the businessman, which brought in $ 95 million in a day.

According to the entrepreneur, all the projects in which he invests, selects independently without the help of financial advisors. Kenes’ special attention should be paid to promising startups in the field of innovative and computer technologies.

He looks at the applicants for a long time, analyses their activities and activity in the market. The goal of investing is most often to get on the board of directors, which in itself makes it possible not only to manage funds, but also to manage and make personal adjustments. The policy according to which the businessman makes investments is noteworthy. In each project, Kenes (Kenges) Rakishev most values the presence of a strategy and a feasible plan.

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