Key facts
- Uzbekistan plans to list 15-20% of Uzbekistan Airways on international capital markets by the end of 2026.
- A transformation program developed by Franklin Templeton aims to increase the airline's annual operating profit by $120 million.
- The airline's market value is projected to increase from $1.6 billion to $2.3 billion.
- The country aims to transform Tashkent into a major aviation hub in Central Asia.
- Foreign tourist arrivals in Uzbekistan increased by 27.5% in the first five months of 2026, reaching nearly 5.5 million.
Uzbekistan is accelerating its aviation sector liberalization with plans to list its national airline, Uzbekistan Airways, on international capital markets by the end of 2026. This move is part of a broader strategy to transform Tashkent into a major Central Asian aviation hub and capitalize on a boom in tourism to the region.
President Shavkat Mirziyoyev has reviewed comprehensive strategies to fast-track the corporate transformation and IPO preparation of Uzbekistan Airways. A diagnostic review by Franklin Templeton has resulted in a 115-measure program designed to boost annual operating profit by approximately $120 million and increase the airline's estimated value from $1.6 billion to $2.3 billion. Key improvements include route optimization, expanded direct sales, enhanced customer service, and reduced flight delays.
Despite these plans, the implementation pace of reforms has been noted as insufficient. The president emphasized the need for improved corporate governance, financial discipline, adoption of international reporting standards, and a stronger credit rating before the airline enters global markets. The airline is expected to offer 15-20% of its shares in the IPO.
The push for aviation reform coincides with a significant increase in tourism, with foreign arrivals rising 27.5% to nearly 5.5 million in the first five months of 2026. Uzbekistan Airways has faced challenges in keeping pace with this demand, particularly in expanding its fleet. The government is tasked with establishing a separate procurement system for faster fleet expansion decisions.
Uzbekistan Airways reported a net profit of 1.2 trillion soums in 2025, a 73.5% year-on-year increase, driven by reduced operating costs. However, interest expenses rose due to increased debt levels. In the first quarter of 2026, net profit tripled to 151.8 billion soums while revenue remained stable.