#Tourism #Uzbekistan #Tashkent #TEG

A New Era for Uzbekistan's Hospitality Industry

TEG SPV LLC, a prominent integrated hospitality, tourism, and events entity based in Uzbekistan, has recently celebrated a significant milestone with the completion of its merger with StageWise Strategies Corp. This strategic business combination positions TEG as the first company from Uzbekistan to be publicly traded in the U.S., operating under the name TEG Overseas, Inc., with its shares listed on the OTC Markets.

This merger marks a pivotal moment in TEG's growth journey and strategically positions the company to tap into the burgeoning tourism sector in Uzbekistan. The region has experienced significant changes in the last few years, including a dramatic increase in international tourist arrivals and a surge in business travel, supported by the government's focused investment in economic reforms.

TEG's Assets and Revenue Growth

TEG not only owns several high-profile hospitality properties, such as Hilton Tashkent City and Wyndham Bukhara, but also manages the Central Asian Expocenter (CAEx)—one of the largest and most modern full-service convention centers in Central Asia. Impressively, the company's portfolio reported $42.9 million in revenues and a remarkable $14.4 million in net income for the year 2025, reflecting year-over-year increases of 22% in revenue and an astonishing 215% in net income from 2024.

According to Anita Mendiratta, Chairperson of the Board of Directors at TEG, the company is excited about their transition into public markets, which comes at a crucial time for Uzbekistan's economy. The government’s ambitious national development agenda and economic growth are key factors in positioning the country as a compelling destination for both tourism and business travel.

Tourism Growth in Uzbekistan

As a testament to this momentum, Uzbekistan received around 11.7 million foreign visitors in 2025, showcasing a staggering increase of nearly 47% compared to the previous year. This places Uzbekistan among the fastest-growing markets for international visitors globally, according to UN Tourism. The nation’s commitment to developing tourism is evident through its Uzbekistan 2030 strategy, which prioritizes tourism and supports infrastructure improvements, better international connectivity, and private sector growth.

Uzbekistan, with its rich heritage as a historic crossroads for the Silk Road, offers a unique cultural experience for travelers. The integration of traditional values with modern amenities positions it as a year-round destination for international tourism, as well as a growing hub for business events.

The Role of AKFA Group

TEG is part of the AKFA Group, one of Central Asia's largest privately-held corporate entities, with operations across various sectors including construction, healthcare, and consumer electronics, and employing around 38,000 people. The synergy with AKFA Group offers TEG several advantages, such as enhanced access to global markets, procurement efficiencies, and a more substantial market presence.

Irodakhon Abduvakhitova, a Non-independent Director and Investor in TEG, highlighted the critical role of their longstanding relationship with AKFA in TEG's successful growth journey. The collaboration allows for efficient operations and strategic execution across the hospitality sector within Uzbekistan and beyond.

Future Growth Initiatives

Looking ahead, TEG plans to utilize its newfound access to U.S. capital markets to drive further acquisitions and expand its portfolio of assets in hospitality as well as MICE (Meetings, Incentives, Conferences, and Exhibitions) segments. By leveraging existing relationships and its expertise in the local market, TEG aims to enhance its offerings to attract a diverse range of business and leisure travelers.

As TEG continues to forge ahead, the hospitality group’s growth not only contributes to the organization's ambitions but also plays a vital role in enhancing Uzbekistan’s standing in the global tourism arena. By solidifying its presence in international markets, TEG is set to shape the future of tourism in Central Asia, benefiting from both the region’s historical significance and its modernization trends.

Conclusion

In summary, TEG's successful U.S. business combination is more than just a corporate milestone; it represents a unique opportunity for Afghanistan to elevate its tourism profile on a global stage while fostering growth and development within its rich cultural landscape. With the hospitality sector poised for expansion, TEG is equipped to lead this transformative journey, ensuring that Uzbekistan emerges as a key player in the evolving global tourism market.