AIG (currently Huvsgol JSC, MSE:HVL) is pleased to announce signing of a strategic Memorandum of Cooperation with Austria-based Teichmann & Compagnons Property Networks GmbH to jointly develop a pioneering green, smart, and sustainable city in Mongolia.

Currently a fully owned subsidiary of Ard Financial Group JSC (MSE:AARD), AIG is in the process of being spun off to become an independent vehicle to help unlock Mongolia’s vast economic potential – referred as the “Wolf Economy of Asia.” As it transitions into a gateway for global investors, AIG is focusing on identifying and scaling high-impact projects in the areas of mining, renewable energy, and smart infrastructure.

As a first step on this roadmap, AIG is initiating a flagship smart city development project that will integrate cutting-edge technologies, holistic multigenerational planning, renewable energy systems, and digital governance tools. The goal is to transform urban planning in Mongolia while addressing pressing challenges such as pollution, congestion, and inefficient infrastructure of Ulaanbaatar.

“Our partnership with Teichmann & Compagnons reflects a shared vision to create livable, future-ready cities that support both ecological and economic resilience,” said Ganhuyag Ch. Hutagt, CEO of AIG. “This initiative marks the beginning of a new chapter for us as we open Mongolia’s doors to international capital and innovation.” “I have developed green building projects in various European countries and am prepared to take on new challenges in Mongolia, the country where I supported setting up a Green Building Council. I see a lot of potential and wanted to engage since I first came here years ago” Richard Teichmann said.

The Memorandum outlines key areas of cooperation including master planning, joint venture structuring, fundraising, and stakeholder engagement. A Joint Working Group will be established to manage the execution and investment roadmap.
This milestone underscores AIG’s mission to serve as a catalyst for Mongolia’s next wave of growth by delivering world-class projects that align with national priorities under Mongolia’s Vision 2050.