Early Life
Iskander Kakhramonovich Makhmudov was born on December 5, 1963, in Bukhara, Uzbek SSR. He studied at Tashkent State University, graduating in 1984 with a degree in Oriental Studies. Following his education, he worked as a translator for Soviet military organizations in Libya and Iraq.
Rise to Success
Makhmudov's business journey began with Trans-World Group, a major metal trader in Russia. He then held several business positions before founding UMMC in 1999. UMMC, or Ural Mining and Metallurgical Company, quickly became the main source of his wealth, with the company holding stakes in more than 40 plants across Russia. In 2022, Makhmudov was reported to no longer be the controlling beneficiary of UMMC.
Key Business Strategies
A key strategy for Makhmudov was to focus on assets within the copper mining industry. Makhmudov also holds a non-controlling stake in Transmashholding, a major rolling stock producer. He partnered with state-owned Russian Railways and the French machine-building giant Alstom.
Philanthropy
Makhmudov has been noted for his philanthropic efforts. He has contributed over $1 billion to charitable causes since 2001, including medical clinics, orphanages, and programs for war veterans.