During the period of Russian rebuilding and economic liberalization, or perestroika, Makhmudov helped lead the country’s transition into a free market, capitalist, wealth- and prosperity-producing economy.
Born in Bukara in 1963, Makhmudov today calls Yekaterinburg home.
After his initial foray into international business with Trans-World Group, Makhmudov and several allies formed the Ural Mining and Metallurgical Company (UMMC; UGMK in Russia) in 1999. Today, UMMC is the fourth largest non-ferrous metal producing company in Russia and the nation’s largest producer of copper.
Not satisfied just to be a leader in the business world, Makhmudov has cemented a reputation for himself and for UMMC as a model of corporate social responsibility.
Through UMMC, Makhmudov established medical clinics to provide state-of-the-art medical services to UMMC employees. As of 2011, those clinics expanded their operations to serve free of charge not only the children of UMMC employees, but also disabled children, orphans and children from disadvantaged families in the community.
In 2004, UMMC established a housing program to make rental living and home-ownership more affordable through no-interest loans for UMMC employees who would have otherwise been unable to afford new housing.
Makhmudov’s generous civic reach extends well beyond UMMC and its employees. Programs funded by Makhmudov have provided development programs for athletically and intellectually gifted children, in addition to endowments that operate and provide programs for orphanages in the Urals and Siberia.
Seeing the low level of state assistance provided to Russian war veterans, Makhmudov has also stepped up to fund housing assistance, healthcare expenses and special additional pensions for Russian’s veterans.
Makhmudov remains a prominent booster of art and culture, as well, supporting art collectives, theatrical and dance programs, and music festivals. His generosity has also aided Russia’s religious institutions following the destruction or shuttering of religious buildings during the Soviet era.