DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has signed a Memorandum of Understanding, MoU, with Astana International Financial Centre, AIFC, a financial hub for Central Asia, the Caucasus, Eurasian Economic Union, the Middle East, West China, Mongolia and Europe.

Ahmed Bin Sulayem, Executive Chairman of DMCC, signed the agreement on behalf of DMCC, while AIFC was represented by Dr. Kairat Kelimbetov, Governor of AIFC.

The signing ceremony took place at the 2018 Astana Islamic Economic Forum in the presence of Rustam Minnikhanov, President of Tatarstan, Asset Issekeshev, Mayor of Astana, and Dr. Bandar Hajjar, President of Islamic Development Bank.

The MoU commits both parties to establishing platforms for cooperation and the development of financial and professional services in line with international best practice. The agreement also sees the exchange of expertise in relation to trading of commodities, and is designed to forge stronger ties between AIFC and the members of Dubai Gold and Diamond Exchange - the largest and most diversified derivatives bourse in the Middle East - and DMCC Tradeflow, an online platform for registering possession and ownership of commodities in storage facilities based in the UAE.

"I am delighted to sign this agreement with the Astana International Financial Centre in what marks an exciting new chapter in relations between DMCC and the Kazakh business community," said Bin Sulayem.

"With a clear mandate to remove barriers to business and drive global trade flows through Dubai, DMCC is committed to strengthening commercial ties with strategic partners around the world. Sharing know-how, insights and expertise is essential to the development of a truly world-class commodities offering and by signing this MoU with AIFC, we have taken a concrete step to do just that," he added.