DUBAI (Gulf News) – The exchanges will work together to develop initiatives for cooperation between the markets in Dubai and Almaty.

Nasdaq Dubai said on Tuesday it has signed a Memorandum of Understanding (MoU) with the Kazakhstan Stock Exchange (KASE) to explore collaboration possibilities and exchange information about their markets.

Under the MoU, the exchanges will work together to develop initiatives for cooperation between the markets in Dubai and Almaty, including links between central securities depositories. They will also examine how to cooperate to promote Islamic capital markets products and solutions, it said in a statement.

The UAE is Kazakhstan’s largest trading partner among the Gulf Cooperation Council nations. Substantial investments by UAE companies in Kazakhstan include energy projects and real estate.