Nasdaq Dubai and Kazakhstan Stock Exchange (KASE) signed a Memorandum of Understanding (MoU) 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.
The MoU was signed in Dubai by Hamed Ali, the Chief Executive of Nasdaq Dubai, and Maxat Kabashev, the Chief Executive of KASE, during a visit to the Emirate by a delegation of Kazakh leaders including His Excellency Kairat Kelimbetov, the governor of the National Bank of Kazakhstan, the country’s central bank.
H.E. Kairat Kelimbetov said: “Kazakhstan’s ties to the UAE are growing in importance in various sectors ranging from economic and financial to social and cultural. I believe that as our two nations cooperate further there will be growing synergies between KASE and Nasdaq Dubai.”
Hamed Ali said: “Nasdaq Dubai looks forward to exploring a wide range of potential collaboration projects with KASE, for the benefit of both exchanges and their market participants. As the international exchange serving the region, we are committed to creating new avenues for financial cooperation to promote cross-border economic growth and wealth creation.”
Maxat Kabashev said: “As business ties and investment flows between Kazakhstan and the UAE develop further, there are expanding opportunities for cooperation between the exchanges in a number of areas. We look forward to creating new links and relationships to provide attractive options for investors and ready access for issuers to new capital.”
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.
The MoU between KASE and Nasdaq Dubai was signed on May 10, 2015.