DUBAI, July 4 (Xinhua) -- Dubai Multi Commodities Centre (DMCC) and Kazakhstan's Astana International Financial Centre (AIFC) signed a Memorandum of Understanding (MoU) for cooperation, DMCC said Wednesday.

The MoU was signed by Ahmed Bin Sulayem, executive chairman of DMCC, the biggest free zone in the United Arab Emirates (UAE), and Kairat Kelimbetov, governor of AIFC.

The signing ceremony at the 2018 Astana Islamic Economic Forum was also attended by Rustam Minnikhanov, president of Russia's Tatarstan, Asset Issekeshev, mayor of Astana and Bandar Hajjar, president of Islamic Development Bank.

The agreement commits both parties to establishing platforms for cooperation and the development of financial and professional services.

It also sees the exchange of expertise in relation to the trading of commodities, and is designed to forge stronger ties between AIFC and the members of Dubai Gold and Diamond Exchange, the largest derivatives exchange 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 DMCC's Bin Sulayem.

DMCC is home to more than 15,000 businesses, which enjoy tax holidays for more than 50 years and an internationally recognized regulatory environment.