The Memorandum of Understanding between the Dubai Financial Services Authority (DFSA) and the Saudi Arabian Monetary Authority (SAMA) will enable exchange of information and oversight of supervised institutions in the Kingdom of Saudi Arabia and the Dubai International Financial Centre.
Saeb Eigner, chairman of the DFSA and Ahmed Al-Kholifey, governor of SAMA signed the MoU in Riyadh on 5 November to “strengthen mutual cooperation in their supervision of banking and insurance”, the DFSA said in a statement.
Eigner said: “We are very pleased to be the first regulator to sign an MoU with the Saudi Arabian Monetary Authority in Riyadh. This MoU will enhance our cooperation with the Saudi Arabian Monetary Authority and help to promote transparent financial services business in our respective jurisdictions.
“It will also strengthen our relationship through mutual visits, and the formulation of effective strategies and action plans to improve the regulatory frameworks governing our respective financial markets, thus promoting a stable financial services sector in our region.”
Apart from collaboration on technical assistance, consultation and dispute resolution, the MoU also allows for secondments between the regulators.