The Dubai Financial Services Authority (DFSA) and the Saudi Arabian Monetary Authority (SAMA) enhanced their relationship today when Mr Saeb Eigner, Chairman of the DFSA, met His Excellency Ahmed Al-Kholifey, Governor of SAMA, and signed a Memorandum of Understanding (MoU) to strengthen mutual cooperation in their supervision of banking and insurance.
The MoU will facilitate the exchange of information and oversight of institutions supervised by the respective authorities in the Kingdom of Saudi Arabia and the Dubai International Financial Centre (DIFC).
Under the MoU, both parties will be able to cooperate closely and strengthen their collaboration.
Saeb Eigner, Chairman of the DFSA, 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 Authorities, which will forge closer, stronger links between SAMA and the DFSA.
Source: Cicero and Bernay