The Saudi Arabian Monetary Authority (SAMA) and the Dubai Financial Services Authority (DFSA) have enhanced their relationship when they signed a Memorandum of Understanding (MoU) to strengthen mutual cooperation in the supervision of banking and insurance.
The signing ceremony took place during a meeting between Dr Ahmed bin Abdul Karim Al Kholifey, SAMA governor, and Mr Saeb Aigner, DFSA chairman.
The MoU will facilitate the exchange of information between the two parties and strengthen the supervision of financial institutions supervised by the parties in Saudi Arabia and the Dubai International Financial Centre. Under the memorandum, the two sides will focus on close cooperation within the scope of their competencies and enhance the existing horizons of cooperation between them through the organisation of mutual visits aimed at exchanging experience and information.
Dr Al Kholifey affirmed SAMA’s support for the cooperation aspects stipulated in the MoU to be followed by other parties locally and within the two countries.
Mr Eigne 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 secondment of experts and specialists between the two parties, which will forge closer, stronger links between SAMA and the DFSA.