SAMA signs deal with Dubai authority to boost financial cooperation

The Dubai Financial Services Authority (DFSA) and the Saudi Arabian Monetary Authority (SAMA) signed a memorandum of understanding (MoU) to strengthen 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 Saudi Arabia and the Dubai International Financial Centre (DIFC).

Under the MoU, both parties will be able to cooperate closely and strengthen their collaboration.

“This MoU will enhance our cooperation with SAMA and help to promote transparent financial services business in our respective jurisdictions,” Saeb Eigner, Chairman of the DFSA, said.

“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,” he added.

Apart from collaboration on technical assistance, consultation and dispute resolution, the MoU will also allow for secondments between the authorities.