The Saudi Arabian Monetary Authority (SAMA) signed a Memorandum of Understanding (MoU) with the Dubai Financial Services Authority (DFSA) to develop mutual cooperation in banking and insurance supervision. The signing ceremony took place during a meeting between His Excellency Dr. Ahmed bin Abdul Karim Al Kholifey, Governor of SAMA and Saeb Aigner, Chairman of the Board of Directors of the Dubai Financial Services Authority.
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 DIFC. 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 organization of mutual visits aimed at exchanging experiences and information.
Dr. Al Kholifey said that the signing of the Memorandum of Understanding (MoU) with the Dubai Financial Services Authority (DFSA) will promote further cooperation between the two brotherly countries in the field of financial services, as well as exchange of information in the field of financial services. The exchange of experiences in the field of supervision should help raising the efficiency of the supervisory work of the two bodies. Al-Kholifey also affirmed SAMA’s support for the cooperation aspects stipulated in the memorandum to be a step to be followed by other parties locally and within the two countries.
For his part, Saeb Aigner said: We are pleased to sign this memorandum to improve cooperation relations with the Saudi Arabian Monetary Authority. Moreover, it will help enhancing the transparency of financial services business and activities in the areas of competence of both parties. In addition, the mutual visits will contribute to strengthening the existing relations between us, as well as the exchange of information and the drafting of effective strategies and action plans to improve the regulatory frameworks governing our financial markets. In order to strengthen the financial services sector and contribute to its stability in the region. In addition to cooperation in the field of technical support, consultation and dispute resolution, Aigner said the MoU will provide an opportunity to lend experts and specialists between the two parties, which in turn will strengthen the relationship between SAMA and the DFSA.