Saudi Arabian Monetary Authoritys first MoU in Riyadh signed with the DFSA

The Saudi Arabian Monetary Authority (SAMA) and the Dubai Financial Services Authority (DFSA) enhanced their relationship today when Chairman of the DFSA, Mr Saeb Eigner, met His Excellency Ahmed Al-Kholifey, Governor of SAMA, and signed a Memorandum of Understanding to make a healthy mutual cooperation in their supervision of insurance and banking. 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).

Both parties Under the MoU, will be able to cooperate strengthened and closely their collaboration.

Chairman of the DFSA, Saeb Eigner, said: We are very happy to be the primary regulator to sign associate MoU with the SAMA in Riyadh. This Memorandum of Understanding can enhance our cooperation with the KSA Monetary In additionally it will also strengthen both relationship through mutual visits, and also the formulation of effective ways and action plans to enhance the regulatory frameworks governing our individual financial markets, therefore promoting a stable financial services sector in our region.Authority and help to promote transparent financial services business in our respective jurisdictions.

Aside from collaboration on technical help, consultation and dispute resolution, the MoU additionally permits for secondments between the Authorities, which will forge nearer, stronger links between SAMA and the DFSA.