Dubai and Oman watchdogs sign MoU

The Central Bank of Oman and the Dubai Financial Services Authority (DFSA) have signed a memorandum of understanding (MoU) to work together on the supervision of firms operating in both markets.

The signing took place in the Dubai International Finance Centre and was attended by a number of dignitaries and officials from both jurisdictions, including Bryan Stirewalt, managing director, Supervision of the DFSA, and His Excellency, Tahir Bin Salim Bin Abdullah Al Amri, executive president of the Central Bank of Oman.

“This agreement is indicative of the value we place on regional cooperation and sustainable growth of financial services in our respective markets,” said Stirewalt. “DFSA already enjoys a warm relationship with the Capital Markets Authority of Oman, with whom we signed an MoU in October 2008.”

“The MoU aims at strengthening the bilateral relationship and enhancing mutual cooperation between ourselves and DFSA,” said Al Amri. “It also aims at supporting and developing banking, financial and economic operations for both the Sultanate of Oman and DIFC and the UAE.”

The latest agreement is the DFSA’s third MoU to be signed with a Gulf-based central bank (Bahrain in 2017 and UAE in 2009) and one of 103 bilateral agreements globally.

©2018 funds global mena

Related Articles