The Saudi Arabian Monetary Authority (SAMA) has co-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 was held during a meeting between SAMAGovernor Dr. Ahmed bin Abdulkarim Al-Khulaifi and Chairman of the DFSA Saeb Aigner.
The MoU aims to facilitate the exchange of informationbetween the parties and strengthen the supervision of financial institutions,supervised by the parties, in Saudi Arabia and Dubai.
Under the MoU, the two parties will focus on closecooperation within their respective areas of competence and enhance theexisting prospects of cooperation between them, by organizing mutual visitsaimed at exchanging expertise and information.