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

The MoU was signed in the Dubai International Financial Centre by Bryan Stirewalt, Managing Director, Supervision Division of the DFSA, and 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. The DFSA already enjoys a warm relationship with the Capital Markets Authority of Oman, with whom we signed a MoU in October 2008,” said Stirewalt.

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

The agreement is the third MoU signed by the DFSA with a central bank in the Gulf, and it reflects the level of trust and confidence each authority has for the other. In January, the DFSA signed a MoU with the Central Bank of Bahrain to cooperate in the supervision and authorisation of firms operating in both markets. This builds upon a MoU entered into with the Central Bank of the UAE in 2009.

The DFSA has 101 bi-lateral MoUs with regulators globally, and five multi-lateral MoUs. The agreements reflect the continued need for regulatory cooperation in global financial markets.