Deal to boost financial services growth

The Ministry of Economy and Tourism and the Dubai Financial Services Authority (DFSA), the independent regulator of banking, wealth & asset management, and capital markets in Dubai International Financial Centre (DIFC), on Thursday signed a Memorandum of Understanding to enhance cooperation and facilitate the exchange of information relating to the regulatory oversight of auditors and Designated Non-Financial Businesses and Professions (DNFBPs) within their respective jurisdictions.

"The UAE has placed significant emphasis on developing a robust and advanced infrastructure for the financial services sector, given its importance as one of the main pillars for building a knowledge economy based on innovation and flexibility,” said Abdulla Bin Touq Al Marri, Minister of Economy and Tourism. “The signing of this MoU reflects our continued commitment to strengthening national regulatory frameworks in support of economic growth.”

He added that closer coordination with the DFSA would improve oversight of auditors and DNFBPs, strengthen investor confidence and reinforce DIFC’s and the UAE’s position as a global financial hub.

Fadel Al Ali, Chairman of the DFSA, commented, "By strengthening cooperation with the Ministry of Economy and Tourism, we enhance the Dubai Financial Services Authority’s ability to uphold robust standards across the sectors that we supervise, while contributing to Dubai and the UAE’s broader efforts to combat financial crime and support the sustainable growth of its financial services sector."

The MoU establishes a framework for collaboration between the two authorities, supporting their shared objective of maintaining high standards of transparency, accountability, and integrity across financial and non-financial sectors. The agreement reflects a mutual commitment to effective supervision and enforcement in line with international best practices.

It aims to strengthen cooperation between the two authorities and reinforce their joint commitment and effort towards combating money laundering, the financing of terrorism, and the proliferation of illicit activities, to the extent permitted by the respective laws and regulations governing each authority.

The MoU underscores the importance of information sharing and coordinated oversight in addressing evolving regulatory challenges and fostering a resilient, transparent, and growth-oriented financial services ecosystem in DIFC, Dubai, and the UAE.

WAM