The Dubai Financial Services Authority (DFSA) has inked a Memorandum of Understanding (MoU) with the Central Bank of Oman to cooperate in the supervision and authorisation of firms operating in both markets.

The agreement is the third MoU signed by DFSA with a Central Bank in the Gulf.

Last month, DFSA signed a MoU with the Central Bank of Bahrain to cooperate in the supervision and authorisation of firms operating in both markets.

In 2009, DFSA signed similar agreement with the Central Bank of the UAE.

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

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

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In total, DFSA has signed 103 bi-lateral MoUs with regulators globally, and five multi-lateral MoUs.