The Dubai Financial Services Authority and the Central Bank of Oman (Sultan Qaboos pictured) have signed a memorandum of understanding to help them co-operate with each other over the supervision and authorisation of firms operating in both markets.

The DFSA already has a good relationship with the Capital Markets Authority of Oman, with which it signed a MoU in October 2008. According to the executive president of the Central Bank of Oman, the MoU covers the whole gamut of banking, financial and economic operations. It is the third MoU signed by the DFSA with a central bank in the Gulf of Persia. In January, the DFSA signed an MoU with the Central Bank of Bahrain for the same purposes. This built upon an MoU signed with the Central Bank of the Unite Arab Emirates in 2009. The DFSA now has 103 bi-lateral MoUs with regulators all over the world and five multi-lateral MoUs.