Dubai, United Arab Emirates, April 2026: The Ministry of Economy and Tourism of the United Arab Emirates (UAE), and the Dubai Financial Services Authority (DFSA), the independent regulator of banking, wealth & asset management, and capital markets in Dubai International Financial Centre (DIFC), today signed a Memorandum of Understanding (MoU) 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.
H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Tourism, said: “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. The signing of this Memorandum of Understanding reflects our continued commitment to strengthening national regulatory frameworks in support of economic growth. Through closer coordination with the DFSA, we aim to enhance the effectiveness of supervision over auditors and Designated Non-Financial Businesses and Professions, fostering investor confidence and reinforcing Dubai International Financial Centre, Dubai, and the UAE’s position as a leading global financial hub.”
Fadel Al Ali, Chairman of the DFSA, commented: “This Memorandum of Understanding marks an important step in reinforcing our collaborative approach to regulatory oversight within Dubai International Financial Centre. 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 United Arab Emirates’ 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.
In particular, the MoU aims to strengthen cooperation between the two authorities, and further reinforces 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 United Arab Emirates.
Standing behind, H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Tourism (right), and Fadel Al Ali, Chairman, Dubai Financial Services Authority (DFSA) (left) witnessed the signing of the MoU. Seated in front, H.E. Abdullah Ahmed Mohammed Al Saleh, Undersecretary of the Ministry of Economy and Tourism (right), and Mark Steward, Chief Executive, DFSA (left) signed the MoU to strengthen regulatory cooperation on the oversight of auditors.
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. The DFSA is also responsible for the registration and oversight of Registered Auditors and Audit Principals in DIFC, including their continuing compliance with registration criteria and conduct of audits of Public Listed Companies, Authorised Firms, Authorised Market Institutions and Domestic Funds. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in DIFC. Please refer to the DFSA’s website for more information.
Fadel Al Ali was appointed Chairman of the DFSA on 1 June 2021, having joined the DFSA Board of Directors in 2008. Mr. Al Ali began his career with Citibank in 1989 and later joined Dubai Holding in 2004, where he served as Chief Financial Officer, Chief Operating Officer, and ultimately Chief Executive Officer until 2017. He subsequently served as Deputy Chief Executive Officer and Group Chief Operating Officer of First Abu Dhabi Bank (FAB) until 2021. In recognition of his leadership and governance expertise, Mr. Al Ali was appointed Chairman of Majid Al Futtaim Holding in June 2025. He also serves as Vice Chairman of WIO bank and is a board member of Commercial International Bank (Egypt). Mr Al Ali holds a bachelor’s degree in industrial and system engineering from the University of Southern California.
Mark Steward was appointed Chief Executive of the Dubai Financial Services Authority (DFSA) in May 2025. Mr Steward served as the Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority (FCA) from 2015. He was also the Chair of the FCA’s Market Policy Committee, and from December 2021, he was Executive Director of the FCA’s International Division. Prior to joining the FCA, Mr Steward served at the Hong Kong Securities and Futures Commission (SFC) as an Executive Director with responsibility for the Enforcement Division. Before joining the SFC, Mr Steward held several senior positions with the Australian Securities and Investments Commission (ASIC) and was most recently Deputy Executive Director, Enforcement at ASIC. Formerly, Mr Steward was Chair of the International Organisation of Securities Commissions’ (IOSCO) Multi-lateral Memorandum of Understanding Monitoring Group.
