The Dubai Financial Services Authority (DFSA), the financial services regulator of the Dubai International Financial Centre (DIFC), and Moro Hub, a subsidiary of Digital DEWA the digital arm of Dubai Electricity and Water Authority PJSC, announced a strategic partnership to strengthen the DFSA’s approach to Information Technology (IT) and cybersecurity operations. The Memorandum of Understanding (MoU) was signed by Waleed Al Awadhi, Chief Operating Officer of the DFSA and Eng. Marwan Bin Haidar, Vice Chairman and Group CEO of Digital DEWA, at GITEX Global 2024, signalling an evolution in the DFSA’s approach to IT and cybersecurity operations.

As one of the world’s largest technology events hosted in Dubai, GITEX provides an ideal platform for the DFSA and Moro Hub to unite in their shared vision of strengthening the resilience of the financial services sector against cyber threats. By leveraging Moro Hub’s cutting-edge digital solutions and expertise, the DFSA will continue its digital transformation journey as it focuses on developing, administering, and enforcing world-class regulation of financial services within the DIFC.

The MoU between the DFSA and Moro Hub establishes a framework for ongoing cooperation through knowledge sharing, joint training programmes, and collaboration on IT and cybersecurity projects.

Waleed Al Awadhi, Chief Operating Officer of the DFSA, said: “This partnership represents a significant step in elevating our IT and cybersecurity best practices and standards; ensuring that the DIFC remains a leader in security and innovation within the global financial landscape. As we harness the combined strengths of the DFSA and Moro Hub, we aim to foster an ever more secure and adaptive environment that encourages innovation while protecting our stakeholders from evolving cyber threats.”

The MoU is a testament to the DFSA and Moro Hub’s shared ambition to contribute to Dubai’s ambitious Economic Agenda D33, which aims to double the size of the economy in the next decade and consolidate its position among the top three global cities. As Dubai strives to be a global hub for innovation and investment, this partnership will contribute to enhanced trust in DIFC’s financial markets, attracting both regional and international investors.

Eng. Marwan Bin Haidar, Vice Chairman and Group CEO of Digital DEWA, said: “This MoU marks a significant step in our efforts to strengthen cybersecurity and IT infrastructure across sectors. By working with the DFSA, we are confident that we will be able to accelerate digital transformation and contribute to the sustainable economic growth of Dubai. Together, we will explore ways to enhance IT infrastructure and cybersecurity practices, ensuring that we remain at the forefront of innovation and security.”

As the financial services sector continues to navigate the complexities of the digital era, the MoU underscores the DFSA’s ongoing commitment to embracing technological advancements and safeguarding against potential risks in the evolving digital landscape, ensuring a strong and resilient regulatory framework.