Page 93 - SAMENA Trends - September-October 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

UAE Ministry of Economy and Planning & SDAIA Sign MoU

The UAE Ministry of Economy and of the latest economic and scientific turning data into a strategic asset that can
Planning has signed an MoU with the reports and intelligence into new social and be applied to pursue the public good. It will
Saudi Data & AI Authority (SDAIA) to economic government policy. The Ministry’s enable the kingdom to keep pace with the
explore ways AI and data can strengthen strategic agreement with SDAIA underpins latest developments in data analytics and
policymaking and economic growth. a concerted effort to support and develop artificial intelligence, supporting economic
The agreement was signed in Riyadh by economic policy and development by growth in line with Saudi Vision 2030.
Faisal bin Fadhil Alibrahim, Minister of
Economy and Planning, and Dr Abdullah
bin Sharaf Alghamdi, President of SDAIA.
The MoU creates a framework for closer
strategic cooperation in key areas,
including developing indicators monitoring
the impact and effectiveness of social
and economic policies in the kingdom.
Government data modelling and simulation
techniques will be substantially enhanced
through this partnership. The frequency of
policy evaluation will also be strengthened
to better understand how the kingdom’s
public plans, programmes, and initiatives
impact the economy, business, and civil
society. Both parties will also deepen
cooperation by accelerating the integration

UAE Regulators Host Cyber Risk Supervisory College

The Dubai Financial Services Authority mitigating cyber risk, share experiences, cial services industry is one of the sectors
(DFSA), the Central Bank of the United discuss current and upcoming cyber risk most targeted by cybercriminals, making
Arab Emirates (CBUAE) and the Abu Dhabi supervision initiatives, and discuss areas cybersecurity a shared priority. In today’s
Global Markets (ADGM) Financial Services for potential collaboration. The college rapidly evolving digital economy, sharing re-
Regulatory Authority hosted the second focused on current trends in cyber risk su- liable, actionable cybersecurity information
edition of the GCC Regulators Cyber Risk pervision, technology risks related to digital among regulators will increase awareness
Supervisory College. The college is a meet- assets and distributed ledger technologies, of these risks.” Ahmed Al Qamzi, Assistant
ing of regulatory authorities that supervise as well as supervisory expectations of cy- Governor for Banking and Insurance Super-
financial institutions operating in the GCC ber risk management practices applied by vision at the CBUAE said: “The CBUAE has
region. The purpose of the college is to regulated institutions. Ian Johnston, Chief defined a clear action plan to improve the
discuss the role of the GCC regulators in Executive of the DFSA, said: “The finan- cyber infrastructure in the UAE’s financial
system, as it comes as part of the CBUAE’s
strategic indices in which we contribute to
various pillars of the Global Cybersecurity
Index. We appreciate the efforts taken by
the stakeholders and regulators and affirm
our commitment towards raising the nec-
essary awareness to further enhance the
UAE’s financial system resilience from po-
tential threats.” Emmanuel Givanakis, CEO
of ADGM Financial Services Regulatory Au-
thority said: “As the financial services regu-
latory body in ADGM an International Finan-
cial Centre, creating a trustworthy and agile
environment for our stakeholders is at the
core of our regulatory framework. We con-
sider the cyber-resilience of our licensed

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