Dubai International Financial Centre Authority (DIFCA) has signed a strategic agreement with Toronto Financial Services Alliance (TFSA) to promote a business to business (B2B) collaboration in their respective financial centres.

Under the deal, TFSA and DIFCA will explore avenues to jointly promote the importance of the Toronto and Dubai financial services sectors offerings internationally, according to Zawya.

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The two governing bodies agree to collaborate on areas of knowledge sharing and develop exchange programs in pursuit of commercial and academic partnerships.

In addition, both parties confirm their commitment to share research and information on trends affecting the sector locally and internationally, including the area of Islamic Finance.

Jeffrey Singer, CEO of DIFC Authority, was quoted by Zawya, saying: "We greatly welcome this strategic partnership with TFSA. The DIFC is a recognised catalyst for regional economic growth and development and we believe that it is important to promote each other’s strengths in the financial services sector and to share best practices and learn from each other’s successes.

"As global financial centres both our mandates include working towards a common interest of enhancing economic development in our respective countries and cooperating with industry peers," Singer added.

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Janet Ecker, president and CEO of TFSA, said: "We welcome the establishment of this strategic partnership with the DIFC as we believe it will be a catalyst in developing stronger ties between Toronto, Dubai and the wider Gulf region.

"With a sound economy, stable political environment and a wealth of physical assets, we offer many opportunities for Middle East investors. We look forward to building on this partnership agreement," Ecker added.