Middle East

UAE announces Merge of Central Bank and Insurance Authority

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai tweeted on Saturday that the UAE had merged the Insurance Authority with the Central Bank of UAE.

As stated in an article by Gulf News, HH Sheik Mohammed added that the new economic organisation in the country aims at raising the efficiency of the insurance sector and raising the efficiency and competitiveness of UAE's local financial markets while giving them greater flexibility in their business.

The decision also transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets, while the SCA maintains regulation and oversight of the local financial markets, Sheikh Mohammed said in a tweet.

HH Sheikh Mohammed said: “The new economic organization in the country aims at raising the efficiency of the insurance sector and raising the efficiency and competitiveness of our local financial markets and giving them greater flexibility in their business and our goal in all of this is to enhance the competitiveness of our national economy. Our government will remain flexible, supportive and fast in making appropriate economic decisions.”