UAE Central Bank to merge with Insurance Authority
Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, Prime Minister and Ruler of Dubai, announced today, Saturday, that his government has taken a decision to merge the Insurance Authority with the Central Bank.
Sheikh Mohammed said in a tweet on Twitter: “Today we issued a decision to merge the Insurance Authority with the Central Bank of UAE … and transfer all the powers of the Securities and Commodities Authority, operational and executive, to the local stock markets, while the Authority maintains regulation and oversight of local financial markets.
“The new economic organization in the country aims to raise the efficiency of the insurance sector … and raise the efficiency and competitiveness of our local financial markets and give them greater flexibility in their work … 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.
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