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.

He added that the new economic organization 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.

“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,” Sheikh Mohammed tweeted.