UAE merges Insurance Authority with Central Bank

UAE merges Insurance Authority with Central Bank
The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets. (Shutterstock)
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Updated 24 October 2020

UAE merges Insurance Authority with Central Bank

UAE merges Insurance Authority with Central Bank
  • The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets

DUBAI: The UAE’s Insurance Authority has been has merged with the country’s central bank, Dubai Ruler Sheikh Mohammed bin Rashed Al-Maktoum announced on Twitter.
“Today we issued a decision to merge the Insurance Authority with the Central Bank 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 the local financial markets,” he said.

The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets, Al-Maktoum added.
“Our government will remain flexible, supportive and fast in making appropriate economic decisions,” he said in another tweet.


Lebanon patriarch tells feuding president and PM-designate to reconcile

Lebanon patriarch tells feuding president and PM-designate to reconcile
Updated 17 January 2021

Lebanon patriarch tells feuding president and PM-designate to reconcile

Lebanon patriarch tells feuding president and PM-designate to reconcile
  • The country’s fractious politicians have been unable to agree on a new administration since the last one quit
  • Maronite Patriarch Bechara Boutros Al-Rai said at his Sunday sermon that the situation in Lebanon was now “tragic”

BEIRUT: Lebanon’s top Christian cleric has urged President Michel Aoun to set up a reconciliation meeting with Prime Minister-designate Saad Al-Hariri to form a cabinet and end the country’s political deadlock.
The country’s fractious politicians have been unable to agree on a new administration since the last one quit in the aftermath of the Aug. 4 Beirut port explosion, leaving Lebanon rudderless as it sinks deeper into economic crisis.
Tensions between Aoun and Hariri, who publicly traded blame in December after failing to agree a cabinet, came to a head last week when a leaked video showed Aoun apparently calling Hariri a liar.
Maronite Patriarch Bechara Boutros Al-Rai said at his Sunday sermon that the situation in Lebanon was now “tragic” and there was no excuse to further delay forming a government.
“We wish that his excellency the president take the initiative and invite the prime minister-designate to a meeting.”
Veteran Sunni politician Hariri was named premier for a fourth time in October, promising to form a cabinet of specialists to enact reforms necessary to unlock foreign aid, but political wrangling has delayed the process since.
The leaked video that circulated on social media last week showed Aoun talking to caretaker Prime Minister Hassan Diab about Hariri.
“There is no government formation, he (Hariri) is saying he gave me a paper, he is lying,” Aoun is heard saying.
Sources in the president’s office said the dialogue had been taken out of context and was not complete.
After the video circulated, Hariri tweeted biblical verses referring to wisdom not residing in bodies that were amenable to sin.
The souring of the relationship between Aoun and Hariri comes as the country continues to struggle with an acute financial crisis that has seen the currency sink by about 80%.
Lebanon’s health care system is also buckling under the pressure of a severe spike in COVID-19 infections. Medical supplies have dwindled as dollars have grown scarce.