DUBAI, Oct 24 (Reuters) - The United Arab Emirates has takena decision to merge the Insurance Authority with the centralbank, Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum saidon Saturday.

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

(Reporting by Yousef SabaEditing by Mark Heinrich) ((Yousef.Saba@thomsonreuters.com; +971562166204))