The Central Bank of the United Arab Emirates is preparing to gain new powers over insurance, as part of the government’s ambition to make it one of the top 10 central banks globally.

The central bank has commenced “operational procedures” to merge with the insurance authority, the CBUAE said in a statement on January 27.

The merger was set in motion last year by a government decree. The central bank is already responsible for overseeing banks, money changers and other financial institutions