Zaki Nusseibeh is thanked for his service by Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid. All photos courtesy of UAE Government
Zaki Nusseibeh is thanked for his service by Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid. All photos courtesy of UAE Government
Dr Anwar Gargash is thanked for his service in the foreign ministry. He takes up a new role advising the President, Sheikh Khalifa, on diplomatic affairs
Dr Anwar Gargash is thanked for his service in the foreign ministry. He takes up a new role advising the President, Sheikh Khalifa, on diplomatic affairs
Sheikh Mohammed described the changes as a 'mini reshuffle' of the UAE Cabinet. Pictured is Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai
Sheikh Mohammed described the changes as a 'mini reshuffle' of the UAE Cabinet. Pictured is Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai
There was a ceremonial presentation of the Order of the Union to Dr Anwar Gargash and Zaki Nusseibeh
There was a ceremonial presentation of the Order of the Union to Dr Anwar Gargash and Zaki Nusseibeh
There was a ceremonial presentation of the Order of the Union to Dr Anwar Gargash and Zaki Nusseibeh
There was a ceremonial presentation of the Order of the Union to Dr Anwar Gargash and Zaki Nusseibeh
Sheikh Shakhbout bin Nahyan, formerly Ambassador to Saudi Arabia, will take on a senior ministerial role at the Ministry of Foreign Affairs and International Cooperation
Sheikh Shakhbout bin Nahyan, formerly Ambassador to Saudi Arabia, will take on a senior ministerial role at the Ministry of Foreign Affairs and International Cooperation
Khalifa Al Marar, who was previously assistant minister of political affairs, was given a ministerial position
Khalifa Al Marar, who was previously assistant minister of political affairs, was given a ministerial position
Members of the Cabinet were present for the ceremony
Members of the Cabinet were present for the ceremony

Government

Gargash leaves UAE Foreign Ministry for new role after Cabinet reshuffle

Dr Anwar Gargash and Zaki Nusseibeh awarded for their service and appointed special advisers to the President

Rory Reynolds
Rory Reynolds
UAE

February 11, 2021

  • English
  • Arabic

Related: Who are Sheikh Shakhbout and Khalifa Al Marar?

The UAE Ministry of Foreign Affairs and International Co-Operation shuffled some of its senior figures, with Minister of State for Foreign Affairs Dr Anwar Gargash departing to take on a new role.

Dr Gargash steps down as the second most senior foreign affairs official, to become diplomatic adviser to the President, Sheikh Khalifa.

In other changes, Zaki Nusseibeh will become cultural adviser to the President.

The announcements were made by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, in the presence of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Sheikh Mohammed ordered a "mini reshuffle" of the Cabinet on Wednesday, and Dr Gargash and Mr Nusseibeh were awarded in recognition of their great service so far.

Sheikh Shakhbout bin Nahyan, the former UAE ambassador to Saudi Arabia, will take up the post of Minister of State, alongside Khalifa Al Marar, who was an assistant minister of political affairs.

Mr Al Marar has served in diplomatic roles in Japan, Syria, Iran, Armenia, Turkey and the Permanent Mission to the UN in New York.

Dr Anwar Gargash is one of the most recognisable Emirati figures abroad. Chris Whiteoak / The National
Dr Anwar Gargash is one of the most recognisable Emirati figures abroad. Chris Whiteoak / The National

"It was a great pleasure for Mohammed bin Rashid and I to present Anwar Gargash and Zaki Nusseibeh with the Order of the Union, in appreciation of their diplomatic and cultural contributions over many years," Sheikh Mohamed wrote on Twitter.

"The UAE holds in high esteem its loyal sons. Long may your success continue."

Sheikh Mohammed thanked the two ministers, who he called "important pioneers of the Emirati political work ... who were able to bring about major transformations in our foreign political work and our international and regional relations".

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Top 5 concerns globally:

1. Unemployment

2. Spread of infectious diseases

3. Fiscal crises

4. Cyber attacks

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Source: World Economic Foundation

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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