Gargash leaves UAE Foreign Ministry for new role after Cabinet reshuffle


Rory Reynolds
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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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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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