Yousef Al Barqawi, managing director, is pictured at Fraiche Cafe and Bistro in JLT. Sarah Dea / The National
Yousef Al Barqawi, managing director, is pictured at Fraiche Cafe and Bistro in JLT. Sarah Dea / The National

Off hours: JLT bistro founder cooked up right career choice



Yousef Al Barqawi is the founder and managing director of Fraiche Cafe and Bistro, a fine-casual cafe located In Jumeirah Lakes Towers that pays homage to the Frenchy culinary city of Montreal. The entrepreneur, 32, from Jordan, worked in investment banking as a financial analyst specialising in fixed income and alternative asset class products before launching the cafe in July 2013. Mr Al Bar­qawi, has lived in the UAE for five years and currently resides on Palm Jumeirah.

How do you spend your weekend?

Spending some much-needed alone time to decompress, work out and catch up on some reading and family time. The occasional dinner/night out with my friends as well.

How did you become a chief executive?

Growing up, and ever since, food occupied a large part of my interest. My earliest memories are of me standing in the kitchen, knee-high to my grandmother, watching her cook. As I grew older, I treated it as nothing more than a “hobby” and a summer job, here and there. However, my passion and infatuation with it would never wai­ver. While working in finance was immensely rewarding both on an intellectual and financial level, I could not shake off a certain sense of restlessness. It was safe, secure ... and boring. If I’m being honest, I look back at that time quite wistfully, the way some of us look at relationships gone by; remembering all the good things while blocking out all the bad that made you want to leave. Sometimes even the sound and proper decision (staying in a well-paying job with excellent career prospects) doesn’t seem the most appealing one, especially if it involves a choice between security and pursuing your passion. So at one point, even against my better judgment, I decided to take the plunge and pursue my passion and first love of food and cooking.

What advice would you offer others starting out in your business?

Do your homework, and as much of it as you possibly can. If you haven’t logged a minimum of 1,000 hours of research and/or work in this field, then stay away from it, as it is almost a surefire way to go bust. For any, and all, aspiring entrepreneurs, please question your motives. Are you doing this (whatever it may be) because you want to, or because the market wants you to? If it’s the first, then you’re probably walking into a tricky situation that you may not be fully equipped to handle. I consulted and advise many start-ups, and if there is one thing I keep hearing come out of struggling entrepreneurs it is: “I wish I had taken more time to think about what I’m doing and why I’m doing it”. In other words, don’t rush. Ask as many questions as you possibly can and seek as much advice as you can receive, especially if it’s the best kind: free. Failure is extremely expensive. So to avoid being another statistic (90 per cent of new businesses fail inside of 12 months), take your time and do your homework.

What is your go-to gadget?

My iPhone is by far my most-used gadget.

What was the lowest point of your career?

Doing zero business on a weekend day when we first opened back in 2013. It was not always an easy ride. In fact, at some points it felt as if this whole move was a step in the wrong direction. It was only through an immense amount of hard work, a tightly knit (and extremely appreciated) support network and quite a bit of luck that we made it through to where we are today.

What do you have on your desk at work?

It’s very spartan really. Laptop, notebook, teapot and water.

What is your most indulgent habit?

Ice-cream ... way too much ice-cream

What can’t you live without?

My family.

How do you achieve a work-life balance?

You have to force the issue. You need to make sure you have time for yourself, no matter what. Work will always be there, clients are always willing to wait, even if they don’t seem so. Understand that no one has ever wished they could have worked more; but of course don’t be negligent either. The idea of working in what you’re passionate about is quite appealing. If anything, it has been overly romanticised lately. In fact, the one thing I get to do the least of while being in this business is the very reason I actu­ally got in to it in the first place. I barely cook any more. My attention has completely shifted to running the business, managing and expanding it.

If you could swap jobs with any­one, who would it be and why?

Anthony Bourdain. He is an ex-chef turned writer, turned TV show host – currently hosting Parts Unknown on CNN. He spends his time travelling the world, eating the food every new culture he comes across has to offer. That ranges from the utterly glamorous to the nobly common. He is by far my favourite writer out there, and prob­ably one of my favourite people on the planet. Much as I would love to trade jobs with him, I highly doubt he’d be as up for it as I am.

mkassem@thenational.ae

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

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6) Call 901 if you see any suspicious behaviour