Cofee machines were once considered a symbol of civilisation.
Cofee machines were once considered a symbol of civilisation.

Finally running out of steam?



Gaggia coffee lovers, your time is up. Better break out the Nescafé Gold Blend. Gaggia UK has gone bust and you won't be able to find those pesky filters and spare parts for weeks, if ever. The electronics company Philips is currently engaged in picking up the pieces - or "wiping up the mess", as one spokeswoman put it this week. It's probably best to postpone smart dinner parties for now, in case you make a mortifying caffeine faux-pas by running out of Arabica coffee pods.

For coffee snobs, Gaggia has always been the most desirable coffee machine to display atop a gleaming, granite kitchen surface. The coffee makers were named after a Milanese gentleman named Achille Gaggia, who invented the first steamless coffee machine in 1938. The machines started arriving in Britain en masse from Europe in 1952, when holidaying Brits began returning from continental jaunts buoyed with enthusiasm for thick coffee instead of that watery sewage made from granules.

Coffee machines became a symbol of civilisation, much as you now see people wandering the streets clasping a Starbucks cup, delighted with how cosmopolitan it makes them seem. The truth is they're probably slurping at a skinny, decaf, hazelnut latte, essentially a grown-up milkshake. But, goodness. Don't they look chic and continental? The great coffee revolution happened in earnest in the 1990s. At one point in the last decade, Starbucks was opening one new branch a day in locations across the globe. Coffee became the new water.

And now can you walk more than five steps anywhere in the world without tripping over a Starbucks or Costa or any one of a million spin-offs? You cannot. There are probably remote Amazonian tribes who take theirs venti, straight up and extra hot with a dash of foam and one sugar. This domination of coffee shops subsequently spread to people's homes. They simply couldn't face propelling themselves through the door in the morning without hitting the switch on their Gaggia and smugly making themselves a ristretto macchiato. Or espresso lungo or doppio. The options were endless. Coffee machines offered "active bean management" with "pre-brew aroma" systems. And if you had guests over, you wouldn't just ask: "Black or white?" That would mark you as dreadfully provincial. What about a hearty mug of Indonesian or Mexican coffee instead? Or a dainty cup of Arabic coffee flavoured with cardamom or saffron? Do the results taste earthy, mellow, grassy or of car tyres?

One person to ask would be Gennaro Pelliccia, the chief coffee taster at Costa, whose tongue is insured for $13.5 million (Dh50m). One wonders what happens if he burns it. No matter the type of bean, you must remember coffee rules at all times. Drinking cappuccino after midday is simply not done. Do so in Rome and you will be laughed at. Honestly. What are you, some kind of savage? (Espresso, on the other hand, may be enjoyed at any time.)

And then there's the one thing you must never do: drink instant coffee. It's social suicide. Look at those adverts of George Clooney smouldering over a Nespresso pod. You'd never catch him tucking into a mug of instant coffee, and therefore you yourself must never sink so low. Last year, coffee machine madness reached its zenith with the creation of the Clover, a machine developed in Seattle that costs $10,000 (Dh37,000) and makes, supposedly, the perfect cup, which costs up to $16 (Dh60).

Coffee fans subsequently posted pictures of the machine (there are only 250 in the world) on Flickr and dribbled about the elixir they produced. "This has ruined me for all other coffee," said one. Is it rude to suggest that he maybe gets out more? Find a girlfriend, perhaps? Of course, once you have the expensive machine, you need to learn how to work it. So a culture of barista courses has grown up too. The Institute of Coffee and Barista Training offers just such a course in Dubai, with topics ranging from tips on how to perfectly froth and steam milk to the impact of the grind size.

How have you come this far in life without it?

The Lost Letters of William Woolf
Helen Cullen, Graydon House 

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

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.”

Results

1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep