The swanky interior of Frankie's Abu Dhabi which will open in the upcoming Fairmont Hotel after Ramadan.
The swanky interior of Frankie's Abu Dhabi which will open in the upcoming Fairmont Hotel after Ramadan.

Big names serve up big bills



ABU DHABI // For years the capital has missed out on the celebrity cuisine trend, but that is about to change with the opening of the city's first celebrity restaurant - Frankie's, from the superstar jockey Frankie Dettori and the Michelin-starred chef Marco Pierre White.

But diners should not expect the jockey or chef to visit their tables after the meal. They are unlikely to be there as they have five other restaurants of the same name in London, plus one in Dubai. The restaurant, in the upcoming Fairmont Hotel at Between Two Bridges on the outskirts of the city, will open after Ramadan. So, if you cannot guarantee seeing the celebrities, what makes Frankie's special?

The chain's website, www.frankiesitalianbarandgrill.com, says: "These exciting Italian family restaurants are the result of a partnership between one of the greatest chefs of all time and one of the greatest jockeys of recent years." Frankie Dettori is a Milan-born jockey who moved to England when he was 14. Retained by Godolphin stables, he is world-famous for his racing successes - and for his spectacular dismounts after a race.

Marco Pierre White is a renowned chef with a fiery reputation who was raised in a council house in Leeds. He rose to fame as the first English chef to win three Michelin stars. Frankie's, which opened in Dubai in 2007, was always going to find its way to Abu Dhabi, said Walter Hall, the restaurant's chief operating officer. The success of the Dubai branch only increased the resolve to expand within the UAE.

It was Abu Dhabi's economic strength, he said, that made it an ideal location for such ventures, despite the world financial climate, and the opening of the city's first celebrity restaurant was one more marker on the road to the capital's target of becoming a cultural force to be reckoned with in the region. The up-and-coming district of Between Two Bridges, also home to the five-star Shangri-La hotel, will "become the epicentre of the city as it expands in years to come", he said.

The restaurant is being designed by David Tokiwa from Singapore, who also designed the Dubai branch. A live pianist will be one of the key attractions, to give the restaurant a "lounge" feel. At 375 square metres, the Abu Dhabi Frankie's will be larger than the one in Dubai, on The Walk at Jumeirah Beach Residence - and, with an average meal for two costing around Dh400 (US$110), its owners hope it will prove as lucrative.

Mr White, famous for the UK television show Hell's Kitchen and as the man who trained Gordon Ramsay, was keen to ensure the restaurant has an element of local flavour and adapts to the local market, said Mr Hall. "He was involved at every stage of the design and menu creation and was always willing to take our comments on board. "Frankie has taken the restaurant to his heart and has helped enormously in promoting it within the Dubai community. No matter how busy he has been he has taken time out to assist. Both are very professional and it has been a privilege for us to work with them."

mswan@thenational.ae

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

AL%20BOOM
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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

UAE currency: the story behind the money in your pockets
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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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.”

'Ashkal'
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