Jaime Oliver at a cooking demonstration launching his partnership with Leisurecorp, developers of Jumeirah Golf Estates. Oliver will design residents' kitchens in the complex and is to open two Italian restaurants.
Jaime Oliver at a cooking demonstration launching his partnership with Leisurecorp, developers of Jumeirah Golf Estates. Oliver will design residents' kitchens in the complex and is to open two ItaliaShow more

Jamie Oliver has grand designs for Dubai cuisine



DUBAI // Jamie Oliver, the British chef, is to open two restaurants in a new residential development and design the kitchens for the homeowners. Oliver is to bring his Jamie's Italian franchise to Dubai, along with a barbecue-style restaurant. A cookery concept called Recipes, incorporating his cooking classes, is also in the works. The restaurants are scheduled to open in 2011 in the luxury Jumeirah Golf Estates' Water neighbourhood. The Recipes shop will allow people to buy ingredients, cookery DVDs and recipes, as well as offer cookery lessons.

There are already branches of Jamie's Italian in Oxford and Bath in England. Oliver, the face of British supermarket Sainsbury's, said his new cooking school would promote healthy, affordable eating. He has used his celebrity status in the UK to front several healthy eating initiatives, including a school dinners programme, and was made an MBE (Member of the British Empire) in 2003. He was originally approached last year to open a branch of his concept restaurant Fifteen in Dubai.

The restaurants, in London and Cornwall in the UK, Melbourne, in Australia, and Amsterdam, in the Netherlands, train unemployed young people to become chefs. But with such low unemployment in Dubai, Oliver felt it was the wrong project for the city. Instead, he is focusing on affordable luxury and healthy eating. "Luxury to me is knowledge and just because you have money, doesn't mean you have knowledge or good health," he said.

"Health and diet are key things for me and it's amazing how much that translates to the Middle East. This project is about good living. "It's what I call food poverty. It doesn't mean you're poor, it means you eat takeaways and fast food." He added that he wanted his restaurants to be different to those of Michelin-starred chefs such as Gordon Ramsay who have already made their mark on the Dubai scene.

He said his venues would be "the opposite of Michelin stars" and be very different from those currently in Dubai: more "simple, relaxed and not pretentious". Oliver, on his first trip to the UAE since he was approached last year, said he was loving the experience. "This place has so much to offer. I'm really excited to be working in Dubai. What an amazing place to open my first international Jamie's Italian. In the UK, people love high-quality, affordable and authentic Italian food and I know it will be the same in Dubai."

Oliver added that designing the kitchens for the homeowners was a "once in a lifetime opportunity". He was told by Jumeirah Golf Estates developers, Leisurecorp, that there would be no budget limit. "I've never before been told there is no budget and just to be creative," he said. "It's been an amazing project to be involved in." Oliver is even taking charge of the planting of herb gardens for residents to use.

The development will also include a Vijay Singh-designed golf course and the Chris Evert tennis centre. From next year, Jumeirah Golf Estates will host the Dubai World Championship, and will become the home of the European Tour's international headquarters. Jamie's Italian will open in the clubhouse for the championship next year, before moving to its permanent location in 2011. @Email:mswan@thenational.ae

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.”

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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.

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AT4 Ultimate, as tested

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Power: 420hp

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Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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  • Grade 4 = grade C
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