DUBAI, UNITED ARAB EMIRATES – Nov 22: Pankaj Pathak owner of Paratha King restaurant in Karama, Dubai. (Pawan Singh / The National) *** Local Caption ***  PS01- PARATHA KING.jpg
Mr Pankaj Pathak, the owner of Paratha King restaurant in Dubai, sells about 700 parathas every day.

The king and his cooks



It's nearing noon on a sunny Friday in November. Most Dubai residents are slowly rising and the typically congested Karama district is lazily calm. However, there's a flurry of intense activity on an inner street, where young Nepali men are ferrying packed food from a small cafeteria to a green Toyota. The man behind the wheel, a mustachioed Indian, smiles and says he'll return to be interviewed after delivering his last order for the morning. "Or you could come with me and we'll chat in the car," he says after lowering his window.

Settling in the passenger seat next to Pankaj Pathak, it's impossible to ignore the aroma of freshly cooked parathas - round, stuffed Indian flatbreads - that wafts through his car. "It all started with a family recipe," he says, repeating the tagline of his hugely successful cafeteria, Paratha King. Traditionally, parathas are stuffed with potato, radish, cauliflower or fenugreek leaves. Mr Pathak offers numerous variations on the traditional food and throws in some global experimentations, such as parathas filled with Chinese noodles, or zaatar. Each of Mr Pathak's parathas is about 25cm in diameter, and they range in price from Dh6 (US$1.63) to Dh10, depending on the stuffing. One paratha could easily make a meal.

Previously a salaried IT professional, Mr Pathak had worked in a company - which he prefers not to name - for 10 years on a monthly salary of Dh4,000. "I always believed that the world had more to offer and was forever investigating ways of creating a sustainable business," he replies, when asked of the origins of his entrepreneurial itch. After initial attempts to create a social networking site for Gulf expatriate Indians in 2004, the 45-year-old Mr Pathak abandoned the idea after he discovered that the virtual endeavour required a heavy commitment, and subsequently shifted his attention to the real world.

He describes his foray into food as purely accidental. "I was looking for ideas that would allow me to stay on in my job and join the business when the time was right. A simple food idea seemed workable," he recalls. Mr Pathak is candid about the originality - or lack of, as he says - of his food debut. "In India there was a place called 'Only Parathas' that had already launched the concept of many types of stuffing for the paratha. So they had the idea, but it didn't take off too well because their parathas didn't taste good enough," he says. Parking his car in front of the customer's location, Mr Pathak instructs his delivery boy to carefully carry the order of 30 alu parathas (flatbread stuffed with potato), 20 kokis (flatbread stuffed with onion) and extra yoghurt.

Having ambitiously launched Paratha King in early 2006, albeit within the tiny space of 28 square metres, Mr Pathak promised his potential clientele a pure vegetarian experience with a choice of more than 100 stuffed parathas - all this while still holding down a full-time job. "In 2004 and 2005 it was still possible to avail a high loan despite a low salary," he says. "So with a Dh150,000 personal loan I set up Paratha King. After sorting out rent, fitting out the kitchen and premises, paying the Dh25,000 annual municipality licences and four visas of Dh10,000, which include health insurance and medical coverage, I had run through the entire amount."

Strapped for funds and still short-staffed, Mr Pathak says he was "saved by the timely assistance of Mr Naren Gurnani", a friend who lent him an additional Dh100,000. As goes the fundamental rule for most start-ups, the first six months were tough. For Mr Pathak, however, the problem wasn't attracting diners, because if there's one thing that sells, and sells well in Karama, it's food. "We spent a good bit of 2006 getting our paratha right," he says on the drive back to the cafeteria. "We had the variety, but we weren't quite there with the taste."

His current five-step, two-minute procedure of creating the perfect paratha was finalised after he poached his star chef from the tiny alleys of Bur Dubai last year. Shortly after the new recruit was in place, Mr Pathak left his previous employer, sent his wife and two daughters to India to reduce expenses, and channelled all his energy towards Paratha King. The magic combination of glowing word-of-mouth reviews and good press set his cash register on fire, and the cafeteria has been churning out its full capacity of 700 parathas a day ever since.

Despite three price rises - from the minimum price per paratha of Dh3 in 2006 to the present minimum of Dh6 - the customers, well, they just keep calling. With an 11-man team working 11-hour split shifts daily, Mr Pathak, who eats his breakfast, lunch and dinner at Paratha King, was justifiably encouraged and promptly began looking for his next venture. When a property next door became available, he invested and set up Go Bananas, a cosy neighbourhood pizzeria, which, unlike Paratha King, has a restaurant licence and more dine-in seating options. "I moved on to toppings from stuffing," he says with a loud laugh.

"A pizzeria can run smoothly on its own, after it has been set up," he says. "Paratha King is extremely labour intensive. "There are more stuffing options in Paratha King requiring different preparations. For pizzas, we can depend on machines, but to prepare a paratha the majority of the procedure, from the stuffing and rolling out, is done by hand, not machine. With major orders we can't undertake them on bicycle, and I have to personally deliver, as I'm the only one with a driver's licence. But I've had a wonderful experience with both food outlets and am looking to expand more."

Mr Pathak is ready to franchise the Paratha King model across Dubai, especially in districts that are concentrated with Indian residents. At the time of the interview, he indicated that space had already been identified in Deira. But it is not only Indians who crave the creations of Mr Pathak. Ever since Time Out Dubai reviewed Paratha King earlier this year, the number of his non-Indian customers has been steadily increasing.

"My model of franchising is that I will invest everything - the capital, the know-how, the experience. The franchisee will take home the profits after paying me a small fee. I think it's a win-win," he says. Mr Pathak, originally from Mumbai and tracing his roots to the western Indian state of Gujarat, says that parathas are not a staple feature of his community's cuisine. "My mother made them, as most Indian mothers do, but the paratha capital is Delhi. I do score points for reinventing it in Dubai I suppose," he says as he locks up the cafeteria for Friday afternoon and gets set to ring up his wife and daughters in Mumbai.

"Why are we successful? I think it's because our ingredients are honest," he explains. "We don't adopt shortcuts such as mixing baking soda in the dough to cook the paratha faster and save on fuel. Also, we only use whole-wheat flour. Our raw vegetables are from the best vendors. We're a simple recipe with a simple attitude and simple philosophy. It can only work well." Mr Pathak also insists on staying true to his core clientele of vegetarians. Tempting as it is to introduce meat stuffing into his parathas, Mr Pathak says it would drive away his steadfast customers. "I would lose more than I would gain," he says.

Paratha King's future looks bright. Its door's signage is welcoming, and the menu on its interior glazed wall is neatly designed. It's due for an upgrade from a cafeteria licence to a restaurant, which will allow it to shift into larger premises and accommodate more than one table. As for the affable Mr Pathak, he doesn't reveal his profits, but says it's much, much more than his previous salary. He also admits there are serious enquiries from investors in New York, London and Singapore to take the recipes global. With fingers crossed and a quick wink, he says, "Now if we went international, oh yes, then I would certainly consider myself a true Paratha King."

LIST OF INVITEES

Shergo Kurdi (am) 
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Monday's results
  • UAE beat Bahrain by 51 runs
  • Qatar beat Maldives by 44 runs
  • Saudi Arabia beat Kuwait by seven wickets
SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

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.”

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

The five pillars of Islam
UAE currency: the story behind the money in your pockets

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