When a shopping district is called “The Collection”, you know it’s going to be expensive. From DNA, a shop that sells “Bioaesthetics”, to a Spinneys that is about 13 per cent more expensive than the one in Khalidiya, this retail space on a newly finished development on Saadiyat is premium. So it’s likely that such a location makes it ill-suited for a quick lunch break.
Caramel is in a corner of The Collection. It is not a cheap lunchtime destination. A three-course meal with trimmings cost Dh320, with mains at around Dh150 each. Steak, or lobster, or a dish that combines both, will set you back that day’s “market price”, whatever that is. It is unlikely to be a steal.
For starters, my lunch review colleague and I shared a tuna pizza and King Crab tacos with fresh salsa. The tuna pizza had a paper-thin, crispy base, with a thin layer of tuna carpaccio and a mild mayonnaise flavoured with ponzu, a Japanese citrus. Slathered generously over the top of the tuna pizza was truffle oil. The flavours of the tuna and ponzu were mild; the truffle oil was like a mushroom-flavoured shotgun blast to my tongue.
I don’t like truffles. My colleague pointed out that whether you like truffles or not is partially genetic. To some they taste divine; to others, like dirt.
I looked at the menu, and the preponderance of truffle products struck me. From macaroni cheese with truffle oil to beef carpaccio with truffle oil, via penne pasta with truffles, bolognese with truffles, and fish and chips with truffle mayonnaise, it’s clear that someone at Caramel really, really likes truffles.
Perhaps the chef mistook the price of the fungus for an indication of its popularity.
We ordered mains from the truffle-free menu items. This reduced the possible number of main meals by almost half – from nine to five. It was, of course, possible to order any of these main dishes with a side order of forest mushrooms, or creamed spinach with black truffle yoghurt.
q&a not all about truffles
Enough about the truffles. What else did you eat?
I had many kinds of fish: seared Chilean sea bass with shrimp risotto, lobster broth and tomato basil tapenade. This was light and subtle: perfect for lunch. My colleague, a budding triathlete, possessed by a constant lust for protein, had lamb loin with Puy lentils – an ingredient that really deserves to be ubiquitous on a menu.
And there was dessert?
Of course. My colleague, who had never eaten a crème brûlée, ordered the crème brûlée. Some people are just not cut out for the restaurant review business. I ordered a pumpkin cheesecake. I strongly believe that pumpkin cheesecake is one of nature’s greatest bounties. More importantly, it is a highly efficient sugar, dairy and cinnamon-flavoured pumpkin delivery vehicle. It was hard to fault.
How was the atmosphere?
The restaurant is very attractive, and it likely to be a sophisticated nighttime venue. Complex, angular lighting arrangements and modernist wooden panelling decorate the space. Views from the deck of windows are pleasant. Curved alcoves looked acoustically insulated, making them suitable for business conversations. A private dining area makes parties possible. The restaurant lacks Wi-Fi, which is a nuisance for compulsive business emailers with important things to communicate. But if you don’t have roaming data, you’re probably unimportant anyway.
Would you go again?
At night, for drinks. The mocktail selection and nighttime ambience can compete with any in the city. Or possibly to relax on the terrace during winter – if ever I’m on Saadiyat enjoying the beach.
abouyamourn@thenational.ae
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Jawan
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Text the following numbers:
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
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.”
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