Lifestyle app The Entertainer is preparing to release new products and provide some financial relief to customers amid a challenging global economic outlook.
The two-for-one deals company has transformed from a voucher book, which was discontinued in 2017, to an app with offers available in markets stretching from the GCC to the Far East.
It is currently majority-owned by GFH Financial Group, having been founded by Australian businesswoman Donna Benton.
Russia’s military offensive in Ukraine has added to economic uncertainty around the world, denting global growth and exacerbating inflationary pressures.
Many people are feeling the squeeze on everyday purchases and two-for-one deals are a way of potentially saving on dining and entertainment bills.
“When the economy starts tightening, for a company like ours, we become almost a necessity to use as people worry about their finances and they start looking for deals,” Keith Jaggard, chief of revenue for the business to customer segment at The Entertainer, said in an interview with The National.
“We work as a solution. We are currently seeing people redeem more and anticipate having more than 1 million users globally in 2022.”
Over the past five years, The Entertainer has helped its merchant partners earn more than $1 billion in revenue and offered more than $500 million in savings for its members, the company said.
Mr Jaggard confirmed the company is looking to introduce a global offering whereby members have access to deals in every market The Entertainer is available in. Currently, users are only able to use the app in one market.
A free version of the app is also in the works as it attempts to lower the barrier of entry, with third-party advertising a possibility in the future for such a version.
“This year is definitely a time scale we are looking at for the new products,” said Mr Jaggard.
“It is a revamp of the whole range with global as the signature. The UAE bundle is the highest we have at the moment, with access to both Dubai and Abu Dhabi, so this is a step further as we want our members to have more and we want to give something back to our loyal customers.”
In the UAE, there has been a proliferation of two-for-one deals in recent years but Mr Jaggard is confident that The Entertainer is ahead of the competition.
“We have always had that challenge but I think it is about staying ahead of the game in terms of product and our merchant quality,” he said.
“I don’t think there is too many options in the buy one, get one free offers where you can get something like a brunch, which is popular with our members.
“We are constantly asking our members what they would like to see. By listening to them, we can remain ahead of the game and we are pretty much the only app that covers so many lifestyle options.”
The onset of the coronavirus pandemic proved “a rollercoaster ride” for the business, which is used by a large portion of its customers for dining options.
In a short space of time, it had to flip to a delivery model as people stopped dining out amid the preventive measures introduced to protect the health of residents across the UAE.
“Another of the biggest changes we made during Covid was the membership period,” said Mr Jaggard.
“We went to a 12-month membership, so if you bought it in May, it ran through to the following May rather than being strictly January to December. When the pandemic hit, we were still on the old model and most of our members had already bought The Entertainer, so we had to shift and offer delivery instead.”
The Entertainer has offices in the UAE, where it has more than 100 staff, and in Oman, Saudi Arabia, Bahrain, Kuwait, Qatar, Egypt, the UK, Singapore and South Africa.
However, it is not looking for new markets in the Middle East at present, instead preferring to focus on its GCC markets and “take them to the next level”, Mr Jaggard said.
Other new developments in the pipeline include the addition of a social element to the app with news stories and details of product launches. The company is also exploring options in the cryptocurrency sector.
“We are not at that stage yet [cryptocurrency], but I don't think we can ignore it,” said Mr Jaggard.
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.”
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
