Familiarity breeds complacency. This is the take Greg Malouf has when it comes to Lebanese cuisine.
The Michelin-lauded Australian-Lebanese chef, renowned for his sophisticated approach to Middle Eastern food, laments the state of his native culinary tradition.
“Lebanese food has become lazy and I am prepared to say that publicly,” he tells The National. “There is no longer any effort and care with plenty of restaurants taking short cuts in terms of preparation and produce. As a result, the food itself has reached a brick wall and it has been that way for years.”
Malouf sees no reason why Lebanese cuisine can’t reach the status of its South-East Asian counterparts. After all, it is made up of complex flavours and fresh produce, while being agile enough to accommodate rustic and refined treatments.
This is partly the reason why Malouf signed up to create a lavish menu for the occasion of Formula One Abu Dhabi Grand Prix, to be served in the exclusive Shams Suite at Yas Marina Circuit.
He describes the weekend racing event as an opportunity to demonstrate how Lebanese food is complimentary in the most stylish of settings.
“My mission has always been to put Lebanese food on a pedestal,” he says.
My mission has always been to put Lebanese food on a pedestal
Chef Greg Malouf
“And that is not to change it, but slightly elevate it. That means working with good produce and presenting it in an interesting way that doesn’t take away from its integrity.”
It will also be a chance to break some misconceptions.
“Not every hummus is the same,” he says. “I don’t feel that many people have had a real and true humus that is made with Lebanese, Mexican or Australian chickpeas with a touch of great extra-virgin olive oil, sea salt and a dash of fresh lemon.
“It is such a humble dish but shortcuts have been taken to lower the costs and this is why the hummus we eat today is mostly poor.”
Malouf will attempt to right those perceived wrongs through dishes he describes as deeply personal.
These offerings stem from a three-decade career in which he has launched ground-breaking Middle Eastern restaurants in Australia, such as MoMo in Melbourne. He is also the former head chef of London’s Michelin-starred institution Petersham Nurseries, and has published eight Middle Eastern cookbooks.
“I will basically share some of my interpretations of classic Lebanese dishes but in my own way,” he says.
“Take for example the shanklish, a dish made from leftover cheese curds that have been spiced up. I use a combination of fresh Greek feta cheese and French goat's cheese that has been strained so it’s quite thick. I then spice it up with various ingredients, including a Turkish red chilli, which, I assure you, is quite hard to find.”
Malouf’s other “elevated takes” include a fattoush salad with poached Gulf prawns and a lamb shoulder cooked for eight hours and served with porcini freekah – the latter being a roasted green grain made from durum wheat.
With so much to offer, its bittersweet that Malouf says the days of him running restaurants again – which included former Dubai outlets Zahira and Cle – are behind him.
However, some discernable UAE diners will still be able to subtly experience his creations in the future.
"I feel I have done my share of working 12 hours a day for years in restaurants and I am looking for less stress in my life," he says.
"But my work continues in that I am consulting and training staff here in the UAE and abroad.
“There is still so much to go for Lebanese and Middle Eastern food to reach its potential and getting it to a place where it truly deserves to be.”
Dh11,000 for a three-day Shams Suite pass. The Formula One Etihad Airways Abu Dhabi Grand Prix runs from Friday to Sunday, December 10 to 12; www.yasmarinacircuit.com
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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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3