It’s the Cinderella story of the culinary world.
On Monday, home-grown restaurant 3 Fils, long considered something of a hidden gem at Jumeirah Fishing Harbour, nabbed the much-coveted No 1 spot at the Mena’s 50 Best Restaurants awards ceremony held in Abu Dhabi.
This means it beat some of the world’s most prestigious restaurants, which have outposts in the Mena region. You can find the complete list of winners here.
To say it came as a surprise, though, downplays the popularity of this chic casual restaurant, which has racked up a loyal following since its launch. With cosy interiors, a rustic harbour setting and a small but consistently excellent Japanese-inspired menu, food lovers and chefs alike have been singing its praises for a while now.
Being recognised as the best restaurant in the Middle East was still a surreal moment for the team. “I don’t know how to express this feeling,” says Ahmed Abdulhakim, co-founder. “But you do feel more responsible. Proud of the team. I’m also thankful for the trust that’s been given to us.”
The restaurant was launched by Singapore-born chef Akmal Anuar along with Emirati co-founders Abdulhakim and Adnan Ali in 2016. Anuar has since moved on to 11 Woodfire, but when the team accepted the award, they gave him a shoutout on stage.
“For us, it’s all about making people happy,” says sous chef Freddy Kazadi. “It’s not like we came here expecting to be No 1. But I do know that we are not competing. We are learning from others.”
When asked about what they think it is about the restaurant that has people coming back for more, Abdulhakim amiably jokes that it’s a question they’ve all been wondering about themselves.
“But I think, it’s the people. The whole chain, from our suppliers to our staff.”
Having a small but quality-focused menu doesn’t hurt either. According to Abdulhakim, it’s impossible to pick one bestselling dish from a menu that includes Fremantle octopus, sakura ebi, bluefin tuna sashimi, beef carpaccio and (for dessert lovers) African powerhouse – a chocolate tart with a touch of sea salt – and karak ice cream.
From hidden gems to the winner of Mena’s 50 Best Restaurants List, is no mean feat. But it also begs the question – where does one go from here? Will there be expansion plans in the works?
“We have only one plan, and that’s to do something different,” says Abdulhakim. “If we are able to reach more people and give them the same experience, then yes. If not, then no.”
The team behind the restaurant also seem adamant that this new victory will not go to their heads or prompt any change in their service. One of the lighter moments of the evening comes when a question arises about their famous no-reservation policy: will that have to change now?
“We have to be how we are,” says Rami Massuod, general manager. “If we change, other people will change their perception of us.”
And if people flood in by the hundreds? “We will manage. It’s a responsibility, and we are very grateful,” he says. “The team do a lot and I hope all guests understand that.”
Abdulhakim says there may be other plans in the works, perhaps even ones that shine a light on local cuisine.
“It’s something I‘ve always dreamed about – to do something with local cuisine,” says Abdulhakim. "Maybe this will be our next project."
The Mena's 50 Best Restaurants list - in pictures:
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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.”