Pickl opened doors in 2019 and has become very popular since.
Pickl opened doors in 2019 and has become very popular since.
Pickl opened doors in 2019 and has become very popular since.
Pickl opened doors in 2019 and has become very popular since.

Pickl is first UAE restaurant to enter the metaverse


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Burger joint Pickl has become the first UAE restaurant to enter the metaverse.

The brand, which was founded in Dubai in 2019, has rapidly spread across the UAE, and will be launching a range of brand-themed games, Pickl NFTs and virtual apparel, which can be worn by your virtual avatar or exchanged for Pickl apparel in physical stores.

“We are excited to take our first steps into the metaverse with the launch of a digital Pickl,” said Pickl founder and chief executive Steve Flawith. “It’s the beginning of what we are sure will be a bright future for the brand in the virtual world.

Steve Flawith, founder and chief executive of Pickl. Photo: Pickl
Steve Flawith, founder and chief executive of Pickl. Photo: Pickl

“In the short term, we will be able to hold meetings with our international teams and showcase our brand to our franchise partners in the metaverse, giving us greater global reach than ever before."

The company also has plans to launch its first virtual restaurant later this year.

“In the future, we want our virtual restaurant to replicate the full customer experience of our real-world venues,” Flawith said. “We even plan to integrate it with delivery so customers can order their Nashville Chicken Sando or Double Cheeseburgers in the metaverse and then receive their burgers direct to their door — the full virtual-to-physical experience. We are actively exploring this possibility as we speak.”

With Pickl planning global expansion outside the UAE later this year, the company says cementing its place in the metaverse is a natural next step.

“Will we be selling virtual franchises of Pickl soon? Never say never — with virtual land prices rising and more opportunities opening up the different worlds in the Metaverse, the most profitable Pickls of the future could soon be virtual,” said chief licensing officer Ashley Griffiths.

Since its launch in JLT in 2019, the brand has opened a store in Dubai's Time Out Market, launched concept store An/Other by Pickl in City Walk, which pays tribute to the history of burgers, and opened two restaurants in Abu Dhabi. Later this year, it plans to expand to other parts of the GCC.

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The specs: 2019 Jeep Wrangler

Price, base: Dh132,000

Engine: 3.6-litre V6

Gearbox: Eight-speed automatic

Power: 285hp @ 6,400rpm

Torque: 347Nm @ 4,100rpm

Fuel economy, combined: 9.6L to 10.3L / 100km

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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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'Doctor Strange in the Multiverse Of Madness' 

   

 

Director: Sam Raimi

 

Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams

 

Rating: 3/5

 
The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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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.”

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

Updated: March 29, 2022, 10:43 AM