Just one week after reopening, it is almost as if Le Chef, one of Beirut's oldest and most famous restaurants, never closed.
Restaurateur Charbel Bassil, son of the late founder Francois Bassil, greets regulars by name, making deadpan jokes as he shouts orders periodically to his brother Paul, who runs the kitchen.
"Wahed batata (one order of fries)!" yells Charbel across the restaurant. For regulars who have heard this popular order endless times, it is a clear announcement that the old restaurant is back in business, months after it was heavily damaged during the devastating explosion in Beirut on August 4.
The small eatery on Rue Gouraud was nearly full at lunchtime earlier this week, a rare sign of hope in a country teetering on economic collapse.
Le Chef opened last week with funding from admirers and loyal customers after it was nearly obliterated in the explosion at Beirut's port, which killed more than 200 people and injured at least 6,500.
The reopening of Le Chef is a victory for small businesses in the capital that are trying to overcome the effects of the blast, as well as a financial crisis that has caused enormous currency devaluation since the end of last year.
In the five decades since Paul and Charbel’s father founded the rustic canteen, nestled at the heart of Beirut’s lively Gemmayze district, Le Chef has become a cultural and culinary landmark.
Its customers encompass labourers, white-collar workers, writers, artists, expatriates and tourists, making it an inclusive attraction in the capital.
The small restaurant offers western cuisine but is renowned for its traditional Lebanese dishes, such as moghrabieh, the local version of couscous, with chicken and a thick sauce. Hummus with meat is a bestseller, but around the Christmas season, stuffed turkey with chestnuts becomes the main attraction.
Customers return not only for the food, but to visit those who prepare it. Le Chef even has a dedicated "fan club". On a shelf, by the entrance, sits a tongue-in-cheek award from said fans for the "outstanding use of the word welcome and best client servicing", granted to Charbel.
"I am the 'welcome man' of Beirut, it's my famous word. It comes from the heart," Charbel tells The National, adding that Le Chef has weathered crises and civil wars, "but nothing like August 4".
“Thank God we are still alive,” he says.
Charbel was wounded in the head, leg and arm by the explosion, caused by the ignition of 2,750 tonnes of ammonium nitrate, while one of his Syrian employees went into a two-day coma.
The blast reduced large parts of the city to rubble, with many businesses and homes left in tatters as owners could not afford to rebuild in a time of financial meltdown.
Le Chef could have suffered the same fate, but following news that the restaurant was destroyed, sympathy – and aid – poured in from near and afar. Actor Russell Crowe donated $5,000 (Dh18,364) to repair the premises, a quarter of the total funds donated to restore Le Chef.
The Gladiator actor made the donation in memory of celebrity chef Anthony Bourdain, who featured Le Chef twice on his show No Reservations.
Russell Crowe is our godfather. We offer him the keys to the restaurant
“The fundraiser saved us; it saved Le Chef.” Charbel says. “Russell Crowe is our godfather. We offer him the keys to the restaurant. He helped us to have a new start.”
Scars from the explosion still mar Gemmayze, but the reopening of one of the district’s most famous businesses is helping revive the area.
Retired officer Amine Ayash came to Le Chef for lunch from the nearby neighbourhood of Basta Al Tahta, drawn back to a restaurant known for its inclusive approach.
“Charbel and his family are a pillar of Gemmayze,” Ayash said as he dipped his fingers into mutabbal, the trademark grilled aubergine, tahina, garlic and olive oil dish of the Levant.
“They welcome everyone regardless of their sect and nationality.”
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Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
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BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
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.”
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Griselda
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MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
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Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining