Kabab Koobideh. Courtesy Abshar Restaurant
Kabab Koobideh. Courtesy Abshar Restaurant
Kabab Koobideh. Courtesy Abshar Restaurant
Kabab Koobideh. Courtesy Abshar Restaurant

Food Obsession: a meal fit for a king


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The kabab I hail as the "King of Kababs" in Dubai is the glistening skewer of the Iranian-born Kabab Koobideh.

It's not surprising that Iranian kababs rise above the rest. The country has given it due respect, with Nasr-uddin Shah in the mid 1800s going so far as to decree the establishment of a dedicated chelo (rice) kabab restaurant near the palace. Moreover, the words "kabab" and "koobideh" are both Farsi derivatives, the former referring to food grilled on skewers and the latter stemming from Koobidand, to pound or to mince.

Juicy, threaded logs of deep brown koobideh are my litmus test for any Iranian restaurant. If the chef can lay his hands on the choicest cut of lamb, fatty enough to achieve the zenith of succulence, yet steering clear of the chewy chasm of rubbery meat, he has won me over as his patron.

The fine, twice-minced texture of the lamb makes this kabab far friendlier to the jaws than drier chicken kababs or tougher lamb fillets. The butter basting over the grill, together with the spice mix — potentially some combination of onion powder, sour sumac, garlic, salt and other secret spices — rob me of civilised dinner conversation, leaving only the most indiscreet, guttural moans of satisfaction in its place. Have the kabab with long-grained rice jewelled with sour barberries (zereshk).

My preferred koobideh haunts include Sadaf, Khoory Special Kababs, Abshar, and the award-winning Shabestan at the Deira Creek.

Sadaf Restaurant's original branch is on Al Maktoum Street, Deira, 04 222 1622; Khoory Special Kabab Restaurant is opposite Emirates NBD Bank, after Canadian Hospital, behind Ramada Continental Hotel, Deira, 04 266 6322; Abshar Restaurant is on Jumeirah Beach Road next to the FatBurger, 04 394 0950; and Shabestan is at the Radisson Blu, Deira Creek, 04 222 7171

Arva Ahmed blogs about delicious ethnic eats in Old Dubai at www.iliveinafryingpan.com

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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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Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

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