Stasha Toncev may run Dubai's preeminent Balkan bistro, but for the time being, it has been transformed into a "flower shop".
In the 24 hours since 21 Grams reopened, following almost three months of closure due to the coronavirus pandemic, Toncev says she has been "completely overwhelmed" by the feedback from her returning patrons.
"We have been turned into a flower shop. There are more than 15 bouquets here," she tells The National, the day after she reopened her doors.
"My heart is just forever grateful to those people who have recognised all the hard work we've done."
We're going to fight and we'll keep fighting. We built such a beautiful community, we have so many beautiful things to be proud of
Toncev reopened her popular Jumeirah Beach Road restaurant on Monday, July 20, after announcing she could not "sustain" operations in April and closing indefinitely.
It was tragic news for fans of the eatery, which had amassed a loyal customer base over more than two years, many who flocked there on the weekends for its piquant pindjur eggs, brothy Komplet eggs and perfectly flaky burek. At the time, it was not clear if the pandemic was to mark 21 Grams' complete demise, like so many other restaurants around the world that have fallen victim to economic uncertainties stemming from Covid-19.
However, Toncev says this was never the case.
"We were always going to come back," she says. "For a brief moment it didn't look bright, but I really strongly believe we had to find a way to come back. I just didn't know how at the beginning."
Toncev says she made the decision to close after first trying to operate a delivery-only model, and finding it was not "who we are". The restaurant struggled trying to translate its concept and dishes into plastic containers and delivery drivers, which is something, she says, it was never supposed to be.
"We are food and service, not just food. Once we shifted to delivery, nothing was the same and it definitely didn't work for us. We lost that personal contact with our guests."
And so, Toncev shut up shop. For the first two weeks, the whole team just took a break. But after that, it was time to get to work.
She wanted to take a step back from the business to figure out "what we want to do and who we want to be" after the pandemic. And over the proceeding two months, she says, that's exactly what they decided.
The new 21 Grams comes with new operating hours, a new food concept, and a "new point of view".
While the cafe's menu was previously something of a catch-all – a meal suitable for breakfast, lunch or dinner – Toncev has changed its hours to instead focus on breakfast and lunch, meaning they now operate only between 8am to 5pm.
As for the food, Toncev says customers can still expect modern takes on traditional Balkan fare (a geographical area that includes Albania, Bulgaria, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, mainland Romania, southern Serbia, and even bits of Greece, Turkey and Italy), but they've tried to move away from the "starter, meal, dessert" idea and more towards a sharing concept with plenty of smaller plates.
The menu will now also be broken up into three parts: "Balkan our roots" for traditional dishes, "connecting the dots", which fuses the traditional and modern, and "Dubai our home", which relies on local, seasonal ingredients to "honour Dubai as the place where we call home and to follow the heartbeat of the city".
New menu items include sarma, sour cabbage rolls with minced beef and smoked wagyu brisket; Adriatic octopus with fennel sauce; and Wagyu beef cevap tartare.
However, purists shouldn't fret: Toncev has promised that their hugely popular breakfast dishes, such as the Komplet egg and the cheese burek, will still be on offer.
But, despite completely overhauling her operation, she says her "greatest achievement" is not making a single staff member redundant. While they all took pay cuts, Toncev says she ensured their "living costs were covered".
On Monday, the day they got back to business, Toncev says 21 Grams welcomed about 80 people. Most were regulars. Upcoming weekends are fully booked for breakfasts – down to new social distancing requirements that have limited capacity, as well as overwhelming demand.
The moment I stepped back and saw the response, from the closing and the reopening, I realised how much we meant to people
"We are great, we are the happiest. We missed all the people and the operation. This was the longest three months ever," she says.
"Our souls and hearts were full of excitement to see our community and our guests and to show them what we've been doing the past few months."
In the end, Toncev says, temporarily closing may have saved the business from closing permanently further down the line. The short break allowed them time to "change things to make them better" and realise their own worth.
"It's easy to be good when things are good but it's not easy when things are south.
"The moment I stepped back and saw the response, from the closing and the reopening, I realised how much we meant to people.
"We're going to fight. and we'll keep fighting. We built such a beautiful community, we have so many beautiful things to be proud of."
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Read more:
Hidden gems: Can Dubai's answer to Serbian fare stack up to the real thing?
Discovering Balkan flavours at Dubai restaurant 21 Grams
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Aston Martin Rapide AMR
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These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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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Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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