Foodies, take note. There’s a new restaurant coming to Dubai and this one is well worth getting excited about. Folly by Nick and Scott is set to open its doors this month in Souk Madinat Jumeirah, where Rivington Grill used to be.
It’s an exciting moment for Nick Alvis and Scott Price, who have spent the least seven years working their way up to this moment. They started their joint venture at Table 9 by Nick and Scott at Hilton Dubai Creek after taking over from Gordon Ramsay (it was called Verre under Ramsay). Two years later, they left and launched their next project, Taste Kitchen. Now, they’re ready to introduce Folly to Dubai. Price says: “It’s been a massive learning curve for us. I firmly believe that the experiences we’ve had over the last seven years in Dubai have given us a really key and necessary understanding of the industry.”
The team has been working on Folly every day for the last six months and they’ve been involved with every aspect from the initial concept to designing the uniforms. Price says, “To be honest, it’s a bit of a dream come true. Nick and I used to talk about opening a place together back in 2005, when we were both working for Gordon Ramsay at Claridges in London.”
Folly has an outdoor terrace and a rooftop bar with stunning views of the Madinat waterways, the Burj Al Arab and the gulf. But Alvis and Price want the food at Folly to be the main attraction. The menu includes dishes such as Omani shrimp with marjoram and lime gremolata and lamb saddle with whipped pine nuts and salsa. Alvis says, “We want to do something a bit different and will be serving flavour combinations that we’d like to think aren’t on any other menus in Dubai.”
Price says: “This is a huge moment for us. It’s by far the most important time in our careers. Our focus now is solely on Folly and making it as good as it can be.”
Read our story on the opening of Folly, featuring in-depth inteviews with Nick Alvis and Scott Price in Thursday's edition of The National.
sjohnson@thenational.ae
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Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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