And now for something a little bit different: I love sushi, adore scallops and am a serious fan of carpaccio - thin slices of raw meat or fish. But until dinner the other night at Al Fanar, the quaintly old-fashioned - by Abu Dhabi standards - revolving French restaurant at the top of the Royal Meridien, I'd never come across scallops carpaccio. It is, apparently, not uncommon at trendy eateries in the sort of European countries where they serve truffles for afternoon snacks and sniff disdainfully at the mention of fish and chips or steak and kidney pie, but it was new to me and I was intrigued when I spotted it among the appetisers on Al Fanar's recently revamped menu.
"Tell me more," I asked our principal server - they seem to have a cast of thousands catering to your every need at Al Fanar, all friendly, polished and highly professional. "It's just been added to our menu," he said, "and it's a specialty of our new chef. Everyone loves it," he assured me. A few minutes later, I was confronted with an enticing little mound of thinly sliced, almost opaque scallops, glistening in what was advertised as lime vinaigrette and garnished with sprigs of dill.
It was, my companion and I agreed, quite sensational. There was barely a hint of lime in the simple vinaigrette, and the same could be said of the "chef's secret spices" also touted on the menu. Just as well, they would almost certainly have overpowered the delicate flavour of the scallops, and of the many things I admire in French cuisine simplicity and respect for primary flavours come joint first.
But I'm getting ahead of myself. Even before the appetisers, we were presented with a complimentary amuse-bouche, consisting of a morsel of delicate salmon mousse, a tiny cup of barely warm potato soup and - the hands-down winner - a tempura shrimp. The salmon was pleasant while the soup was bland and of no real interest, but if a solitary shrimp can be described as memorable, this one surely was. It tasted as though it had been plucked from the ocean bed about 30 seconds earlier, the batter was perfection, crisp and light with not even a hint of oil, and if they had been on the menu I'd have cheerfully ordered a dozen of them as a main course.
Back to the appetisers. My companion ordered roasted green asparagus in its own juice with parmesan cheese and summer truffles. The asparagus tasted as though it had been steamed, and steamed a few minutes too long, the cheese and the smidgins of summer truffles added little to the mix, and, at Dh120, it would have been expensive at half the price. For main courses, we settled on the duck a l'orange with sesame seeds accompanied by potatoes spume, and the baked souli with citrus jus and shellfish, at Dh120 the cheapest of Al Fanar's seafood offerings.
The souli was described in brackets as a "small-tooth emperor" and, I was assured, it was a local fish, and had been a big hit since its recent debut on the menu. I'm not surprised. My two plump fillets were exceptionally good, cooked to juicy perfection and robust in flavour, which was just as well because the zesty citrus jus in which they were swimming would have been too much for a delicate species but worked perfectly with the souli. Highly recommended.
My companion's duck was also fine. It was served medium to medium rare, and while it could have been a mite more tender and would have benefited from a little seasoning, it was juicy, packed with basic duck flavour and the tried and trusted orange sauce complemented it nicely. The potatoes spume that accompanied the duck was, well, somewhat off the beaten track, and not altogether successfully so, unless you're partial to a large martini glass filled to the brim with a thin potato soup… in fact, it was highly reminiscent, in both taste and texture, of the lukewarm soup in the amuse-bouche.
Dessert was even more strange. I took a pass, but my companion, who had fond memories of a strawberry soup from his distant past, couldn't resist when he spotted it on the menu. What arrived wasn't a soup at all, rather a few thin slices of strawberry, accompanied by some quite good rice pudding and a couple of healthy scoops of pepper ice cream - another first for me. I'm still not quite sure if I actually liked it, but this was an ice cream that just about bit you back; the novel mix of flavours was almost hypnotic, and neither of us could stop eating it until it was all gone. It was an interesting end to an interesting evening, all complemented by some dazzling views of Abu Dhabi as the restaurant revolved at what I have to say was a fair old speed. From this height, even the lights of the gridlocked traffic looked good, particularly as we seemed to be moving faster than it was.
* Pete Burns Al Fanar at Le Royal Meridien, Sheikh Khalifa St, Abu Dhabi, 02 674 2020. Our reviewer's meal for two cost Dh614.80 without beverages. Restaurants are reviewed incognito and the meals are paid for by The National. Pete Burns is a nom de plume.
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
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.