The underground restaurant scene offers a curious combination of professional service and intimacy.
The underground restaurant scene offers a curious combination of professional service and intimacy.
The underground restaurant scene offers a curious combination of professional service and intimacy.
The underground restaurant scene offers a curious combination of professional service and intimacy.

Don't tell them we told you but...


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I probably shouldn't tell you this, but the hottest restaurant trend for 2009 is actually a secret. In major cities across the world, regular restaurant-goers have got bored of discussing which places have been sprinkled with Michelin stars. They're talking about a new breed of hush-hush, word-of-mouth restaurants (or rather, word-of-Facebook) hidden behind private, unmarked doors. These unadvertised and unregulated secret restaurants have been springing up from Los Angeles to Hong Kong, and have proved a surprising hit in a year where more established dining places have been feeling the pinch. Feeding a public that is weary of overpriced posing spots and craving a bit of novelty, these clandestine restaurants offer both a bite to eat and a bit of mild social adventure, luring their punters to undisclosed locations to dine cheek by jowl with people they've never met before.

In case whispers about these underground eateries haven't yet reached your ears, this is how the concept works. Secret restaurants usually let the public know about them quietly, putting out feelers through blogs and networking sites such as Facebook and Twitter, steadily building up a following based mainly on friend-to-friend recommendations. Once you've tracked down a restaurant's blog or network profile, you then send an e-mail requesting a booking. Only after your reservation has been confirmed are you given an address to come to. What happens next varies wildly from place to place - the great pleasure of secret restaurants is that you never know exactly what you'll find when you get there.

Spacious Victorian sitting rooms, sleek minimalist bachelor pads, riverside boathouses and warehouses fitted up with theatre sets and ladders are just some of the venues that have been kitted up and opened as secret restaurants this year. The food, meanwhile, can range from affordable and wholesomely vegetarian to rather fancy and experimental, though one common feature is that most restaurants offer their customers a single set meal rather than a menu.

While there has been a huge buzz over secret restaurants in the world's major cities this year, it has to be admitted that the phenomenon isn't entirely new. What is new is the wildfire spread of the concept across the West. London, which had no secret restaurants until this year, now has 11 establishments, ranging from modest spots hidden away in public housing to lavish lofts offering haute cuisine with haute prices to match. There are now 14 secret establishments in the San Francisco Bay Area, while New York has a phenomenal 24. While mainland Europe hasn't gone quite so berserk for the trend, there are secret restaurants in Berlin, Dusseldorf, Prague, Amsterdam, Copenhagen, Vienna, and at least six in Paris - and with the trend spreading to Australia and Hong Kong, this isn't a purely Atlantic phenomenon. So why has the trend suddenly taken off?

The answer can perhaps be found in the phrase that can strike both fear and boredom into the most hardened newspaper reader: the credit crunch. With pay packets and expense accounts getting leaner, slick, expensive corporate restaurants are not just seeing their bookings going down, they're starting to look a little, well 2007-ish in a world where ostentatious bling has fallen from grace. It seems people are looking for a more homespun, less bluntly commercial experience.

There's also the voyeuristic pleasure of poking a discreet eye around somebody else's house and the raw excitement of discovery. While this curious combination of professional service and intimacy is great for anyone who is jaded with their city's usual dining options, secret restaurants have also proved a big hit with travellers. Out-of-towners too often end up dining in the sort of bland, overpriced restaurants that invariably congregate around tourist honeypots, or in the so-so antiseptic dining rooms attached to major hotels. Secret restaurants, on the other hand, give you access to someone's private home, giving you a close-up glimpse of local life that would otherwise be hard to come by, and take you to parts of town that visitors normally overlook.

But what about the food? How can someone cooking up a glorified dinner party possibly compete with a professional chef? Well, the truth is that they don't necessarily try. Secret restaurateurs are a very diverse group of people. They range from seriously rated professional chefs who are keeping their skills sharp in a gap between restaurant projects to passionate home cooks who feel like upping their game with a bit of semi-professional catering. This potluck variety means that you have to leave your closed mind and tendency to find fault at home if you really want to enjoy yourself - though most places put considerable effort into cooking something creative and novel.

So that leaves just one problem with the trend: its secrecy. It's all very well hearing about an underground trend, but if you can't find any access to the underground, then what's the point? Thankfully, a simple Google search with the name of a city should throw up something. The most complete global list of secret restaurants is found on the Salt Shaker blog at www.saltshaker.net/underground-dining-scene.

The links on this list don't always give direct contact details (that's the point, isn't it?), but they do give you useful pointers that make the hunt a whole lot easier. The secret restaurant movement is great fun, but right now it's trying hard to strike a balance between its new popularity and its underground roots, which is making many places shy of more publicity. In other words, if you go to one, please don't say I sent you.

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Company%20Profile
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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.”

The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km

Match info

Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')

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