An Abu Dhabi cafe known for its coffee and brunch has launched in London’s Knightsbridge.
The Ten11 cafe is across the road from Hyde Park Corner and a few steps away from the Peninsula and the Lanesborough hotels.
Among its signature breakfasts is the Croissant Crown, a croissant ring layered with soft egg, smashed avocado, whipped mascarpone and chive cream, seasonal vegetables and herbs.
There are also distinct Emirati flavours such as balaleet, made of crispy vermicelli noodles, spiced with saffron and cardamom cream, and served with an omelette.
The cafe's head chef Jabari Mears, who led the kitchens at The Botanist in Sloane Square and was a competitor on the BBC's MasterChef: The Professionals in 2020, said he learnt new techniques to make balaleet.
“The magic of it is in eating it. It's like a full English breakfast. It doesn't look like a lot, but when you eat it, it becomes a classic for quite a lot of people,” he said.
But it can also be “Marmite-ish” with diners either loving or hating it, he added.
The cafe's Shakshuka Imperiale consists of baked free-range eggs with a saffron and harissa tomato sauce, topped with whipped feta and coriander, served with zaatar flatbread.
The breakfast pastries and cakes are sourced from Deptford vegan and gluten-free bakery Arapina.
The restaurant also hopes to attract London residents with no connections to the UAE, offering dishes such as the Salmon Avocado Millefeuille, with mascarpone, gherkins, dill, beetroot, smoked salmon and crushed avocado.
“Now, after Covid, people want good value for money, but they also want something a bit more interesting than what they can do at home. The Millefeuille is a nice twist on that,” said Mears.
Lunch includes the Knightsbridge Croque – with truffle béchamel, Montgomery cheddar, seared sirloin steak, a fried egg and fresh truffle shavings.
Other highlights include a rich wild mushroom risotto, and seasonal salads such as the Caesar salad and the Park Supergreen for those seeking lighter options.
The cafe is also working on its afternoon tea selection which will be launched soon. “It will feature a lot of the classics, a lot of sweet treats for guests with an Emirati twist,” Mears said.
He is working with the Arepina bakery to develop “standout” cakes to accompany the teas. There is also a plan to expand to dinner.
When asked about Ten 11's potential in London, Mears said he draws inspiration from Caravan, which pioneered the combination of cafe and restaurant culture and now has branches across London. He was a chef at Caravan's original branch on Exmouth Market.
“I feel like Ten11 has the potential to be a similar kind of concept where it's something really new and inventive and fresh,” he said.
He hopes the cafe can turn into a “branded empire” in London. “Ten11 comes from a culture that I don't think is clearly represented on the high street in the UK. It’s a nice little twist on the classics,” he said.
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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.”
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
