So there I was at Expo 2020 Dubai unwrapping my takeaway box from Saudi fast-food chain Al Baik, the renowned fried chicken piping hot inside.
The fact I lined up for nearly an hour outside the shop in the Mobility District was small mercy compared with the hordes at their principal UAE outlet in The Dubai Mall.
But did the meal merit my patience?
On this occasion, I have to say, no, not really.
Sure, my chicken burger was made relatively well and the heavy seasoning sang, but I realised it missed the magic I have long associated with Al Baik.
Let me explain.
Al Baik’s menu is the kind you'd expect from any well-functioning fried chicken chain.
But even if the consistency and price point are spot on, all of that doesn’t explain the momentous welcome afforded to the brand when opening its first international outlet in The Dubai Mall in June.
How could thousands of people spanning a multitude of backgrounds, ranging from Eritrea and Sudan to Pakistan and Australia, be hungry enough to wait in line for hours for the arrival of a new restaurant?
Here is the rub of Al Baik’s appeal and it is not in the marinade.
Instead, it's the memories it invokes in many of us.
For myself, Al Baik is the juicy and tangy reward after the rigorous days performing Hajj in Saudi Arabia.
It was 2010 and at the end of the epic five days in Makkah, where millions of us walked an average of nearly 10 kilometres a day around various religious sites, that my friends and I made our way to Al Baik, located in a mall near to our hotel, for a celebratory dinner.
It remains one of my favourite memories: men, young and old and from various nationalities, laughing and even shedding a tear into our burgers and nuggets as we came to terms with one of the most important days of our lives.
For others who have been on the Hajj, they literally want a souvenir of that same moment.
My mum, who volunteered with an international Hajj delegation in 2017, recalls how some members stuffed their carry-on bags with chicken fillet sandwiches on their flights home to the US and Canada.
For Hassan 'Big Hass' Dennaoui the reason is closer to home.
The Saudi radio personality, now a Dubai resident, describes Al Baik as a slice of his childhood.
“I am not going to lie to you, I cried when I heard it was coming to Dubai,” he said.
“It reminds me of times after the Friday prayer when me and my father, may his soul rest in peace, line up in Al Baik for nearly an hour to get our order and head back home where the family and friends gathered to share a meal.”
Can these memorable moments be rekindled simply through the bite of an old favourite meal?
I told Big Hass that having Al Baik 11 years later at Expo 2020 Dubai left a lot to be desired.
What I didn’t confess was that it also made me terribly sad – not for the state of the burger itself, but the fact I have become so entrenched in the grind of daily life that the joy associated with that humble Al Baik dinner in Makkah has faded.
Turns out I didn't need to say any of that to him, as he turned to me and said: “Great memories never die.”
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
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')
Man of the match Wilfried Zaha (Crystal Palace)
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
