The world over, Lebanon is well known for the diversity and creativity of its cuisine, encompassing traditional Middle Eastern influences and an array of international styles and flavours.
Unfortunately, the past few years have not been kind to the country’s famous fine-dining scene. Restaurants have been ravaged by the Covid-19 pandemic and the Lebanese liquidity crisis in the past two years, as has most of Lebanon’s hospitality sector.
Despite the challenges that operating in the struggling economy presents, restaurateurs are experiencing a surprising rebound, driven by a combination of resurgent tourism and the shifting attitudes of local consumers.
The Lebanese have an appetite for saving up, going out and spending money. It will never stop being like this, it didn’t during the Civil War and it won’t now
Samer Maroun,
Lotus Management Group
“Today, you have these newly rich people [who] made their money from the exchange; people that want to show more and make sure that people are seeing them,” businessman Samer Maroun tells The National. “They want the more expensive [ingredients], like truffle oil and black cod. They want to make sure [they are] eating the best.”
Brothers Samer and Mazen Maroun, co-runners of Lotus Management Group, are experienced business owners in the hospitality and catering industries. In 2019, their family separated from their famous restaurant and pastry shop La Gondole, founded in 1957, because of the prohibitive operating costs arising from Lebanon’s rapidly encroaching economic crisis. Then, in 2020, their Prune bistro was destroyed in the August 4 port explosion.
With the Lebanese government approving the "dollarisation" of prices for restaurants, cafes and bars over the summer, and improving market stability, the Marouns have reinvested in the Lebanese dining scene with Pazzi, a cosy new pizzeria in Beirut’s Badaro neighbourhood.
“We wanted to do a smaller place,” Maroun says. “[We have seating for] 55, between the inside and outside on the terrace. It’s nice to sit at night, to have a drink and to eat pizza.
“[The Lebanese] have an appetite for saving up, going out and spending money,” he says. “It will never stop being like this, it didn’t during the Civil War and it won’t now.”
The cost of dining out has risen dramatically on the Lebanese lira, and US dollars are in short supply in the country. As such, local consumers want a truly exceptional experience that will justify their expenditure. That means entertainment, novelty and, above all, quality.
At the same time, Lebanese expats and foreign visitors with access to US dollars can enjoy premium cuisine at a relatively low price point.
“We’ve had quite a good season, in general,” says Nawaf Beydoun, owner of rooftop bar Salazar. “There are a lot of expats coming to visit Beirut, people that are making fresh dollars ... whatever they're going to pay here is going to be much less than in Dubai, Qatar or Saudi Arabia. At the moment, Lebanon is relatively cheap [for them].”
Opened in May, Salazar is one of several new concepts in Beirut for Beydoun and his company, Mindset Group, which lost six of its seven original venues in the Beirut port explosion. Previously known as Jackie-O, the trendy rooftop bar — located in Beirut’s upmarket Saifi district — now has a new style, inspired by the mixing of Hispanic and Arabian cultures found in southern Spain.
This extends to the menu of light bites, mingling fresh, local ingredients with international dishes, all infused with Andalusian and Latin flavours.
Beydoun’s other future plans include Panchos, a Mexican taqueria resto-bar, and Zaia, a high-end lounge themed around Peruvian cuisine, both situated in Beirut’s vibrant Mar Mikhael neighbourhood. Pop-up diners with novel concepts are becoming increasingly popular in Lebanon as a means to cut operating costs for owners, but Beydoun says that his new venues are here to stay.
“The vision that we have is not a ‘hit-and-run’ business,” Beydoun says. “If you go to Batroun, for example, it has a season [of] four or five months, then they close. We like the waves of the ups and downs, and rising to the challenge of fixing them. That's why we have several outlets. If one place closes down, it's easy to move around employees.”
Hotels in Lebanon have also been performing well. Many were forced to suspend restaurant services during the pandemic. As restrictions ease and more Lebanese embrace domestic tourism, these satellite businesses are bouncing back.
One example of this is newly reimagined Italian restaurant Da Sophia, previously Sophia’s Live Kitchen at The Smallville Hotel, which reopened its doors in June to startling success after closing down in 2020.
“We didn't have any grand re-opening, but people were so enthusiastic,” says Berthe Barakat, director of business developmentat The Smallville Hotel. “[We never] expected to have these numbers; it was an increase of 20 per cent from 2019, even better than before the crisis.
“People used to like our cuisine, but we also wanted to have more dishes and more varieties,” she says. “The quality is what matters for us. The chef doesn't accept to have anything not cooked a la minute. Everything is prepared here [and we] have fresh items that we bring in daily.”
The inviting terrace venue is external to its parent hotel, making it equally accessible to guests and walk-ins. While it may be more lucrative to cater exclusively to the wealthy, Barakat and her team are committed to offering dishes that are delicious and affordable.
“Even though the Ministry of Tourism allowed us to charge in dollars, we wanted to keep the menu [priced] in Lebanese lira, just to encourage local people to come,” Barakat says. “We want to have the local market here [but] people don't have the purchasing power they used to.”
Company%20profile
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UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
The%20specs
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Getting%20there%20and%20where%20to%20stay
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Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
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.
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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.”
COMPANY%20PROFILE
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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AUSTRALIA SQUADS
ODI squad: Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Josh Hazlewood, Marnus Labuschagne, Mitchell Marsh, Glenn Maxwell, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa
Twenty20 squad: Aaron Finch (captain), Sean Abbott, Ashton Agar, Alex Carey, Pat Cummins, Mitchell Marsh, Glenn Maxwell, Jhye Richardson, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa
More from Aya Iskandarani
MATCH STATS
Wolves 0
Aston Villa 1 (El Ghazi 90 4' pen)
Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)
Man of the match: Emi Martinez (Aston Villa)
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”