Jenny Agustin at her Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National
Jenny Agustin at her Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National
Jenny Agustin at her Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National
Jenny Agustin at her Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National

Filipina entrepreneur's journey from poverty to restaurant owner in the UAE


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Growing up in the slums in the Philippines, Jenny Agustin knows all too well the importance of food. This is why, when she was presented with an opportunity to start her own business in Abu Dhabi, the first thing she thought of was a restaurant.

"I had eight siblings and we used to come home from school, drop our bags and head out to find food. We'd sell anything, from garbage to vegetables, in exchange for something to eat," Agustin recalls of her childhood living on the fringes of Las Pinas city.

"By the time I was 10 years old, I decided to work as a housemaid in someone else's home just so I could get regular food to eat and be able to buy my school uniform."

Agustin is the woman behind Mukbang Shows Restaurant, a Korean barbecue and seafood restaurant fast gaining popularity for its unlimited meat servings for a set price. The restaurant, which first opened in Muroor Road in Abu Dhabi in January, recently opened a second branch in Electra Street. A third is scheduled to open in Dubai in January.

A server prepares a fresh striploin at Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National
A server prepares a fresh striploin at Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National

The restaurant's name is inspired by mukbang, or eating show, which originated in South Korea and in which a host consumes various quantities of food while interacting with the audience. Hugely popular online, it's now a global trend alongside other South Korean exports K-pop and K-beauty.

While a range of la carte dishes are available at Mukbang Shows Restaurant, its stand-out offering is the live barbecue concept where customers can grill their own food with a variety of raw unlimited meats on offer. An Unlimited Korean BBQ, accompanied by more than seven side dishes, starts at Dh59.

"You will feel like you're in Korea when you come to our restaurant," Agustin, 41, tells The National, adding that customers can also change into traditional Korean dresses or hanbok while dining.

"When we opened the first restaurant, we didn't expect it to be this successful. Our first branch had about 14 tables and there were long queues outside. So we decided to open the second, bigger branch, with 21 tables."

Agustin, who previously worked as a business development manager at a food company, says she saw a demand for Korean restaurants in the UAE capital.

Korean BBQ at Mukbang Shows Restaurant. Khushnum Bhandari / The National
Korean BBQ at Mukbang Shows Restaurant. Khushnum Bhandari / The National

"There were very few restaurant like ours and at our price," she says. "Also, we opened right when Covid-19 lockdowns were being eased and people were craving to travel and explore and Mukbang Shows offered that perfect escape."

Despite the restaurant's immediate success, Agustin, who first came to Abu Dhabi in 2003, says she never forgets the long and painful journey it took her to get here. And it's that same determination and hard work coupled with "lots and lots of prayer and gratitude" that influences how she runs her restaurant.

"I was 22 when my father died and we all had to fend for ourselves. So I worked at Dunkin' Donuts to pay my way through college because I was determined never to go hungry again," she says.

In 2003 someone offered her a waiter's job in Abu Dhabi and she jumped at the opportunity.

"I was earning Dh1,000 a month and I remember I used to kneel down in the toilet every break time and pray for a better life," she says.

The interior of Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National
The interior of Mukbang Shows Restaurant on Electra street, Abu Dhabi. Khushnum Bhandari / The National

She had worked for two years at the restaurant when she met her first husband. It was also around this time that she discovered she was good with money.

"I began to invest in small businesses. I also began investing in property and within a span of a year, I had three apartments. And after a few years, I was taking care of 12 apartments."

But as her professional life improved, her personal life suffered as her husband, who had turned to alcohol, became increasingly violent. Fortunately for Agustin, he would soon lose his job and was forced to leave the UAE. The couple, who have three children, then got a divorce.

"I raised my kids all by myself and by 2016 the property market was not doing well and I had to let go of a lot of my business," she says.

By 2019, having sold most of her businesses, she decided to move back to the Philippines with her children.

"I was doing OK and I had enough savings, so I gave myself until the end of the year," she says.

But as fate would have it, Agustin met her husband, a New Yorker, that August through common friends. He shared her entrepreneurial zeal and the couple decided to pool their resources to open Mukbang Shows Restaurant.

After a bit of a shaky start owing to the Covid-19 pandemic, Mukbang Shows Restaurant is now a roaring business. Besides the coming Dubai branch, discussions are taking place for a fourth branch in Abu Dhabi. Franchising is another aspect they are looking at, with enquiries already coming in from across the Gulf and even from Egypt.

She believes the restaurant's success is a manifestation of years of prayers, and the belief that, with hard work and lots of faith, anything is possible. And she has even bigger plans for Mukbang Shows Restaurant, which has already begun to partner with organisations in the Philippines to help put slum children through school.

"I came from nothing," she says. "That's why my plan is to not just be a business. Just like someone reached out to me and changed my life for the better, we want to make a difference to people's lives. We want to continue that channel of blessing."

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Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

First Person
Richard Flanagan
Chatto & Windus 

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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

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.”

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

COMPANY%20PROFILE
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FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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Updated: December 05, 2024, 9:39 AM