ISTANBUL // One of Istanbul's most famous sweetshops may be facing a bitter future.
"My parents used to come here," Fatma Feriha Araytac, an elegant 53-year-old Istanbulite, said last week as she was enjoying a plate of profiterole, the trademark dish at Inci Pastanesi, a traditional and cramped pastry shop on Istiklal Caddesi, the main shopping street in central Istanbul. "This is our history," she said, looking around the room dominated by mirrors and a long glass counter and filled with a dozen customers.
Since it was founded in 1944, Inci has been known for its profiterole, globes of sweet dough filled with heavy cream and coated with a thick chocolate sauce, ingredients that are produced daily in a kitchen behind the shop. The restaurant's manager, Musa Ates, learned the trade from the founder, Lukas Zigoridis, when he started to work in the shop aged 12. He later took over the management of Inci, while the shop has remained the property of Mr Zigoridis' family.
Working with 16 assistants, Mr Ates, 65, said he spends more than 12 hours in the shop each day. "And I eat profiterole every day," he added with a chuckle.
He is not alone. Inci's reputation has grown over generations. Ms Araytac, the Inci customer, had brought Esra Gul, her future daughter-in-law, to introduce her to the Inci experience. "We have people from all over the world coming in here," Mr Ates said. Over the years, he launched several lawsuits to prevent other shops around Turkey from using the Inci name.
Ali Suat Tukel, another customer at Inci, recounted how people from provincial towns of Turkey used to have two destinations when they came to Istanbul for a visit: "They wanted to see the Bosphorus, and they wanted to eat profiterole at Inci."
But the legendary sweetshop could soon be forced to close. The multi-storey historic building that houses Inci, other shops and a well-known cinema owned by Emekli Sandigi, the pension fund of Turkey's civil servants, may be in for a complete makeover. The fund has leased the building to a construction company, which wants to turn the 19th-century building, known as Cercle d'Orient, into a shopping mall, according to news reports.
Preparations for construction have been halted by a court order for now, but Mr Ates said he was not sure how long his shop would be around. "This is wrong," he said about the plans. "All that we learn, we learn from our culture." He said the shop would not relocate, adding that once Inci was gone, "it will not come back".
Mr Ates had already been confronted with a demand to vacate the building when a court case brought by Istanbul's chamber of architects halted proceedings last year. The court case is still ongoing, with the next hearing scheduled for May 4.
As Istanbul benefits from Turkey's economic boom and attracts more and more tourists, the gentrification of some areas in the city centre has started.
Old buildings are being expensively renovated or torn down to make room for new ones.
Nowhere is that process fiercer than on Istiklal Caddesi, formerly known as Grande Rue de Pera, which used to be the home address of many European embassies and diplomats and is still at the heart of Beyoglu, Istanbul's theatre and nightclub district. The building next to the Cercle d'Orient on Istiklal Caddesi, hidden behind construction scaffolding, is another shopping mall in the making and already the subject of controversy. Prompted by news reports about an illegal addition of stories on the new building, state investigators were quoted as saying last year that some of the new stories would have to be torn down.
More than 3,000 buildings in the district have been renovated in the past five years, according to Ahmet Misbah Demircan, the mayor of Beyoglu. Mr Demircan has said he wants to design a future for the district "without forgetting the past", but he has not said what a renovation of the Cercle d'Orient would look like. There has been no comment from the construction company.
In the midst of the drive to modernise Istanbul, shops such as Inci represent a yearning for the good old times of an Istanbul before malls, fast-food restaurants and international coffee-shop chains. "It is sad," Ms Araytac said about Inci and the old Beyoglu atmosphere. "My uncle used to tell me how he would get a shave twice a day to be tidy, and he said no one went through Beyoglu without a tie."
tseibert@thenational.ae
Asia%20Cup%202022
%3Cp%3E%3Cstrong%3EWhat%3C%2Fstrong%3E%3Cbr%3EAsia%20Cup%20final%3A%20Sri%20Lanka%20v%20Pakistan%3Cbr%3E%3Cbr%3E%3Cstrong%3EWhen%20%3C%2Fstrong%3E%3Cbr%3ESunday%2C%20September%2011%2C%20from%206pm%3Cbr%3E%3Cbr%3E%3Cstrong%3EWhere%3C%2Fstrong%3E%3Cbr%3EDubai%20International%20Stadium%3Cbr%3E%3Cbr%3E%3Cstrong%3EHow%20to%20watch%3C%2Fstrong%3E%3Cbr%3ECatch%20the%20live%20action%20on%20Starzplay%20across%20Mena%20region.%26nbsp%3B%3C%2Fp%3E%0A
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
BANGLADESH SQUAD
Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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 specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah