From the desk of Frank Kane: schmoozing, Moscow and hacks



I've got two favourite restaurants in Dubai: La Petite Maison in the Dubai International Financial Centre is the posh one.

For a lunchtime or evening's schmoozing of contacts, nothing beats La Petite.

Its blend of informal haute cuisine sets the perfect atmosphere for a bit of relationship-building and source-pampering.

But when I just want a good night out, pleasure rather than business, I head to the Moscow Hotel in Deira, between the crowds on the pavement, up the stairs past the painting of the 17th-century Kremlin, and through the swing doors of the Bolshoi restaurant.

It's a different world, or rather the whole world, seen through the prism of Russian history of the past century or so.

On a Thursday or Friday, the Bolshoi is especially exciting. You can spot the former Communists, still with the Stalin moustache; the "new" Russians, splashing out on expensive caviar and extravagant drinks; the central Asians, determined to have a good time on the dance floor, as well as a fair selection of Arabs and Europeans, or often a group of US servicemen on leave.

It really is le tout Dubai.

It's a family scene as well, with tables of a dozen people all different ages, from grandparents downwards. I was there a couple of nights ago with my wife (born in what was then Soviet Azerbaijan) and her teenaged son.

Other parts of the hotel are not so family friendly, I should advise, but the Bolshoi is different.

We sat next to a family of Kazakhs with two children aged about 4 and 6, and they loved the Bolshoi floor show.

---

If you can imagine a mix of the Folies Bergere, the Eurovision Song Contest, and the court of Louis XIV of France, you're close. If you add some Russian folk music, such as the spectacular Katyusha, you're on the spot. Harasho.

The really great thing about it is that many fathers take their daughters to a night out there, and this is where business comes in.

On another table, a father and daughter were having dinner, and they were the first on the dance floor when the band struck up. They were both wearing blue suede shoes.

Now those three words - blue suede shoes - have special resonance for me, but it was my wife Naza who noticed and remarked on them. When they sat down, we struck up conversation. He was a twin for Tony Soprano, she had a vague Hellenic resemblance to Celine Dion.

Costas and Evgenia were from Cyprus originally, but left the island when Greece joined the EU in 1981.

Cyprus didn't join for another 23 years and neighbouring Turkey, which seems to stand alone as an economic success story in the region these days, is yet to join.

"We thought it would be the best thing for us to be Europeans, we had money then and Athens was booming. We bought a hotel, I could look after her properly," said Costas. Evgenia was gooey eyed.

It all went wrong in 2009 when the Americans, most of Greek descent who had been good patrons, stopped coming. Last year, they left a stack of debts and went back to Cyprus, where they both had family and could live more cheaply.

---

They came to Dubai to get away from the debts, and to learn from the emirate's experience in hotel management. They have a little place in Bur Dubai, and come to the Bolshoi to meet Russian business contacts.

We talked for a while about the hard times that had fallen on the world since 2008, and agreed it was better to be in Dubai than either Greece, England, Ireland, or anywhere in the EU.

Costas had the final word: "You know, we should have all joined Turkey."

---

As a former employee of News International, I've savoured every word of the hacking scandal. So all those freezing, violent nights on the picket line in 1985 were not in vain.

But one story sticks out. In other times, News of the World journalists were just as muck-raking, but more subtle, as this following exchange shows:

NotW hack, in suit and tie on doorstep of female "target": "Good morning, I'm from the News of the World."

Female target: "Can you prove it?"

NotW hack: "Prove it, madam? But I've just admitted to it."

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

MATCH INFO

Chelsea 0

Liverpool 2 (Mane 50', 54')

Red card: Andreas Christensen (Chelsea)

Man of the match: Sadio Mane (Liverpool)

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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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.”

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

PAKISTAN SQUAD

Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

Goalkeeper: Alisson (Liverpool)

Defender: Virgil van Dijk (Liverpool)

Midfielder: Frenkie de Jong (Ajax)

Forward: Lionel Messi (Barcelona)

Uefa President's Award: Eric Cantona

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
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List of alleged parties

 

May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff 

May 20, 2020: They attend 'bring your own booze party'

Nov 27, 2020: PM gives speech at leaving party for his staff 

Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson 

Dec 13, 2020: PM and his wife throw a party

Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters 

Dec 15, 2020: PM takes part in a staff quiz 

Dec 18, 2020: Downing Street Christmas party 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Oscars in the UAE

The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
COMPANY%20PROFILE%20
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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The specs

BMW M8 Competition Coupe

Engine 4.4-litre twin-turbo V8

Power 625hp at 6,000rpm

Torque 750Nm from 1,800-5,800rpm

Gearbox Eight-speed paddleshift auto

Acceleration 0-100kph in 3.2 sec

Top speed 305kph

Fuel economy, combined 10.6L / 100km

Price from Dh700,000 (estimate)

On sale Jan/Feb 2020
 

Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)

Results

2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)

2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash

3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly

3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson

4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer

4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson

Our House, Louise Candlish,
Simon & Schuster