The steak restaurant chain operated by Turkish restaurateur Nusret Gökçe – famed for his social media phenomenon Salt Bae – has been valued at $1.5 billion amid reports that a group of investors backed by Singapore’s sovereign wealth fund are close to buying a slice of the business.
A consortium of investors including Singapore’s GIC Private Limited, Singapore-based investment firm Temasek and London-based Metric Capital, which has around $2bn of assets under management, is in advanced talks to purchase a minority stake in D.ream Group, a subsidiary of Turkey’s Doğuş Group, the UK’s Financial Times reported this week.
The deal with D.ream Group is valued at $1.5bn, according to the FT, which said an agreement could be reached by as soon as this weekend.
D.ream Group owns the high-end Nusr-Et steakhouse chain, which has a branch at Dubai’s Four Seasons Jumeirah hotel.
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Read more:
Get to know Nusret Gokce aka Salt Bae and see where you can spot him in the UAE
Poor reviews for Salt Bae’s New York restaurant leave a nasty taste
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Nusr-Et became famous after the ‘Salt Bae’ video clip of Gökçe elaborately salting and cooking his steak went viral on social media at the beginning of 2017.
The Turkish chef set up the first branch of Nusr-Et in Istanbul in 2010. The chain has expanded further as Salt Bae has grown in popularity over the past year, with new openings in Miami and Manhattan alongside outlets in Dubai, Abu Dhabi and Doha, and a burger restaurant in Turkey.
The investment under consideration would reportedly include around $200m of equity funding and would also involve the restaurants Coya, Zuma and Roka, which also have outlets in the UAE.
The National has contacted the concerned parties for comment. A spokesman for Temasek said the firm "does not comment on market speculation and rumours".
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE currency: the story behind the money in your pockets
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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.
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
SCORES
Multiply Titans 81-2 in 12.1 overs
(Tony de Zorzi, 34)
bt Auckland Aces 80 all out in 16 overs
(Shawn von Borg 4-15, Alfred Mothoa 2-11, Tshepo Moreki 2-16).
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COMPANY%20PROFILE
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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