In regards to the current situation caused by a global outbreak of COVID-19, investment time for Double like Dubai project will be prolonged by an additional 30 days. We realise that this challenging time of global pandemic has put everyone of us in an extraordinary situation, therefore it was decided to reconsider the project timing and settle some additional days to let our investors to contribute in the Double like Dubai project.
Double Like Dubai is a fresh take on the fast-food concept. It’s hardcore surf and turf that uses the best and freshest ingredients, served with your favorite treats on the side – that’s the plan, in any case. Right now, Double Like is still far from launch, given that it requires a startup budget of 170,000€ to get it built from the ground up. Fortunately, the project is halfway there in terms of funding thanks to the involvement of the Finance Group, Ltd. (TFG), which promised to loan 30% of the total startup costs (51,000€), in addition to the existing capital of the proprietor (20%, which amounts to 34,000€).
That being said, the project still needs to raise 50% of the total costs in order to move forward with the construction and the purchase of the fixtures and equipment. Through the help of investors, they hope to reach the 85,000€ maximum of their goal, or at least hit the 70,000€ mark they set as the minimum. Potential investors will be looking at a attractive interest rate of 19.1% annually, which will be paid out monthly over the course of the loan term, which will be 9 months.
Interest rate payments start calculating from the day you make your investment!
The following pledges secure the loan:
Almost half of the loan will be used to buy kitchen appliances, furniture, and interior.
The loan is offered with the BuyBack Guarantee: thus, if a borrower is late with the repayment of the loan, TFGcrowd will compensate the investors both the invested principal amount and interest, as well as pay the accrued interest in case the loan repayment is delayed by more than 60 days.
Double Like Dubai Ethos:
Anybody, who has ever been to Dubai will know that, when it comes to services, people love two things above all in this city – convenience and speed. Consider just the fact that you can get a Carrefour (super-large grocery store) delivery to your door within an hour of ordering it online and you will understand, what we mean! Amazon Prime is lagging behind when you compare it with the delivery service providers in Dubai. This city takes everything one step further.
For the concept chosen by Double Like Dubai, this city with its vast population of 3.3 million and high purchasing power (according to Deutsche Bank’s 2019 rankings Dubai takes 14th place in the World in terms of monthly salary and 11th-place in terms of monthly income after rent, which is estimated to be around $2,068) is the perfect setting. Providing gourmet level food with this level of service can mean just one thing – you are heading for success! This is exactly what Double Like Dubai has decided to do by opening a burger roll and lobster joint in one of Dubai’s well-off residential areas – The Jumeirah. Jumeirah is a relaxed residential strip with sandy picturesque beaches, covering an area of just under 7 square kilometers.
Double Like Dubai is not looking to open a restaurant, where people would come to sit down and eat – this would add to the cost of food and reduce their profitability, as well as constrain their target market mainly to just the locals living in the area. Instead, as this will be fast prepared and fast consumed food, they are looking to establish a modern and open space with very little seating for the customers, and concentrate on capitalizing on the well-established system of delivery service providers in Dubai, which range from those which are already well known in the Western world, such as Deliveroo and UberEats, all the way to the more locally known delivery providers such as Talabat and Zomato.
They will also use in their favor the local customs, whereby people are very much used to “drive-through” food joints and prefer to take the food from the restaurant to eat at home with their friends and family or in the office with colleagues for lunch. Their chosen location for the restaurant is the perfect spot, as it is a street, where many other such restaurants are located. This means that it is the place, where the locals go for take-away food. You will think that this means increased competition, but Double Like Dubai views this as their advertising tool – the more people see their joint, the more likely they are to pop in and check it out. And believe it, when they say – the street is filled with people, cars and delivery vehicles especially in the evenings.
It is very similar to the delivery service providers. Apart from the fact that they provide convenience for the restaurants, as they do not need to employ their own drivers, they also provide them the indirect service of advertising. People searching their platforms for food deliveries will come across Double Like Dubai even if they have never heard of it previously, meaning they are more likely to try out their delicious food.
Double Like Dubai is not looking to this project as a means to an end or a one-off thing. Instead, they view this as the beginning of a long journey, whereby they will work towards establishing their presence in the area by expanding to other nearby places, such as Abu Dhabi and Kuwait among others and develop their chain of restaurants. This very much corresponds with the beliefs and ethos of TFGcrowd founders, which is why they have already invested funds in this project upfront to allow Double Like Dubai to move fast and secure their chosen premises and start preparing for the construction works.
Definitely check out the beautiful photos of the juicy lobster rolls they are going to be serving in Double Like Dubai – we were allowed to taste them, as part of the pitch of their project to the TFGcrowd and we can confirm that they are truly out-of-this-earth delicious!
Dubai is currently in the middle of a great cultural flux even as its rapidly changing social landscapes continue to impact its state of affairs. While it’s still one of the most visited and most prosperous cities in the world, major changes – ranging from shifts in popular taste as well as the changing makeup of its tourists – are playing a role in the evolution of its food and beverage industry, leading customers and business owners both to more novel dining experiences.
Dubai has always been the Middle East’s bastion of diversity, serving as a hub where various cultures are given opportunities to interact and meet. Recent changes in the global economy and the rise of Asian countries such as China and South Korea to industrial prominence saw its impact in tourist arrivals, and by extension, the food and beverage industry.
A 2018 KPMG report notes: “While tourist arrivals to Dubai have increased at an annual rate of 6.7% between 2014 and 2017, the increase has been primarily from Asian markets. These visitors tend to seek a budget-friendly experience and often gravitate towards more familiar cuisines.”
This shift in the food and beverage demographic spelled the need for the diversification of options across the country earlier into the last decade. Today, it continues to be a trend that shapes and broadens the repertoires of restaurants across the UAE.
One of the most salient effects this has had on the food and beverage industry is the rise of experiential dining. A recent article discussing common dining trends in Dubai describes it as such: “With people becoming ever more conscious of how they spend their free time, diners are now seeking something beyond a traditional restaurant experience. Pop-ups and supper clubs, local and global guest chef appearances at Dubai restaurants, cooking classes paired with a meal or even live entertainment weaved into the dining experience are all now part of the scope when enjoying an evening out, making it more of an occasion, than a simple meal.”
Speaking of current food trends in the city, Shivam Goyal, founder of India’s most popular fusion food joint “Mitra Bistro,” noted that “Although Dubai has no dearth of finger-licking food, trends have changed dramatically from conventional food to fusion cuisine. Today, the major thrust is on presentation and transforming traditional food to modern or progressive cuisine. In 2019 and beyond, only those operators would win who offer unique experience along with authenticity to customers.
All things considered, the market is ripe for novel concepts like Double Like to thrive by capitalizing on local food trends like experiential dining that favors novelty and innovation.