Bear Garcia previously worked for West Coast Customs in the US, customising cars for celebrities such as Paris Hilton.
Bear Garcia previously worked for West Coast Customs in the US, customising cars for celebrities such as Paris Hilton.

Pimp My Ride-style show under development in the Middle East



A Pimp My Ride-style television show under development by the Middle East broadcaster MBC will pit rival mechanics against each other to create the most outrageous "restyled" cars. The US TV show sees teams collaborate to create "ghetto-fabulous" customised cars, but the MBC spin-off will feature a new twist, according to Bear Garcia, a car designer who is involved in negotiations for the show.

"The show will be like Pimp My Ride but with a twist, because there will be different garages working against each other to create the best car. I want to be one of the builders [of cars on the show] - I don't think it will be a hosted show." Mr Garcia, a veteran of the custom car scene who has recently moved to Dubai, confirmed he was involved in negotiations for the new show. "We have negotiated a 13-episode agreement for a general customised car TV show with MBC Action, which is in its final stages and can take off any time from now," he said.

Mr Garcia is a former employee of the West Coast Customs "car restyling centre" in the US, which has created customised cars for celebrities including Paris Hilton, Kobe Bryant, Shaquille O'Neal and Snoop Dogg. "The customised car market in the region is still young but booming," said Mr Garcia. "That is why I came over here to be part of its growth." A spokeswoman for MBC confirmed that a car-related show was under development, but said the name of the show and its participants were still under negotiation.

"We are developing and producing a new car show to be aired on MBC Action post-Ramadan. It is too early to elaborate further on this," said the spokeswoman. During his employment at West Coast Customs, Mr Garcia appeared as a car builder on the Street Customs TV show, which aired on Discovery's TLC channel. West Coast Customs was also involved in MTV's popular Pimp My Ride show. Following his move to Dubai, Mr Garcia now plans to boost the car modification market in the Middle East and says media exposure is one of the best ways to do this.

"We will also be appearing on MTV Arabia as part of the Custom Design Cup," he said, referring to the first car design competition in the Gulf that is open to all. The Custom Design Cup is organised by the Middle East Motor Tuning Show (MEMTS) and aims to give ordinary people a chance to have their own interior and exterior designs brought to life. Mr Garcia and his team will have a budget of Dh100,000 (US$27,226) to bring the winning designs to life on a Dh180,000 Ford Mustang, with the project's progress followed on TV.

The resulting customised car will then be auctioned at the opening of MEMTS, which runs from October 14-18 at the Expo Centre Sharjah. Winners of the competition for both interior and exterior designs will receive cash prices of $1,000 for each category as well as being featured on the subsequent MTV Arabia's programme about the competition. Mr Garcia is hoping the two potential TV appearances will help pave the way for television shows focusing on customised cars, which have taken off in Europe and the US. Mr Garcia also runs the Bespoke Auto Design garage in Dubai, with his shop featuring in both TV shows.

He said the UAE was a prime location for the business because expatriates and Emiratis were willing to lavish money on customising their vehicles. "In the long term, we plan to have 50 per cent of our business at Bespoke in building cool cars and another 50 per cent in sponsorship deals on TV." bflanagan@thenational.ae

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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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.”