Week in Motoring: Rat Pack star Dean Martin's unique Ghia L6.4 for sale



Dean Martin's unique Ghia car goes on sale

Few men were cooler than Rat Pack crooner Dean Martin and, when you're as cool as him, you inevitably need to drive around in a cool car. So Martin chose the classic 1962 Ghia L6.4 - of which only 26 were built - as his wheels of choice. But even that wasn't individual enough for him and he got famous custom car builder George Barris to add some personalised touches. The good news for car enthusiasts today is that Martin's car still exists and is on sale for US$199,550 (Dh733,000) from Hyman Cars Ltd (hymanltd.com), according to Jalopnik.com. The car has a 335hp Chrysler V8 engine and looks in great condition, so it's a bit of a bargain for a car once owned by an icon.

Boy racer parking up wrong tree with locals

Residents of a sleepy village were so fed up with a boy racer driving them around the bend that they took his car and lodged it up a big willow tree, The Sun reports. The Ford Escort belonging to Zbigniew Filo, 24, who doesn't have a driving licence, was hoisted up the tree overnight in Lubczyna, Poland, by the anonymous resident using a mobile crane. Villagers are keeping tight-lipped about the prank but one said: "It's probably a good thing as he was a dangerous driver and could have killed someone." Police told Filo to remove the car himself and the tearaway has promised to change his ways when behind the wheel.

Car testing is nothing but monkey business

We at Motoring know that not everyone will always agree with our opinions on cars but Hyundai has opted to get the lowdown on its i30 from a wholly different bunch of reviewers - a group of 40 baboons. The Koreans wanted to test the durability of the saloon, which was launched in the UAE last week, so it was parked in a field of monkeys at Knowsley Safari Park in England for 10 hours. The car was left with a few scrapes, bite marks on the steering wheel and a dislodged rubber door seal but it still passed the test, according to the Daily Mail.

Ancient Chinese wall feels wrath of Ferrari

Ferrari has had to apologise after one of its cars damaged a Chinese monument ahead of a publicity event. A 458 Italia was filmed wheel-spinning on top of the 600-year-old Ming dynasty era wall in the city of Nanjing, BBC News reports. The incident has provoked anger online, with one Chinese web user calling it a "rude insult". However, most fury has been directed at city officials, who reportedly agreed to rent use of the wall for about Dh50,000 to Ferrari for a celebration to mark the company's 20 years in China. Ferrari said a dealership employee, who's not Ferrari staff, caused the tyre mark damage to the wall.

Learn to race with help of F1 and Nascar stars

Now here's an opportunity that doesn't arise every day - the chance to learn from Formula One driver Lewis Hamilton and Nascar's Tony Stewart. But not only can you pick up the stars' best tips, you don't need to leave the house as the tutoring all takes place in a new free online game, Mobil 1 Racing Academy. In the game you can follow Hamilton's career, racing in karting, F3 and then F1 as the Brit lends advice for each series, while you will follow Stewart from Midget Car to IndyCar and then Nascar, with him also mentoring throughout. Play the game at grid1.tv/game.

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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

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Cagliari v AC Milan (6pm)

Lazio v Napoli (9pm)

Inter Milan v Atalanta (11.45pm)

Sunday

Udinese v Sassuolo (3.30pm)

Sampdoria v Brescia (6pm)

Fiorentina v SPAL (6pm)

Torino v Bologna (6pm)

Verona v Genoa (9pm)

Roma V Juventus (11.45pm)

Parma v Lecce (11.45pm)

 

 

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.”