Sheikh Ali Rashed Ali Saeed Al Maktoum's plan to open a $500 million family office in Hong Kong is delayed after doubts arise about his commitment, following the revelation of his sideline career as a pop singer and the lack of background vetting by authorities.
Doubts about Sheikh Ali Rashed Ali Saeed Al Maktoum’s commitment to the venture deepened after the media uncovered his sideline career as a pop singer .
Sheikh Ali, whom the United Arab Emirates consulate confirmed is a relative of Dubai ruler Mohammed Rashid Al Maktoum, on March 27 abruptly halted plans for the official opening of his Hong Kong family office the next day. In an interview with Bloomberg earlier that month, he said he decided to set up his family office in Hong Kong because “I got to see a lot of similarities with Dubai. There’s potential for long-term growth”.
Hong Kong government adviser and barrister Ronny Tong said the authorities might initially have hoped to publicise Sheikh Ali’s planned investment in the city “because he’s from an acclaimed royal background, or he might be the only person willing to be the focus of such attention”. Hong Kong has been trying to attract wealthy family offices to set up shop in the city as it seeks to restore business confidence after a prolonged economic slump.
He further noted that while the Hong Kong government had in 2007 already tried to form ties and promote business cooperation through a study tour to Riyadh, Saudi Arabia, Abu Dhabi and Dubai, not much progress had been made until the past year. Still, the mere deferment of the launch of Sheikh Ali’s family office did not necessarily mean that the sheikh’s plan had been scuppered, Mr Loh Kia Meng, chief operating officer at Dentons Rodyk law firm in Singapore, told ST.
Dubai Royal Family Office Hong Kong Delay Commitment Pop Singer Sideline Career Background Vetting Financial Hub Middle East Foreign Investment
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