Dubai Prince Sheikh Ali Rashed Ali Saeed Al Maktoum's plans to open his family office in Hong Kong have hit another snag as the website of his family office has gone offline. The website, which included a list of staff and photos of Sheikh Ali attending events, was an important source of information about the office. Last month, Sheikh Ali announced plans to set up a family office with $500 million in Hong Kong, but the opening ceremony was delayed. Sheikh Ali was initially referred to as the nephew of Dubai's ruler Sheikh Mohammed Bin Rashid Al Maktoum, but it was later revealed that he is from a distant branch of the ruling family. Sheikh Ali is also a popular singer known as Alira. The website going offline has raised further questions about the transparency and credibility of Sheikh Ali's family office.
In response to Sheikh Ali Al Maktoum's plans, Hong Kong treasury chief Christopher Hui Ching-yu stated that Hong Kong welcomes all 'lawful and rule-compliant' capital. Hui mentioned that Hong Kong has implemented various policies and strategies to attract institutions to establish family offices. The prince's top aide revealed that he is expected to return to Hong Kong no later than June for the opening ceremony, business meetings, and charitable activities. The prince had previously postponed the inauguration in March due to private matters. The CEO of the prince's Hong Kong-based office, Eleanor Jane Mak, stated that the exact dates for the inauguration could be in June. Hong Kong aims to help at least 200 family offices establish or expand their operations in the city by the end of 2025.
The website going offline has added to the skepticism surrounding Sheikh Ali's business track record and the depth of his connections within the ruling family of Dubai. It remains to be seen how this development will impact the perception of Sheikh Ali's family office and his investment plans in Hong Kong. [3a9d7463] [0d75a18e]
The saga of Dubai Prince Sheikh Ali Al Maktoum's abandoned $500 million family office in Hong Kong has not affected the city's appeal to the super-rich, according to experts. While the incident has left a "bad taste" in Hong Kong and the United Arab Emirates, business leaders believe that it will not significantly impact the financial hub's attractiveness to wealthy individuals. Sheikh Ali Rashed Ali Saeed Al Maktoum, a member of Dubai's royal family, initially announced plans to open a family office in Hong Kong in March. However, the opening ceremony was repeatedly delayed, and the website of the family office has now gone offline. Experts have raised concerns about the transparency and credibility of Sheikh Ali's family office, given the website's disappearance. The incident has also led to questions about Sheikh Ali's business track record and his connections within Dubai's ruling family.
Experts have noted that despite the controversy surrounding Sheikh Ali's family office, Hong Kong remains an appealing destination for the super-rich. The city's favorable tax regime and pool of qualified professionals make it a competitive choice for family offices. While the Maktoum affair has generated negative publicity, insiders and family offices on the mainland have indicated that the impact has been minor. However, some experts have called for better due diligence efforts in the future to avoid similar situations. They also believe that the unrest in the Middle East presents an opportunity for Hong Kong to attract Middle Eastern money to the city. Overall, the incident involving Sheikh Ali's family office is seen as a learning curve for all stakeholders, and it is expected that Hong Kong will continue to be an attractive destination for investment.