Dubai prince vows to open family office in Hong Kong by end of May after abruptly postponing earlier launch
A Dubai prince has vowed to launch his family office in Hong Kong by the end of May after calling it off at the last minute earlier this week and sparking questions from the city’s business circles about his commitment to the investment.
The private office of Sheikh Ali Rashed Ali Saeed Al Maktoum on Friday also sought to allay concerns over the United Arab Emirates (UAE) prince’s track record and connections to the ruling family, saying the opening of his family office in Hong Kong was “just the start of his global public service”.
Al Maktoum, 28, reported to be the nephew of Dubai’s ruler and prime minister, made waves after he pledged a US$500 million investment earlier this month for his family office in Hong Kong and gave high-profile appearances in the city over the past week.
But the initially scheduled launch on Thursday was postponed at the eleventh hour.
“It is with deep regrets that the opening of Sheikh Ali Al Maktoum Family Office in Hong Kong was postponed due to some urgent matters in Dubai that needed his attention,” his private office wrote in a statement on Friday.
“However, it was decided that the opening will commence by the end of the month of May 2024.”
Al Maktoum also expressed his “sincere gratitude” to the Hong Kong government, including the Financial Services and Treasury Bureau and InvestHK, for their assistance in establishing his family office in the city, his office added.
The Post learned the Dubai prince’s ambitious investment plan announced earlier attracted considerable attention and interest from mainland Chinese enterprises, which had started looking into his background.
Some found public information and his business records to be scarce, raising questions about his sources of funding and how closely connected he is to the ruling family and whether any business partnerships came with any sovereign guarantee.
Dubai prince abruptly postpones opening US$500 million Hong Kong family office
Dubai prince abruptly postpones opening US$500 million Hong Kong family office
Questions were also raised by scholars who had studied the royal family history of Gulf states on Al Maktoum’s relationship with the prime minister.
Two sources with knowledge of the royals said Ali Al Maktoum was from a “distant branch” of the ruling family.
The consulate of the UAE earlier confirmed that Al Maktoum was “from the ruling family” and “a sheikh” – an honorific title designating a royal family member of the UAE.
In the latest statement, Al Maktoum’s office also painted the 28-year-old as a “visionary leader and patriot of cultural arts dedicated to fostering positive changes that extend beyond the borders of Dubai”.
The prince focused on sustainable business ties between the UAE and Asia, with social responsibilities centring on “bringing business to Dubai and the global market”, the statement read.
UAE prince’s Hong Kong family office shares space with casino-linked firm
UAE prince’s Hong Kong family office shares space with casino-linked firm
“He actively engages with international organisations to tackle global challenges such as poverty alleviation and environmental sustainability,” Al Maktoum’s office said, pointing to his recent appointment as an honorary professor in sustainability leadership by the Hang Seng University of Hong Kong.
“Sheikh Ali Al Maktoum believes that the opening of his family office in Hong Kong is just the start of his global public service,” it added.
The Hong Kong government on Thursday distanced itself from questions about Al Maktoum’s high-profile presence and his links to the Dubai ruler, with a spokesman saying he would not comment on individual business activities.
The prince had spoken at a key family office summit in Hong Kong a day earlier, co-organised by the Financial Services and the Treasury Bureau and InvestHK.
