A little-known Dubai royal has made headlines in Hong Kong after his high-profile plan to open a US$500 million (S$674 million) family office in the city was suddenly delayed.
Doubts about Sheikh Rashed Ali Saeed AI Maktoum's commitment to the venture deepened over the past week, after the local media uncovered his sideline career as a pop singer and revealed that the authorities did not vet his background before letting him meet the city's top leader.
The incident has cast a shadow over Hong Kong's ambitions to attract the super-rich to set up family offices in the financial hub. It also comes as the city increasingly looks towards wealth in the Middle East as a source of foreign investment.
Sheikh Ali, whom the United Arab Emirates consulate confirmed is a relative of Dubai ruler, Sheikh Mohammed bin Rashid AI Maktoum, on March 27 abruptly halted plans for the official opening of his Hong Kong family office the next day.
His office said he had to see to "urgent matters in Dubai", and in a subsequent flurry of statements over the following week, insisted that the sheikh remained committed to his plan and would formally open the office at the end of May when he visits Hong Kong again.
Sheikh Ali's planned office, located within Shun Tak Centre in Sheung Wan, shares its space with an investment firm linked to late Hong Kong billionaire Stanley Ho, local newspaper South China Morning Post (SCMP) reported.
Sheikh Ali was among a group of important guests who met Chief Executive John Lee and spoke at a major wealth summit in Hong Kong in late March.
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".
The sheikh's exact ties to Dubai's ruling family as well as the size and source of his wealth have not been disclosed.
Denne historien er fra April 08, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 08, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
'Football died' when Klopp joined Red Bull
BERLIN - Jurgen Klopp's decision to join Red Bull as their Global Head of Soccer has sparked strong reactions from many German fans.
ALCARAZ IN 'CRAZY' LOSS TO MACHAC
Spaniard can’t believe opponent’s level after defeat scuppers rematch with Italian Sinner
New arrivals at FIA after high-profile departures
LONDON Formula One's governing body announced two senior appointments after headline departures triggered talk of an exodus from the International Automobile Federation (FIA) led by Emirati Mohammed Ben Sulayem.
OLYMPIC RINGS OF FIRE OVER EIFFEL TOWER
French minister plans to wrest control of landmark from Paris mayor amid logo row
EVEREST CLIMBS TO GROUP 1 HEIGHTS
World’s richest sprint race gains recognition at its eighth running, as well as All-Star Mile
Heat stress Different work conditions require flexible guidelines on workers' attire
We thank Mr Rahul Gupta for his suggestions (Study standard heat-friendly work clothes for outdoor workers, Oct 8).
Airbus deliveries drop as suppliers struggle
PARIS Airbus deliveries fell 9 per cent in September to 50 jets compared with the same month in 2023, the European planemaker said on Oct 9, rekindling a debate over the strength of its industrial goals as suppliers struggle to keep up with demand.
Mental health ambassadors at all PAP branches by 2025
By 2025, all 93 People's Action Party (PAP) branches will have mental health ambassadors to promote mental well-being in every neighbourhood and support the work of MPs in addressing residents' mental health concerns.
Zelensky says there is 'real chance' to end war in 2025
He did not reveal how this could happen but is counting on support from key allies
Prabowo defends plan to expand government with ‘fat' Cabinet
JAKARTA Indonesia's Presidentelect Prabowo Subianto has defended his plan to expand government agencies, saying it is needed for a strong administration even if critics call it a \"fat\" Cabinet that will bloat the bureaucracy.