After much fanfare, Sheikh Ali Rashed Ali Saeed Al Maktoum has reportedly said that he will not be opening a family office in Hong Kong in the foreseeable future.
Originally scheduled to open a family office in Hong Kong in March, Sheikh Ali Rashed Ali Saeed Al Maktoum has now said that he will not do so in the foreseeable future, according to an «SCMP» report citing representatives.
The Dubai-based family office did not give any explanation for the reversed decision but noted that it was still be interested in exploring business ventures in the region across Hong Kong, mainland China and Southeast Asia.
Due Diligence Worries
After a high-profile announcement to open a $500 million family office that included a meeting with Hong Kong chief executive John Lee and an appearance in a major local wealth summit, questions emerged about due diligence on the Dubai royal who first said he would open the family office in March before a last-second change to May.
«[I]f the government wishes to promote the city’s family office policy by publicizing some examples, then they should really be more careful and do the proper background checks first to make sure they don’t end up with egg on their face,» Hong Kong government adviser and barrister Ronny Tong previously said.
