Hong Kong still magnet for super-rich despite saga of UAE prince and family office: experts
- Middle East expert says affair leaves a ‘bad taste’ in Dubai and Hong Kong, but financial hub can still attract investment from region
The saga of a Dubai prince and his abandoned US$500 million Hong Kong family office has left a “bad taste” in the city and the United Arab Emirates, but business leaders have said the incident will not affect the financial hub’s appeal to the super-rich.
Sheikh Ali Rashed Ali Saeed Al Maktoum, a member of Dubai’s royal family, made a splash in March when he revealed on a visit to Hong Kong that he would open a family office at the end of the month.
But a media frenzy was sparked when the ceremony was called off at the eleventh hour, followed by the discovery of Maktoum’s alter ego as pop singer Alira.
The Hong Kong government also faced questions over the thoroughness of its due diligence before it had invited him to speak at a summit.
The family office in Hong Kong at first promised that Maktoum would return at the end of May for its inauguration.
The sheikh’s private office in Dubai signalled the abandonment of the plan in a statement issued by its protocol unit.
It said that it would not be opening a branch or representation office in Hong Kong “in the foreseen future”.
