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Dubai Sheikh halts launch of USD500m HK family office



Sheikh Ali Al Maktoum, claiming ties to Dubai’s ruler, postponed the opening of his Hong Kong family office, initially set for Thursday, due to urgent matters in Dubai. The announcement, made via a WhatsApp message from the Hong Kong-Middle East Business Chamber, comes amid Hong Kong’s efforts to attract family offices managing the wealth of the ultra-rich. Sheikh Ali, who previously announced plans for a USD500m family office focusing on investments in AI, electric vehicles, and fintech, made the decision after a December visit. His wealth and familial connections remain unclear. This delay occurs as Hong Kong, aiming to become a hub for wealthy families by 2025, strengthens ties with Dubai to coordinate family office activities, including tax incentives and promotional campaigns to attract family offices.

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