A sudden halt in plans by sheikh to open $674 million family office has made headlines.
Doubts about Sheikh Ali Rashed Ali Saeed Al Maktoum’s commitment to the venture deepened after the media uncovered his sideline career as a pop singer.
Sheikh Ali, whom the United Arab Emirates consulate confirmed is a relative of Dubai ruler Mohammed Rashid Al Maktoum, on March 27 abruptly halted plans for the official opening of his Hong Kong family office the next day. 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”.
Hong Kong government adviser and barrister Ronny Tong said the authorities might initially have hoped to publicise Sheikh Ali’s planned investment in the city “because he’s from an acclaimed royal background, or he might be the only person willing to be the focus of such attention”. Hong Kong has been trying to attract wealthy family offices to set up shop in the city as it seeks to restore business confidence after a prolonged economic slump.
He further noted that while the Hong Kong government had in 2007 already tried to form ties and promote business cooperation through a study tour to Riyadh, Saudi Arabia, Abu Dhabi and Dubai, not much progress had been made until the past year. Still, the mere deferment of the launch of Sheikh Ali’s family office did not necessarily mean that the sheikh’s plan had been scuppered, Mr Loh Kia Meng, chief operating officer at Dentons Rodyk law firm in Singapore, told ST.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California Spangle Dubai-bound after victoryHONG KONG - Trainer Tony Cruz dedicated California Spangle’s victory in the HK$13 million (S$2.2 million) Group 1 Queen’s Silver Jubilee Cup (1,400m) at Sha Tin on March 10 to late owner Howard Liang. He also praised Brenton Avdulla’s “perfect” ride on the...
Read more »
Tech evolution will mean more job cuts at Standard Chartered, but staff will be reskilled: CEOIn an exclusive interview with CNA, Standard Chartered CEO Bill Winters spoke about issues such as the impact of technology on jobs, interest rates, its losses in China, and Dubai’s growing status as a global financial hub.
Read more »
‘People will absolutely be displaced’: Standard Chartered CEO on how tech will impact jobsIn an exclusive interview with CNA, Standard Chartered CEO Bill Winters spoke about issues such as the impact of technology on jobs, interest rates, its losses in China, and Dubai’s growing status as a global financial hub.
Read more »
California Spangle beats the world in G1 Al QuozDUBAI - California Spangle charged to a record-breaking victory for Hong Kong in the US$1.5 million (S$2.02 million) Group 1 Al Quoz Sprint (1,200m) at Meydan Racecourse on March 30. The Starspangledbanner gelding defeated a world-class field to provide leading Hong Kong...
Read more »
Iran says it will retaliate for Israel's attack on its Damascus consulateDUBAI – Iran will retaliate over a suspected Israeli air strike against its consulate in the Syrian capital Damascus, Iranian President Ebrahim Raisi said on April 2, a day after seven Iranian military commanders were killed in the attack.
Read more »
Israel to attend new Gaza truce talks despite rejecting Hamas offerGAZA STRIP/CAIRO/DUBAI — Israel said on Friday (March 15) it would send a delegation to Qatar for fresh talks on a ceasefire and hostage release in Gaza, keeping faint hopes for a truce alive despite rejecting a long-awaited counter-offer from Hamas.
Read more »