The Hong Kong government has neither invested in nor offered “additional policy benefits or financial support” to any family offices, a spokesperson has said, after news that a Dubai sheikh planned to set up a family office in the city triggered suspicion surrounding his identity and source of wealth.
Sheikh Ali Rashed Ali Saeed Al Maktoum, who said he was a nephew of the United Arab Emirates (UAE) ruler Sheikh Mohammed bin Rashid Al Maktoum, announced his plan to set up a family office in Hong Kong to manage up to US$500 million in a Bloomberg interview in March.
The move attracted attention as Hong Kong has sought to attract the super rich to set up family offices with tax incentives. Al Maktoum was received by Hong Kong’s leader John Lee last Tuesday and gave a speech at a high-end summit last Wednesday, according to local media reports.
Additionally, The Hang Seng University of Hong Kong last Tuesday signed a memorandum of understanding with the sheikh’s family office and appointed Al Maktoum an honorary professor.
However, last Thursday, the Dubai royal announced that the opening of his family office would be delayed, citing urgent issues that needed handling in Dubai, local media reported.
Suspicion surrounding the royal’s identity arose after the South China Morning Post (SCMP) reported that Al Maktoum resembled a singer who was popular in the Philippines. The TikTok account associated with the signer has not been updated since around the time the domain name of Al Maktoum’s private office was registered.
When asked whether he was a nephew of the UAE’s current ruler and royal, Al Maktoum told the SCMP that he was “a member of the family.”
Regarding the US$500 million, the sheikh said it came from his “own initiatives. “
In a response to HKFP, a government spokesperson said on Friday that family offices brought opportunities to the financial industry and attracted capital to Hong Kong markets and philanthropic sectors. Since May 2023, Hong Kong has offered tax exemptions to single family offices.
“The government has not made any investments in family offices established in Hong Kong, nor will it provide any additional policy benefits or financial support,” the spokesperson said in the Chinese-language statement.
CEO lobbied for Hong Kong ‘sky rail’
According to local media outlets, Al Maktoum had hired local staff for his proposed family office, including CEO Eleanor Mak. Mak appeared in Bloomberg’s interview along with Al Maktoum and has issued multiple statements on his behalf.
Along with pro-establishment lawmaker Bill Tang, Mak lobbied the Hong Kong government last July to build an elevated railway in East Kowloon. Mak announced then that she was CEO of the Zhong Tang Air Railway Group’s International Branch.
According to HK01, the Supreme People’s Court has listed Zhong Tang Air Railway Technology Company as “untrustworthy,” meaning the consumption and access to public transport of its representatives would be limited. The company is a subsidiary of the Zhong Tang Sky Railway Group.
Besides, Mak also acted as the chairperson and CEO of China New Energy Skyrail International Limited, a Hong Kong-registered company.
In response to enquiries from HKFP, a spokesperson of China New Energy told HKFP that the company “jointly developed” the technology for the “sky rail” with Zhong Tang but the two companies have no common shareholders.
Mak has not worked as CEO for Zhong Tang since earlier this year, the spokesperson added.
Corrections:
12/4/2022 at 6.30 pm: An earlier version of this article incorrectly stated that Eleanor Mak was still CEO of Zhong Tang Sky Railway Group, when in fact she left the company in early 2024. We regret the error.
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