Hong Kong’s quest to lure Middle Eastern wealth has seen its first high-profile success with the nephew of Dubai’s ruler seeking to form a family office in the city.
Sheikh Ali Al Maktoum is opening a family office in Hong Kong, according to a «Bloomberg» video interview. Sheikh Ali is the nephew of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
«I got to see a lot of similarities with Dubai,» he said about the city. «It’s known that mainland China and Hong Kong are some of the leading players in terms of investment and opportunities, so I want to take advantage of that.»
Investment Targets
According to the family office’s CEO Eleanor Mak, it will manage up to $500 million and seek opportunities in Asian sectors including artificial intelligence, construction, electric vehicles, tourism and fintech.
In a market study by Deloitte, Hong Kong is estimated to be home to around 2,700 single family offices. The city is looking to grow this market with chief executive John Lee announcing the target of attracting another 200 family offices by the end of 2025.
