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Al Maktoum Office is in Hong Kong: The Family Office of Sheikh Ali bin Rashed Al Maktoum has inaugurated a new family office in Hong Kong, making it the first Emirati family office outside the UAE, Chairman Sheikh Ali Rashed Ali Saeed Al Maktoum and Vice Chairman Eleanor Mak told Bloomberg (watch, runtime 8:45). The Hong Kong office — which is running with a fund of up to USD 500 mn — is looking to provide financing for companies across various sectors in Asia, in fields such as AI, construction, fintech, tourism, and electric vehicles, Mak said, without specifying a target size for investment tickets.
The office is poised to make its first investment in the construction and real estate sectors within this year, Sheikh Ali and Mak said, with discussions already underway with potential target companies. The two did not disclose further details on the companies they are eyeing or the expected size of the transaction.
Why Hong Kong? The city is “advanced in so many aspects and has so much to offer in terms of investment opportunities and business expansion,” according to Sheikh Ali, who also praised the city’s legal and investment management services, as well as its connection to mainland China.
The family office’s scope extends beyond Hong Kong, welcoming technologies from any countries or regions that hold potential for scalability in the UAE, according to Mak.
Background: Hong Kong is looking to attract high net worth individuals amidst its economic recovery efforts and escalating US-China relations, according to Bloomberg. With tax and residency incentives, it aims to bolster its appeal to family offices, countering Singapore’s growing dominance in hosting family offices.
