Hong Kong authorities and local media are embroiled in a public controversy over a visitor presented as Sheikh Ali Rashed Ali Saeed Al Maktoum and his declared investment plans for the city. He first appeared publicly in December 2023 after signing a memorandum of understanding with the Hong Kong Middle East Business Chamber. In mid‑March he told Bloomberg he would open a family office in Hong Kong to manage a USD 500 million portfolio. InvestHK invited him to speak at the "Wealth for Good" summit on March 27; he met Chief Executive John Lee on March 26 and was named an honorary professor at Hang Seng University. An inauguration originally set for March 28 was postponed to May.
Investigations have since questioned his identity and business links. South China Morning Post reporting on April 2 said the Sheikh has a public persona as Alira, an Emirati pop star who sings in Tagalog and is popular in the Philippines. Reporters also found the office address matched an investment firm tied to Macau casino operators and that some staff came from Here4U, an entertainment company associated with Alira. Social media inquiries highlighted Eleanor Mak (Mak Hoi Yan), who appears on director lists of mainland companies connected to Zhongtang Air Railway Group and who has lobbied for a Kowloon sky train since 2023; she is described as the family offices CEO.
The government has not resolved the identity puzzle. A spokesperson said the government has not invested in family offices and will not grant extra policy benefits or financial support. The chief executive aims to attract 200 family offices by 2025, and the Family Tax Regime Bill passed on May 10, 2023 allows profits tax exemptions for certain Single Family Offices based on self‑declaration. Public concern includes fears of a scam or tax avoidance; the US SEC issued a warning on April 7 about the Sheikhs Hong Kong office and links to cryptocurrencies. So far, no harm has been reported.
- Key figures: the Sheikh, Eleanor Mak, Aaron Shum Wan Lung.
- Main issues: identity, business links, tax and crypto concerns.
- Official actions: meetings, honorary title, postponed inauguration.
Difficult words
- embroil — to involve in a public dispute or controversyembroiled
- memorandum of understanding — a formal but not binding written agreement
- family office — a private firm managing a wealthy family's investments
- inauguration — a formal ceremony to begin an official role
- investigation — a formal inquiry to find facts about eventsInvestigations
- persona — a public image or character someone presents
- tax exemption — official permission to avoid paying certain taxestax exemptions
Tip: hover, focus or tap highlighted words in the article to see quick definitions while you read or listen.
Discussion questions
- Why is verifying the identity of a major investor important for a city like Hong Kong? Give two reasons based on the article.
- How could concerns about tax exemptions and links to cryptocurrencies affect public trust in investment promotion?
- Hong Kong aims to attract 200 family offices by 2025. What steps could authorities take to balance attracting investment and preventing fraud?
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