Middle East family offices on agenda for Hong Kong officials, bureau says

Officers are planning one other go to to the Center East in a bid to draw household places of work to Hong Kong, the federal government has mentioned, stressing that such wealth administration corporations don’t require approval regionally amid controversy over a Dubai prince’s dedication to investing within the metropolis.

The Monetary Companies and the Treasury Bureau additionally mentioned in a social media put up on Saturday that latest “discuss of the city” confirmed a basic lack of know-how about household places of work, however steered away from mentioning Sheikh Ali Rashed Ali Saeed Al Maktoum.

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In a put up offered in a question-and-answer format, the bureau mentioned Hong Kong welcomed household places of work of all asset sizes and wouldn’t intervene of their funding choices.

“The institution of a household workplace in Hong Kong doesn’t require particular authorities approval, and the federal government doesn’t put money into or present monetary help to particular person household places of work established in Hong Kong,” it mentioned.

“It’s fully as much as the household workplace to determine which funding initiatives a person household workplace will undertake in Hong Kong.

“The federal government is not going to be concerned in its funding choices. So long as they’re compliant, Hong Kong will welcome them.”

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The bureau was additionally planning one other go to to the Center East area to proceed exploring related enterprise growth alternatives, it mentioned.

Chief Govt John Lee Ka-chiu paid a weeklong go to to the United Arab Emirates and Saudi Arabia in February final yr as the federal government sought various sources of funding amid heightened geopolitical tensions between China and the West.

Maktoum additionally started his shift from a performer to a sustainability centered investor final yr. No updates have been posted on Alira’s TikTok web page since final June, whereas the sheikh started attending funding boards in Dubai within the third quarter and visited Hong Kong in December.

His second go to to the town final month included talking at a session of the Wealth for Good in Hong Kong summit. Nonetheless, his determination to postpone the launch of his high-profile household workplace within the metropolis on the final minute sparked questions amongst some about his dedication to the funding.

Authorities sources beforehand mentioned that solely “primary” checks had been carried out earlier than the sheikh’s engagement, as they feared a stringent evaluation may offend the VIP.

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The bureau made no point out in regards to the due diligence efforts in its Saturday put up, nevertheless it reiterated that it was “uncommon to see such a grand gathering” of high-calibre visitors from royal households, worldwide enterprises, monetary establishments and philanthropic teams.

It additionally mentioned a gathering was held on March 26 between Lee and about 30 audio system and outstanding visitors “to specific the significance connected to the notable visitors”. Maktoum was one in every of them.

The put up adopted feedback by Aaron Shum Wan-lung, founding president of the Hong Kong-Center East Enterprise Chamber, who informed a variety of media retailers that the prince might need felt offended after studying of a seemingly “downgrade” of officers attending the now-postponed opening ceremony.

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However two authorities sources mentioned authorities had been aware that sending a high-ranking official to the opening of 1 specific workplace may create notion issues for others that they weren’t receiving equal remedy.

A supply mentioned the newest weblog put up was meant to place an finish to the controversy and it was hoped members of the general public would have a greater concept on household enterprise places of work.

The non-public workplace declined to touch upon Shum’s remarks.

The bureau additionally famous that Hong Kong’s low tax regime, political stability and rule of regulation, would permit household places of work to flourish within the metropolis.