Scrubbed Social Media Sparks Speculation
The “Dubai Prince,” who pledged to establish a family office in Hong Kong with a $500 million investment, received a grand reception from the Hong Kong authorities, which addressed him as “His Highness,” and he met with Hong Kong Chief Executive John Lee Ka-chiu.However, after attending the “Wealth for Good in Hong Kong” event in late March, Mr. Maktoum immediately postponed his family office press conference until May.
The Hang Seng University of Hong Kong (HSUHK), which recently issued a certificate appointing “Prince Ali” as an honorary professor and signed a memorandum of cooperation with his private office, deleted all related content on April 10.
The incident has attracted widespread speculation, and local media outlets alleged his true identity is merely a distant relative of the ruler of the United Arab Emirates (UAE).
In response to queries from SCMP, the UAE Consulate General in Hong Kong stated that Mr. Maktoum comes from the ruling family and can be addressed as a “sheikh,” and that most sheikhs have their own private offices. The report also cited two sources saying that Prince Ali is a distant relative of the vice president.
When asked to confirm whether he is the nephew of the UAE prime minister, Mr. Maktoum avoided answering the question by saying, “I am a member of the family. I look up to him. I see him as my inspiration. I’m thankful for his leadership.”
Singer Background
In addition, SCMP speculated that Mr. Maktoum closely resembled a Filipino singer, Alira, who was popular in the Philippines several years ago. Radio Free Asia used facial recognition software to compare photos of both, and the result was a 100 percent match.Stranger Helped Mr. Maktoum Buy SIM Cards
A Facebook post on Dec. 16, 2023, during Mr. Maktoum’s visit to Hong Kong, showed that the poster met the prince by chance and attached a photo of the two together.“He [Mr. Maktoum] is just like any normal person, afraid of not having Wi-Fi. So I stayed up at night to obtain several SIM cards, helping him and his entourage to access the internet and make calls back to Dubai,” read the post in Cantonese.
Senior media personality Ng Chi Sum said on his program on April 10 that if it would be a huge embarrassment to the Hong Kong leader if Mr. Maktoum is discovered to be a fraud.
Hong Kong, as an international financial center, would be “laughed at by Singapore,” he said, adding that he believed the HSUHK took down Mr. Maktoum-related content to preserve its image.
Facing multiple doubts, the Hong Kong authorities still insist on its original approach.
A senior official told SCMP that strict scrutiny of Mr. Maktoum’s family office background could offend other overseas investors and damage Hong Kong’s financial center’s reputation. The official admitted that the government needs to be more sensitive and cautious to avoid any unnecessary controversy.
Eleanor Jane Mak, the vice chairman and CEO of Mr. Maktoum’s family office, stated on April 1 that the office will operate in Hong Kong as planned.
Chief Executive’s Dubai Trip Highlight HK’s Status
While the prince’s family office website was restored on April 11, the incident highlights the embarrassment Hong Kong faces as the “ruin of an international financial center.”Hong Kong, which ranked among the top three international financial centers for years, used to attract investors globally, and a $500 million investment would not have attracted much attention in the past.
Mr. Lee personally went to the Middle East in 2023 to attract investment, trying to expand new business opportunities under European and American sanctions. However, contrary to his expectations, Hong Kong was overtaken by the Indian stock market by the end of 2023, falling behind Mumbai in the global stock market capitalization ranking.
“I would rather call Ali a pawn than a fraud,” said Mr. Feng. “From beginning to end, the ones who truly harmed Hong Kong’s reputation and interests were never him.”
“While Hong Kong lays out the red carpet to attract wealthy families from around the world, Singapore has been tightening regulations on family offices over the past two years,” reads the editorial. “A large number does not necessarily mean good quality. Singapore clearly recognizes that if funds of unknown origin flow into the country illegally, it will damage the image and reputation of our country as a financial center.”
Benson Wong Wai-Kwok, a Hong Kong international relations scholar, described the incident as an “international scandal,”
Mr. Wong believed that the Hong Kong authorities’ failure to check investors’ backgrounds reflected their eagerness to show economic achievement to Beijing and worried that similar incidents might occur in the future.