Scrutiny falls on entrepreneur with mixed track record serving as close aide of Dubai’s Sheikh Ali Al Maktoum in Hong Kong
- Sheikh Ali Rashed Ali Saeed Al Maktoum’s news he was opening a US$500 million family office in Hong Kong, only to postpone the launch ceremony, raised eyebrows
- Prince’s background has come under the spotlight, and one of his close aides has a mixed track record as an entrepreneur
A close aide of a Dubai prince who suddenly postponed the opening ceremony of his Hong Kong family office has a history of unsuccessful blockchain ventures and was involved in a solar plant deal in the United States that collapsed due to a lack of funding, public records show.
Sheikh Ali Rashed Ali Saeed Al Maktoum, reportedly the nephew of Dubai’s ruler and prime minister, grabbed headlines earlier this month when he pledged to open a US$500 million family office in Hong Kong and made appearances at high-profile events in the city over the past week.
But he unexpectedly pushed back the opening ceremony of the office by two months and questions have swirled about his business track record and connections to the ruling family.
Scrutiny has now fallen on his close aides, including the office’s director of international strategic relations William Tien, also known as Tien Chwan Hoa.
Tien was involved in the blockchain-based digital wallet TiENPAY that folded and was a director of a company tied to a solar plant deal in Arizona that imploded when a newspaper exposé revealed the backers could not provide the financing.
In explaining Thursday’s postponement of the launch ceremony of Maktoum’s family office at the eleventh hour, his private office pointed to “some urgent matters in Dubai that needed his attention”.
