Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, passed away earlier today, leaving a void that would be very difficult to fill.
He was the longest serving minister in the UAE Cabinet.
Sheikh Hamdan had been Minister of Finance since the very first UAE Cabinet was formed on December 9, 1971.
The brother of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Hamdan played an indispensable role in developing financial policies and government spending.
Sheikh Hamdan also presided over several high-level government entities that play a vital role in supporting the economy and labour market in the UAE. These include Dubai Municipality, Al Maktoum foundation, Dubai Aluminum (DUBAL) and Dubai Natural Gas Company Limited, Dubai World Trade Centre and others.
Under Sheikh Hamdan’s leadership, the UAE's Ministry of Finance had achieved some distinguished results in global indexes over the course of the last decade.
The UAE economy has grown exponentially from just Dh6.5 billion in 1971 to Dh1.54 trillion. Similarly, GDP per capita has also grown from less than Dh10,000 to over Dh40,000.
Sheikh Hamdan had received numerous honours and awards. These include an honour in recognition of his role and the ministry’s efforts in providing data related to aids and grants through international development institutions and the Deauville partnership.
Under Sheikh Hamdan’s leadership, the UAE also introduced five per cent value-added tax (VAT) in the country in order to diversify the revenues of the economy. The increase in revenues were used to develop the infrastructure of the country that would ensure sustainable growth of the economy.
Under Sheikh Hamdan’s leadership, the UAE improved its ranking on a number of fronts, including financial stability, competitiveness and financial strength.
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