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Sheikh Mohammed bin Rashid Al Maktoum turns 73 today

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai celebrates his 73rd birthday on Friday, July 15.
Sheikh Mohammed was born 15 July 1949. He is the third son of Sheikh Rashid bin Saeed Al Maktoum, former vice president of the UAE and ruler of Dubai. Sheikh Mohammed succeeded his brother Maktoum as vice president and ruler following the latter's death in 2006.
His mother was Sheikha Latifa bint Hamdan Al Nahyan, daughter of former ruler of Abu Dhabi Sheikh Hamdan bin Zayed bin Khalifa Al Nahyan.
Sheikh Mohammed was close to his grandfather Sheikh Saeed bin Hasher Al Maktoum and was often seen sitting beside him.
From age four, Sheikh Mohammed was privately tutored in Arabic and Islamic Studies. In 1955, he began his formal education at Al Ahmadiya School, a small primary school in Deira.

From October 1958, Sheikh Rashid began severe preparations for his sons' future in government.
In August 1966, Sheikh Mohammed flew to the UK to enrol in the Bell School of Languages in Cambridge.
Afterwards, Sheikh Mohammed attended Mons Officer Cadet School - Aldershot, which is now part of the Royal Military Academy Sandhurst.
In 1968, Sheikh Mohammed became the world's youngest defence minister and was appointed the Dubai Police and Public Security force head.
On December 2, 1971, months after Sheikh Mohammed turned 21, an interim constitution was signed that regulated the establishment of the UAE.

In January 1995, Sheikh Maktoum, the then Ruler of Dubai, signed a decree appointing Sheikh Mohammed as Crown Prince of Dubai.
This appointment had dramatic effects, as Sheikh Mohammed launched many initiatives and projects to prosper the future of Dubai.
Dubai opens Museum of the Future; the most beautiful building on Earth
On January 4, 2006, Sheikh Mohammed became the Ruler of Dubai following the death of his elder brother Sheikh Maktoum bin Rashid Al Maktoum, the then Ruler of Dubai.
On January 5, the members of the UAE Supreme Council elected Sheikh Mohammed as the Vice-President of the UAE.
On February 11, 2006, the late Sheikh Khalifa bin Zayed Al Nahyan, former president, nominated Sheikh Mohammed to become the Prime Minister of the UAE; the Council approved this nomination.
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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