|Date of Birth:
|July 15, 1949 (74 years old)
|United Arab Emirates
What is Sheikh Mohammed bin Rashid al Maktoum’s net worth? How does Sheikh Mohammed bin Rashid al Maktoum make his money? Below is the current net worth of Sheikh Mohammed bin Rashid al Maktoum and how Sheikh Mohammed bin Rashid al Maktoum makes his money.
What is Sheikh Mohammed bin Rashid al Maktoum’s Net Worth?
Sheikh Mohammed bin Rashid al Maktoum is an Emirati politician and business magnate who has a net worth of $14 billion. He serves as the ruler of the Emirate of Dubai and as vice president and prime minister of the United Arab Emirates in contrast to his role as the leader of the Emirate. The man behind those extremely gorgeous artificial palm islands in the Persian Gulf, Sheikh Mohammed, owns 99.67% of Dubai Holding.
Sheikh Mohammed bin Rashid al Maktoum is a contemporary sheikh who was brought into the world on July 15, 1949, in Dubai. When he was born, the United Arab Emirates had not yet been founded. He is a member of the powerful Al Maktoum clan, which is in charge of Dubai and is derived from the House of Al-Falasi.
The previous king of Abu Dhabi is his maternal grandfather. Out of a total of four sons, Sheikh Rashid bin Saeed Al Maktoum and Sheikha Latifa bint Hamdan Al Nahyan had one daughter, Sheikh Mohammed.
Sheikh Mohammed completed his education in Dubai before relocating to the UK in 1966 with his cousin to enroll in the Bell Educational Trust’s English Language School. In Aldershot, at the Mons Officer Cadet School, he later attended and got military instruction (now a part of Sandhurst).
Career In Business
Despite having a history in the government, Sheikh Mohammed is also a shrewd entrepreneur who has made significant contributions to the growth of Dubai’s economy. Many of these firms and assets are housed within his two corporations, Dubai World and Dubai Holding.
In July 2006, the holding company Dubai World started operating. It integrated assets from companies including the transportation company DP World and the real estate developer Nakheel Properties. Ever since, it has expanded and made investments all over the globe, including in nations like South Africa, the United Kingdom, and the United States.
Additionally, Sheikh owns Dubai Holding, a holding company with the Jumeirah Group, TECOM Investments, Dubai Properties Group, and Emirates International Telecommunications as its four main operational functions. Its main areas of focus are tangible assets, telecommunications, business parks, and hotel management and development.
Sheikh Mohammed has proven to be a skilled businessman in the tourism and airline sectors. He was in charge of founding Emirates Airlines, a company with its headquarters in Dubai’s Garhoud.
The airline is a part of the Emirates Group, a company controlled by the government of Dubai. It ranks fourth in the globe and is the biggest airline in the East. FlyDubai, a low-cost carrier that is also under government control, was also supported by Sheikh Mohammed.
Other noteworthy initiatives, such as Dubai’s iconic Burj Al Arab, are also attributed to Sheikh Mohammed. It is managed by Jumeirah, a division of Dubai Holding that Sheikh Mohammed formed in 1997, and is a hotel property manager. The Palm Islands project, a notable development of real estate that juts into the Persian Gulf and consists of a series of manmade archipelagoes, is also under the Sheikh’s supervision.
The Burj Khalifa, the tallest structure in the universe, which debuted in 2010, is another project he is responsible for. The Burj Khalifa and the Dubai Mall share the same building structure, making them both the biggest shopping malls in the world by combined square footage.
Career In Politics
Upon his return to society, Sheikh Mohammed’s father, who at the time was the monarch of Dubai, appointed him as the commander of the Dubai Police Department and the Dubai Defense Force (which is now part of the Union Defence Force).
Sheikh Mohammed was present on a momentous day in January 1968 when Sheikh Rashid of Dubai and Sheikh Zayed of Abu Dhabi first convened to explore the formation of a merger between the Etihad. On December 2, 1971, the United Arab Emirates was officially founded, with Sheikh Mohammed serving as the nation’s first Minister of Defense.
Maktoum bin Rashid Al Maktoum, who was in control of Dubai at the moment, selected Sheikh Mohammed to be the Crown Prince of Dubai in January 1995. After the death of his brother, Sheikh Mohammed became the new ruler of Dubai on January 4, 2006.
The Federal National Council, the nation’s highest court, chose him to succeed his predecessor as vice president of the United Arab Emirates the next day. When he became the nation’s prime minister on February 11, 2006, the Council was suited to handle him. President Khalifa bin Zayed Al Nahyan had proposed to him for the position.
Sheikh Mohammed likes to go all out in his private affairs. He’s fathered 19 children. As of today, $100 million (in today’s dollars) was squandered on a month-long celebration in Dubai that peaked in a wedding for 20,000 spectators in a stadium built particularly for the occasion. His 1979 nuptials to his first wife still holds the Guinness World Record for “Most Expensive Wedding.”
His second officially valid wife, Princess Haya bint Hussein of Jordan, with whom he wed in 2004 and filed for separation in 2019, was also his second marriage. There have also been a few “unofficial” wives for Sheikh Mohammed. The two children of Princess Haya left Dubai in June 2019. She then requested exclusive custody of the children from the court.
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