Ahmed bin Rashid: A key figure in Dubai’s economic development

Dubai: The economic journey of the late Sheikh Ahmed bin Rashid Al Maktoum cannot be viewed solely through the lens of investment and real estate. Over several decades, his role was connected to the broader trajectory of Dubai’s economic development.

From building assets and developing communities to supporting institutions and sectors that helped shape the emirate’s economic and social landscape, Sheikh Ahmed left a lasting mark on Dubai’s economic development.

While Sheikh Ahmed bin Rashid’s name has long been associated with sport, equestrianism, Al Wasl Club and horse racing, the economic dimension of his life represents an important part of his legacy, particularly through real estate and investment.

He also played a role in establishing and developing assets and institutions that contributed, directly or indirectly, to the expansion of Dubai’s economic activity.

Real estate was among the key economic sectors associated with Sheikh Ahmed’s journey. He chaired ARM Holding and was closely associated with Dubai Real Estate Centre, which was established in 1991 and developed over the following decades into a substantial portfolio of residential and commercial properties in Dubai.

The real estate investments associated with Sheikh Ahmed were therefore not limited to holding assets. They evolved alongside Dubai’s transformation into a city with growing demand for homes, offices, commercial centres and property services — components that would later become key pillars of the emirate’s economy.

Sheikh Ahmed’s investment activities became increasingly diversified through his chairmanship of ARM Holding, a private investment company in Dubai with interests spanning real estate, hospitality, banking and telecommunications, as well as newer sectors including health technology, sustainable food, mobility, financial technology and cultural initiatives.

This diversification reflects an important shift in Dubai’s own investment philosophy, from a focus on traditional sectors towards portfolios combining property, services and the new economy.

The group’s real estate ecosystem includes brands such as Dubai Real Estate Centre, reflecting the expansion from conventional asset management into property development concepts and new models of residential living.

From this perspective, Sheikh Ahmed’s economic responsibilities can be viewed as part of a wider process that unfolded in Dubai over several decades: transforming local assets into diversified investment platforms and connecting real estate growth with hospitality, services, finance, technology and the urban economy.

Sheikh Ahmed bin Rashid Al Maktoum’s journey reflected the wide-ranging responsibilities that characterised the building of modern Dubai. His roles extended from security and the military to real estate and investment, and from football to marine sports and equestrianism.

Although these sectors may appear distinct, they were linked by a common objective: building institutions and strengthening Dubai’s capacity for growth.

His economic legacy can be seen in real estate assets established from the early 1990s and developed over subsequent decades, an investment platform that expanded into both traditional and emerging sectors, and sporting facilities that became part of the emirate’s events, entertainment and equestrian economy.

With his passing, Dubai has lost a figure who witnessed much of the emirate’s transformation over recent decades — from the period of building its core institutions to the emergence of a diversified economy and global investment hub.

The institutions and projects associated with him remain testament to a career that was not confined to a single official role, but spanned security, the economy, real estate, sport and community service.

While Sheikh Ahmed bin Rashid’s name will remain strongly associated with equestrianism, Al Wasl Club and UAE sport, the economic dimension of his journey also reveals a sustained contribution to Dubai’s development — one built around creating assets and institutions, diversifying investments and linking urban development with sport, tourism and services.

Sheikh Ahmed’s experience also reflected an important aspect of the evolving role of private capital in Dubai. As the emirate grew, the private sector was no longer simply an investor seeking returns, but became a partner in building parts of its economic and urban ecosystem.

This can be seen in the combination of investment in real estate, hospitality, culture and education, as well as the development of projects aimed at creating integrated communities and investment in initiatives supporting children, schools, talent and the cultural sector.

This approach has gained greater relevance as global cities move towards development models that place quality of life, sustainability and human capital at the heart of economic competitiveness.

ARM Holding’s stated philosophy of developing projects that create sustainable economic and social value is aligned with this shift.

Sheikh Ahmed bin Rashid Al Maktoum’s economic legacy cannot be reduced to a single figure or transaction. Rather, it encompasses an ecosystem that evolved over time — from property management to long-term investment, community building, and linking investment with culture, education and quality of life.

Investment in a property asset creates financial value, but investment in the surrounding community can create more sustainable value by attracting residents and businesses, improving quality of life, protecting cultural identity and creating opportunities for future generations.

In this context, social responsibility becomes part of a broader concept of development rather than an activity separate from investment. Supporting education, the arts and talent, developing public spaces and communities, and preserving the identity of the city can all strengthen the ability of an urban economy to grow and endure.

Sheikh Ahmed bin Rashid Al Maktoum’s economic journey can therefore be viewed as part of Dubai’s own story — that of a city that moved from investing in assets to investing in place, people and the future, with private capital becoming one of the tools through which economic growth could generate wider developmental and social value.

Leading members of Dubai’s business community also paid tribute to Sheikh Ahmed bin Rashid, recalling his contributions to the development of the emirate’s economy.

Ahmed bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), said the UAE had lost one of its loyal sons.

“Today, the UAE bids farewell to one of its loyal men, Sheikh Ahmed bin Rashid Al Maktoum. He was a man who carried the values of the founders and served his country with sincerity and dedication in the fields of security, sport and national service. He was present throughout the journey of Dubai and the UAE through his vision even before his presence.”

Bin Shafar said he had known Sheikh Ahmed personally and regarded him as a father figure and mentor as well as a leader.

“He led with the calmness of a wise man and the insight of a visionary. He did not raise his voice, but his words made a difference. He believed in people first, placed his trust in those who worked sincerely, and then stood behind them, supporting and following their progress until he saw the achievement realised.”

Recalling his time as Chairman of the Board of Al Wasl Club, bin Shafar said he had been honoured to work under Sheikh Ahmed’s patronage.

He said Sheikh Ahmed’s guidance provided a roadmap for the club and recalled his joy on the night Al Wasl secured a double at Zabeel.

“It was not the joy of a president celebrating a title, but that of a father seeing his children achieve the dream he believed in,” he said.

Bin Shafar said Sheikh Ahmed had taught him that true leadership was rooted in humility and responsibility, and that genuine success lay in instilling the values of belonging, loyalty and sincere work in people.

“These lessons did not remain on the playing fields. They accompanied me, and continue to accompany me, in every position in which I serve my country,” he said.

He concluded by saying Sheikh Ahmed had left behind a legacy that would endure in his country, in sport and in the hearts of everyone who knew him.

Dr Mohammed Al Zarooni, Executive Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), extended his condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Al Maktoum family, and the people of Dubai and the UAE.

He said Sheikh Ahmed’s passing meant Dubai had lost one of its sons who had accompanied the emirate on its journey over several decades and contributed to laying the foundations for its development and progress.

Sheikh Ahmed’s name, he said, was associated with important milestones in Dubai’s development, particularly facilities that helped strengthen the emirate’s position as an economic, tourism and community destination.

He also highlighted Sheikh Ahmed’s support for sport and equestrianism and his presence during major transformations in Dubai’s development.

“What Sheikh Ahmed bin Rashid Al Maktoum leaves behind will remain part of Dubai’s legacy and testament to the contributions of the emirate’s people in supporting its journey towards further growth and prosperity,” Al Zarooni said.

Khalaf Ahmad Al Habtoor, Founder and Chairman of Al Habtoor Group, also mourned Sheikh Ahmed, paying tribute to his standing and the impact he left on Dubai and the UAE.

In a post on X, Al Habtoor extended his condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Ahmed’s children, the wider Al Maktoum family and the people of Dubai and the UAE.

He said Sheikh Ahmed was known for his distinguished character and the respect he commanded, adding that his passing represented a loss for the people of Dubai and the UAE and that his memory would remain with all those who knew him.