Hamdan a nation-builder and emulative financial reformist

Inayat-ur-Rahman, Deputy Business Editor

We belong to Allah and to Him we shall return. The UAE mourned the death of Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, who passed away on Wednesday.

Sheikh Hamdan, the longest-serving  Finance Minister in the world, witnessed all stages of the UAE’s journey and tremendously contributed to the nation’s development drive. He was one of the country’s productive leaders and participated in its renaissance and in designing its future. He was a remarkable icon of the country’s political, economic, social, cultural and sporting life.

He was appointed the Minister of Finance during the formation of the first UAE Cabinet on 9th December, 1971, and remained in that position until his death. He was known for his interest in humanitarian work and his passion for culture, literature and science.

He chaired numerous and prominent government institutions that play a vital role in supporting the economy and labour market of the entire country, especially Dubai, which are, most notably, the Dubai Municipality, the Al Maktoum Foundation, the Dubai World Trade Centre, the Emirates National Oil Company (Enoc), the Dubai Natural Gas Company Limited (Dugas), Emirates Global Aluminium, the Enoc Processing Company LLC, and the OilFields Supply Centre.

The Ministry of Finance:  The Ministry of Finance extends its condolences to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai and to the people of the UAE. May the soul of the late Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance Rest in Peace.

Since the founding of the UAE to date, Sheikh Hamdan Bin Rashid Al Maktoum had pivotal contributions in formulating and devising financial policies that meet the requirements of the UAE’s sustainable economic and social development.

That, in addition to improving the effectiveness of financial planning and implementation of the federal budget, unifying policies, and directing public spending to support economic vital sectors. Sheikh Hamdan’s directives developed the efficiency of cash management through the application of zero-based budgeting and switching to accounting principles on an accrual basis.

The late Sheikh Hamdan Bin Rashid had attained remarkable milestones in strengthening ties with GCC countries to achieve the Gulf Economic Integration. He was keen to have the Ministry of Finance represent the UAE in regional and international financial forums, events and conferences, and to maximise the technical and financial support services provided by organisations and institutions to the country and the region. That, in addition to Sheikh Hamdan’s role in stimulating the signing of Double Taxation and Investment Agreements.

These achievements will incentivise the ministry’s team to continue building a bright future and continue the late Sheikh Hamdan Bin Rashid’s vision of positioning the ministry in global indices, and reiterating the UAE’s competitiveness in the financial, economic and social fields.

Expo 2020 Dubai and its employees offer their sincere condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler of Dubai and the Ruling Family on the sad passing of His Highness Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance.

Reem Al Hashimy, UAE Minister of State for International Cooperation, Director General of Expo 2020 Dubai, said: “We express our deep sorrow and sadness on the passing of Sheikh Hamdan Bin Rashid Al Maktoum. We join the Rulers and people of the UAE as we pray for mercy for the late Sheikh Hamdan, and for him to be blessed with solace.

“The late Sheikh Hamdan was a model for all. His name will forever be held in high esteem in the history of our dear nation.”

Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said:

 “We are deeply saddened by the demise of  Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry.  Being UAE’s first Minister of Finance and Industry, Sheikh Hamdan played a pivotal role in building the country’s economy with a strong foundation on which the glorious future is being built.

Our deepest condolence to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai; all the members of the Royal Family, the Rulers of the Emirates, the government and all the people of UAE. The legacy of this magnanimous leader will always be remembered. May God bless his soul.”

Rizwan Sajan, Founder, Chairman, Danube Group: Sheikh Hamdan Bin Rashid Al Maktoum  was one of the architects of the development of the UAE and Dubai. Despite being a public figure, he had worked quietly. He played an instrumental role in the country’s growth in the formative years. His death is irreparable. We are deeply saddened with the news of his sad demise and express our deepest condolences. We join the nation in this period of mourning. May the Almighty grant him Jannat.”

Paras  Shahdadpuri, Chairman, Nikai Group of Companies, said: With the passing away of Sheikh Hamdan Bin Rashid Al Maktoum we have lost a UAE leader of global stature. Sheikh Hamdan had a great affinity with the Indian community which he lauded as making a great contribution to the UAE economy. We at Indian Business and Professional Council had been meeting him at least twice a year and he exhibited exceptional warmth to us. In his demise we all have lost a tall leader.

Our sincerest heartfelt condolences to the Royal families of UAE.  May Allah rest his soul in peace.