GCC leaders remember Sheikh Hamdan

Leaders of GCC countries have offered their condolences to the Ruler of Dubai on the passing of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.

Sheikh Hamdan — who was the brother of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai — passed away on Wednesday.

A 10-day mourning period has been declared in Dubai to mark the loss of the visionary leader.

Sheikh Mohammed received condolences by telephone from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia.

His Majesty Sultan Haitham bin Tariq Al Said of Oman; His Majesty King Hamad bin Isa Al Khalifa of Bahrain and His Highness Sheikh Tamim bin Hamad Al Thani, Emir of Qatar also called and condoled the UAE Vice-President.

Sheikh Mohammed also received phone calls from Kuwait’s Prime Minister Sheikh Sabah Khalid Al Hamad Al Sabah; Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, during which they offered condolences.

They prayed that Allah the Almighty grant the Al Maktoum family and the people of the UAE patience and solace.

Iraq’s President Dr. Barham Salih also offered condolences to Sheikh Mohammed in a phone call.

Adel Abdel Rahman Al Asoumi, Speaker of the Arab Parliament, on behalf of the parliament, has also offered his sincere condolences to the leadership and people of the UAE on the passing away of Sheikh Hamdan.

Al Asoumi also offered his sincere condolences to Sheikh Mohammed. He said that the UAE, with the demise of Sheikh Hamdan, lost one of its loyal figures who presented a journey full of giving and sincere humanitarian actions.

Abdulhamid Saeed, Governor of the Central Bank of the UAE, stated that with the passing of Sheikh Hamdan, the UAE has lost an inspiring leader who helped establish the country’s foundations and planned all stages of its development process.

The late Sheikh Hamdan was the first official to assume the responsibility of implementing the country’s fiscal policy, after being appointed as Minister of Finance of the first UAE Cabinet following the establishment of the Union in 1971. Sheikh Hamdan established the foundations of the Emirati fiscal system and oversaw its development, ensuring its ability to keep pace with the UAE’s development and enabling the country to attain a prominent position among the region’s and world’s economies.

Saeed pointed out that during the establishment of the first representation of the Central Bank of the UAE in 1973 upon Federal Law No.2 for 1973, under the name, the “UAE Currency Board,” the late Sheikh Hamdan was appointed its first chairman, helping to draft the statute of the Central Bank of the UAE and overseeing the issuance of the AED.

After the UAE Currency Board became the Central Bank of the UAE in 1980, its scope of work was enlarged to include the responsibilities of the board, he further added, noting that Sheikh Hamdan continued to help plan and advance the country’s fiscal and monetary policy as Minister of Finance, in line with the requirements of sustainable economic and social development, while reinforcing the efficiency of the Federal Budget and directing public spending to support vital economic sectors.

Saeed discussed Sheikh Hamdan’s key decisions that assisted the work of the Central Bank, including those related to solving the real estate loans crisis in the 1970s, through the establishment of the “Real Estate Bank”. He noted Sheikh Hamdan’s role in managing fiscal crises and supporting fiscal institutions, which consisted of consolidating partnerships and reinforcing connections between fiscal and monetary policies.

Sheikh Hamdan had a key vision that contributed to the growth of the Central Bank and was constantly keen to ensure its independence in terms of its objectives, policies and legislation aimed at maintaining the resilience of the country’s fiscal system, Saeed further said while highlighting Sheikh Hamdan’s keenness to encourage innovation in the banking sector and support the Central Bank’s stances related to the development of the national fiscal and regulatory system and the Emiratisation of the banking sector.