| 2006-01-04
11:26:47
DUBAI (Reuters) - The man
who transformed Dubai from a dusty Gulf city
into a glitzy metropolis took over as ruler
of the booming emirate, succeeding his elder
brother who died on Wednesday.
The UAE's defense minister and
world renowned racehorse breeder Sheikh Mohammed
bin Rashid al-Maktoum succeeded Sheikh Maktoum
bin Rashid al-Maktoum, who was also vice president
and prime minister of the United Arab Emirates.
The elder Maktoum died in Australia
on Wednesday. He was in his early 60s and had
suffered heart problems.
"The UAE has today lost
a historical leader who dedicated his life to
building the nation and doing good for its people,"
a statement from the UAE presidency said.
The UAE is a federation of seven
emirates which include Dubai. Each emirate has
a separate ruler and heir apparent, who preside
over a local government.
Internationally, the brothers
had been well known as co-owners of Dubai's
Godolphin stables which competes in major horse
races. The younger brother was the more high
profile of the two in racing circles and spent
several weeks a year in Britain.
At home, the elder Maktoum maintained
a low profile, preferring to allow his younger
brothers to run the day-to-day affairs of Dubai,
the Gulf region's trade and tourism hub.
"In his quiet way, Sheikh
Maktoum was a pillar of the federation,"
Anthony Harris, a former British ambassador
to the UAE said. "He ... was remarkable
for an Arab leader because he allowed his younger
brothers to have a higher profile."
The new ruler has been credited
with presiding over Dubai's transformation into
a hub for trade, finance, property and tourism
-- marked by opulent shopping malls and futuristic
architecture -- to wean itself off dwindling
oil reserves.
The capital Abu Dhabi holds most
of the oil wealth of the UAE, an Organization
of the Petroleum Exporting Countries.
DRIVING FORCE
Economists said they did not
expect Sheikh Maktoum's death to impact Dubai's
booming economy.
"I don't see too many changes.
In recent years his (Sheikh Maktoum's) role
was very limited as an active maker of policy,"
said Simon Williams at the Economist Intelligence
Unit. "His brother Sheikh Mohammed has
been the real driving force."
The UAE's main stock markets
halted trading after the news was announced.
The Dubai Gold and Commodities Exchange said
it would close for a week from Thursday.
Officials said UAE President
Sheikh Khalifa bin Zayed al-Nahayan would also
soon appoint a new prime minister and vice president
for the Gulf Arab state to succeed Sheikh Maktoum.
Sheikh Maktoum's body would arrive
in Dubai for burial on Thursday, Dubai's official
WAM news agency said. The UAE declared 40 days
of mourning and state institutions will close
for a week.
Condolences poured in from leaders
around the world. German Chancellor Angela Merkel
said the country had lost a friend. Egyptian
Prime Minister Ahmed Nazif will attend the funeral.
"Sheikh Maktoum's accomplishments
and his striking contributions to Dubai and
the UAE's development will be everlasting in
everyone's mind," W. David Hutton, Canada's
ambassador to the UAE, told the WAM news agency.
Sheikh Maktoum officially took
over as ruler of Dubai in 1990, when his father
Sheikh Rashid died after a long illness.
(Additional reporting by Richard
Dean and Ghaida Ghantous)
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