Dubai announced a three-day mourning period after the 33-year old son of the Gulf emirate's ruler passed away. Rashid's funeral will be held on Saturday, 19 September, according to state-run WAM news agency.
The 33-year-old was the eldest son of Sheikh Mohammed bin Rashid Al Maktoum, who is the ruler of Dubai and also the Vice-President and Prime Minister of the United Arab Emirates. Rashid's brother Sheikh Hamdan is the Crown Prince of Dubai.
UAE flags will be flown at half-mast, Al Arabiya reported. According to the Dubai Media Office, funeral prayers of the late Sheikh Rashid bin Mohammed bin Rashid Al Maktoum are to be held after Maghrib prayers at Zabeel Mosque in Dubai.
Sheikh Rashid was educated in Dubai at the Rashid School for Boys. He then attended Sandhurst Military Academy in the United Kingdom and graduated in 2002.
Rashid was a well-known sports personality in the UAE, according to Al Arabiya. He was a keen equestrian and was the owner of Zabeel Stables. He had participated in a number of International competitions and won two gold medals in the 2006 Doha Asian Olympics 120km Endurance Individual Mixed as well as 120km Endurance Team Mixed events. He was also a fan of UK football and supported Manchester United.
He owned Zabeel Racing and United Holdings Group Dubai. He was a principal partner of International Noor Islamic Bank. Sheikh Rashid's personal net worth was estimated by Forbes in 2010 to be $1.9bn.
In January 2008, Rashid was appointed President of the UAE Olympic Committee. In 2010, Rashid resigned from his position, reportedly on account of his overloaded work schedule.