On Sunday, September 18, 2022, the US agency Bloomberg published a detailed report on the city of Dubai, saying that its future is in the hands of two very different princes, the two sons of its ruler, Mohammed bin Rashid Al Maktoum, one of whom heads the media. And another is described as a numbers man.
In its report, Bloomberg highlighted the personal qualities of the two princes, who are not more than 40 years old, in addition to the “responsibility” they carry and the extent of their current influence on the city.
The US agency reports that Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, 39, the crown prince of Dubai, and his brother Sheikh Maktoum, 38, “are tasked with maintaining the city’s position as a business hub in the Middle East amid global competition and scrutiny.” International after Russia’s war against Ukraine.
Sheikh Hamdan is nicknamed “Faza”. He was appointed Crown Prince in 2008, succeeding his elder brother Sheikh Rashid, who died in 2015 at the age of 33.
In addition, Nasser Al Sheikh, former director general of the Dubai Finance Authority, said: “They considered it a company. Hamdan is the chairman of the board and Maktoum is the CEO. Hamdan is the front of Dubai and the Crown Prince, but decisions on all matters are made after consultation. It is taken between two brothers.
Dubai is under pressure to crack down on illicit money flows, and while the energy crisis may boost the UAE’s oil revenues, it will accelerate the world’s shift away from fossil fuels in the long term.
The two brothers must also maintain a delicate balance of power in the UAE. It comes after Dubai’s leadership persuaded Abu Dhabi to focus on trade and the economy and reduce focus on foreign policy, leading to military engagements in conflicts from Yemen to Libya and Turkey.
Meanwhile, Saudi Arabia presents another challenge as it seeks to emulate Dubai as a magnet for foreign investment and talent.
The report also sheds light on Sheikh Hamdan’s personality traits, showing that his social media accounts are full of official pictures, but he also has pictures of himself parachuting, climbing, riding a horse or standing on top of the tallest tower in the world.
Hamdan has 14.6 million followers on Instagram and hangs out with people in shopping malls and restaurants in Dubai, perpetuating the image of an approachable leader built by his father as he prepared for his future role.
Hamdan accompanies his father in most of his meetings with other rulers of the sheikhdoms of the UAE and heads the executive council of the Emirate of Dubai, which consists of 22 members and his brother is also present.
According to the report, his brother Sheikh Maktoum “appears as a man who may be less present on the city’s social scene, but whose influence is admired by foreign investors and keeps state-owned company executives underfoot.”
Maktoum gained attention when he was appointed as finance minister in the UAE in September 2020 following the death of his uncle.
His leadership in trying to sell shares of state-owned companies attracted the attention of investors. For years, they have been calling for public offerings of state-owned companies to boost Dubai’s capital market.
For her part, Sheikha Najla Al Qasimi, a senior researcher at the Dubai Public Policy Research Center (Bohus), said: Sheikh Maktoum is currently playing a role assigned to him, which is a special and technical role, while the role of Sheikh Hamdan as the Crown Prince It is more political. “He is very popular with the citizens and tribes, while he is able to connect and attract the large expat community in Dubai.”
Sheikh Maktoum helped sell shares in the parent company, Dubai Electricity and Water Authority, along with business park management company Tecom Group, raising a total of more than $6 billion.
The report revealed that Maktoum also focused on corporate governance. As the head of the Dubai Financial Supervision Authority, he oversees the financial conditions of Dubai government-controlled entities, some of which caused Dubai’s financial problems more than 10 years ago.
Sheikh Maktoum, who is also deputy prime minister and deputy ruler of Dubai, is known to sometimes request updates on specific projects late at night or on weekends, the agency quoted a banker as saying.
“Since Sheikh Maktoum came to power, there have been positive changes in the UAE stock market,” said Tariq Fazlullah, head of Nomura’s asset management division in the Middle East.
Sheikh Maktoum’s aim is to ensure there is no repeat of Dubai’s financial crisis in 2009, when the country requested a $20 billion bailout package from Abu Dhabi.
Dubai now faces new hurdles such as the addition of the UAE to the FATF’s “grey list”, an international investigation into Dubai’s handling of illicit money since Russia’s invasion of Ukraine, and the opening of Saudi Arabia under a de facto Hazara ruler. Crown Prince Mohammed bin Salman on attracting foreign talent that usually ends up in Dubai.
How Dubai moves into the next chapter depends on the relationship between the two brothers, with Hamdan eventually succeeding his father as the face of the city, while Sheikh Maktoum cements his role as a numbers man.
Source: Lebanon Debate
