Sheikh Rashid bin Saeed Al Maktoum and his entourage aboard the Denny 02 hoverbus in London in 1963. Getty Images
Sheikh Rashid bin Saeed Al Maktoum and his entourage aboard the Denny 02 hoverbus in London in 1963. Getty Images
Sheikh Rashid bin Saeed Al Maktoum and his entourage aboard the Denny 02 hoverbus in London in 1963. Getty Images
Sheikh Rashid bin Saeed Al Maktoum and his entourage aboard the Denny 02 hoverbus in London in 1963. Getty Images

How Sheikh Rashid's visits to London paved the way for modern Dubai - Timeframe


Razmig Bedirian
  • English
  • Arabic

Sixty years ago this month, the former Ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, travelled to London. It was not his first visit. The Dubai Ruler had previously visited the English capital in 1959, accompanied by his sons Sheikh Maktoum, Sheikh Hamdan and Sheikh Mohammed bin Rashid, who is now the Vice President and Ruler of Dubai.

Their visit was met with considerable splendour and caught the attention of the British press.

Upon his return in 1963, Sheikh Rashid had a chance to experience the River Thames on the revolutionary new Denny 02 hoverbus. A photograph immortalised that moment and shows the ruler in a kandura and a formal blazer aboard the hoverbus with his entourage.

Sheikh Rashid bin Saeed Al Maktoum and his sons Sheikh Hamdan, left, and Sheikh Maktoum, right, at London Airport in 1959. Getty Images
Sheikh Rashid bin Saeed Al Maktoum and his sons Sheikh Hamdan, left, and Sheikh Maktoum, right, at London Airport in 1959. Getty Images

The boat was unveiled that same year by Denny Hovercraft Ltd. With a top speed of 25 nautical knots, it could carry up to 70 passengers. Whether the Scottish company had hoped to impress Sheikh Rashid with the Denny 02, in hopes he would order a fleet for his burgeoning city, we’ll never know. The Denny 02 did not meet evaluation standards, and its failure eventually led to the company’s liquidation.

Sheikh Rashid’s visits to the UK were often spurred by his ambitions for Dubai. Around the time of his first visit, dredgers were clearing Dubai Creek of the sand build-up that made it dangerous for boats to navigate. The aim was to allow larger ships to come in for trade.

Meanwhile, new businesses, hotels and banks were opening, but if Dubai truly wanted to be a global destination, it needed an airport. Sheikh Rashid knew this well and, with his visit in 1959, he wanted to secure permission to build one. Dubai was a British protectorate at that time.

Queen Elizabeth II and Sheikh Rashid bin Saeed Al Maktoum, Ruler of Dubai, at a luncheon at Buckingham Palace, London, July 22, 1969. Getty Images
Queen Elizabeth II and Sheikh Rashid bin Saeed Al Maktoum, Ruler of Dubai, at a luncheon at Buckingham Palace, London, July 22, 1969. Getty Images

Some of the places Sheikh Rashid visited on his 1959 tour of the UK included the wax museum Madame Tussauds on Marylebone Road; the Land Rover factory in Solihull, Birmingham; and the Tower of London, where he looked upon the precious Crown Jewels. He even boarded the London Underground and visited the famous Garrard jewellers, then located on Regent Street.

Sheikh Mohammed recalled the 1959 visit in 2016. It had been his first trip to London, and he was nine years old at the time.

“I was a young boy and my father, Sheikh Rashid, took me with him ... my father wanted to build an airstrip in Dubai in the sabkha [salt flat] where the airport is now,” he wrote.

“The British had denied the request for an airstrip, saying that there was a landing strip in Sharjah, where the British base was, so Dubai did not need an airport.

“My father was determined, arguing that he knew what Dubai needed best and he insisted on it. We won permission to build the airstrip on that trip.”

The airport that the British were reluctant to permit is Dubai International Airport, now one of the world’s busiest, handling tens of millions of passengers and millions of tonnes of cargo every year.

Sheikh Rashid, who died in 1990, would visit the UK several times during his reign. In 1969, he was photographed alongside Queen Elizabeth II at Buckingham Palace. The late Dubai Ruler's diplomatic charm and persistence was instrumental in developing the Dubai we know today.

W.
Wael Kfoury
(Rotana)

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 Sector: Financial services

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

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Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

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The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Bert van Marwijk factfile

Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder

Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

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Updated: August 18, 2023, 6:01 PM