The ruler of emirate of Dubai, also the Prime Minister and Vice President of the United Arab Emirates, Sheikh Maktoum bin Rashid Al Maktoum, died on Wednesday in Australia. 
Maktoum, 62, had reportedly suffered from heart problems.
"The UAE has today lost a historical leader who dedicated his life to building the nation and doing good for its people," an official statement read.
His brother, Sheikh Mohammed bin Rashid Al Maktoum, who is currently the Defense Minister of the UAE, will replace the former leader as ruler of Dubai, while UAE President Sheikh Khalifa bin Zayed Al Nahayan will appoint a new premier and vice president.
Sheikh Maktoum was known for his low profile, and for allowing his brother to run many of Dubai's daily affairs, according to WAM. He was also well known for being co-owner of Dubai's Godolphin stables, renowned for its horse racing.
Sheikh Mohammed bin Rashid Al Maktoum is known for his entrepreneurial skills.
40 days of mourning were declared in Dubai, while its main stock market halted trading after the news. All government institutions will also reportedly remain closed for a period of one week.
The late Shaikh Maktoum will be laid to rest at Umm Hurair Cemetery at Bur Dubai after his body will arrive in Dubai Thursday. Funeral prayers (Janazat) will be held at Zabeel Mosque in Dubai before burial. 
The new Ruler of Dubai Shaikh Mohammed bin Rashid Al Maktoum will receive mourners who will extend their condolences on the demise of Shaikh Maktoum at Shaikh Mohammed's Palace in Zabeel and for three days running.
Deputy Ruler of Dubai and Minister of Finance and industry Shaikh Hamdan bin Rashid and Al Maktoum family members will also receive mourners besides Shaikh Mohammed.
© 2006 Al Bawaba (www.albawaba.com)
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