Sheikh Rashid an avid sportsman and horse racing enthusiast was the first son of Sheikh Mohammed bin Rashid Al Maktoum and his senior wife, Sheikha Hind bint Maktoum bin Juma Al Maktoum.
A three-day mourning has been declared after the death of Sheikh Rashid, reported Al-Arabiya. UAE flags will be flown half-mast during the mourning period.
UAE President Sheikh Khalifa bin Zayed Al Nahyan has mourned the death of Sheikh Rashid.
The burial of late Sheikh Rashid will take place at Umm Hurair cemetery in Bur Dubai this evening, following funeral prayers at the Zabeel Mosque.