The United Arab Emirates state news agency WAM on Saturday said he died of a heart attack.
Sheikh Rashid was the first son of Sheikh Mohammed bin Rashid Al Maktoum and his senior wife, Sheikha Hind bint Maktoum bin Juma Al Maktoum. In addition to his role as Dubai ruler, Sheikh Mohammed is vice president and prime minister of the UAE.
Sheikh Rashid was an avid sportsman and horse racing enthusiast. His younger brother Sheikh Hamdan is Dubai’s crown prince.
The commercial hub of Dubai is one of seven sheikhdoms that comprise the Emirates federation. The ruler’s court has declared three days of mourning.
A three-day mourning period was declared today and flags were flown at half-mast as he was buried late on Saturday while his father prayed over his body.
Funeral prayers for Sheikh Rashid were held at Zabeel mosque, and attended by Sheikh Mohammed, Sheikh Saud bin Saqr, Ruler of Ras Al Khaimah, Sheikh Hamad bin Mohammed, Ruler of Fujairah, Sheikh Saud bin Rashid, Ruler of Umm Al Quwain, Sheikh Humaid bin Rashid, Ruler of Ajman, who performed the two prayers along with Sheikh Mohammed bin Rashid and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and other officials and mourners.
The Sheikh graduated from Sandhurst Military Academy in Berkshire in 2002.
He was engaged in many philanthropic causes and was chairman of the UAE Olympic Committee from 2008 to 2012.
He also competed in equestrian events, winning gold medals in equestrian endurance.