Emirati philanthropist, economist, banker, and entrepreneur Saeed Bin Ahmed Lootah has died at the age of 97 on Sunday.
On his official Twitter account, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, offered condolences to the family of Lootah and prayed to Allah Almighty to rest him soul in paradise.
His Highness wrote, “Today Saeed Ahmed Lootah passed away. He was a self-made merchant who contributed significant achievements to the Dubai’s economy, and was the one who established the world’s first Islamic bank. His unlimited benevolence and giving for all never stopped. I knew in him wisdom and tranquility. I pray to Allah Almighty have mercy on you, accept your deeds, and inspire your family patience and solace.”
From being a seafarer and trader, Lootah made his way to build an illustrious career as economist, banker, businessman and visionary community leader.
In the early days of Dubai, he felt the need to build permanent houses, so he ventured into construction. He established SS Lootah Contracting Company in 1956 as a joint venture with his brother Sultan.
From the first contracting company, he also established the first medical College in the country as well as the first Islamic bank in the world. This extraordinary portfolio carries the hallmark of the visionary Haj Saeed Bin Ahmed Al Lootah.
