Saeed Bin Ahmed Al Lootah. File

Emirati philanthropist, economist, banker, and entrepreneur Saeed Bin Ahmed Al Lootah passed away on Sunday.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday evening offered condolences to the Lootah family on the death of Saeed Ahmed Al Lootah, who passed away at the age of 97 on Sunday.

Sheikh Mohammed expressed his profound sorrow and solace to the family of Al Lootah on the death of Saeed Lootah, praying to Allah Almighty to rest him soul in paradise.

Sheikh Mohammed wrote on his Twitter account, “Today Haji 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 tranquillity. I pray to Allah Almighty have mercy on you… accept your deeds … and inspire your family with patience and solace.”

Saeed Bin Ahmed Al Lootah was born in Dubai in 1923, to a family interested in knowledge, trade and business.

Saeed Bin Ahmed Al Lootah was a self-made businessman who progressed from being a seafarer and trader, in his early days, to an accomplished tutor, author, economist, banker, entrepreneur, businessman and visionary community leader.

Saeed’s zest for life and fervent adherence to the core values of education, cooperation and economy, powered an endless desire to ‘make things better’ by empowering people to excel at everything they did.

He realised the need to build permanent houses and ventured into construction.

His “capital” at that time was his skills, knowledge and hard work.

Saeed Lootah once said, “Business exists fundamentally to serve people.”

Saeed Lootah laid the foundation of SS Lootah Contracting Company as a joint venture with his brother Sultan in 1956. With the enduring values of education, cooperation and economy set as the foundations of his work, Saeed Bin Ahmed Al Lootah started a number of businesses as well as not-for-profit education and research ventures, with an aim to serve the people of the United Arab Emirates.

SS Lootah Group said on its website, “Thanks to his vision and leadership our homegrown ventures continue to demonstrate unique values that extend well beyond its functional benefits creating greater economic, social and environmental benefits for people in the United Arab Emirates and beyond.”