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Rashid was one of Mohammed bin Rashid Al Maktoum's many children. He was born on 12 November 1981. Rashid was educated in Dubai at the Rashid School for Boys. He then attended Sandhurst Military Academy in the United Kingdom and graduated in 2002.
According to the United Arab Emirates state news agency WAM, Rashid died of a heart attack on the morning of 19 September 2015. He was 33 years old. Yemeni media claimed Rashid was killed by Houthi forces in Marib province of Yemen. Other sources claimed that he was a drug user. A three-day mourning period was declared in Dubai upon his death, and the United Arab Emirates flags were flown at half mast. Funeral prayers were held after Maghrib prayers at Zabeel Mosque. His burial took place on the same day in Bur Dubai's Umm Hurair cemetery.
