In January 2008 Sheikh Rashid was appointed President of the UAE Olympic Committee. However in 2010 he resigned from his position on account of his overloaded work schedule.
Sheikh Rashid was a principal partner or owner in the following listed companies:
- Noor Investment Group, Principal Partner
- Noor Islamic Bank, Principal Partner
- United Holdings Group Dubai, Owner
- Zabeel Racing International, Owner
- Dubai Holding Company, Principal Partner
In the UAE, he was a well known sports figure, often representing sports such as equestrian, football and car racing. His greatest achievement was winning two gold medals in the 2006 Asian Games 120 km Endurance individual mixed as well as 120 km Endurance Team Mixed events. As the owner of Zabeel Racing International, Sheikh Rashid led the individual owners list an unprecedented five times with over 428 wins. Sheikh Rashid was also a huge football fan; his favourite club was Manchester United.