Meydan Ready for World Horse Racing

The opening of Dubai's US$2 billion racetrack is the latest indication that the indebted Gulf sheikdom has no plans to scale down ambitions to host high profile sports events, particularly those close to its ruler's heart.

Despite a struggle to pay the bills for its boom-time excess, Sheik Mohammed bin Rashid Al Maktoum – a long time horse enthusiast and one of the world's premier endurance riders – is in no mood to save when it comes to horses and racing.

The new Meydan racing facility includes two race tracks, a grandstand for 60,000 spectators, a 290-room-with-a-view luxury hotel, a marina and a racing museum.

Sheik Mohammed is among the biggest spenders on thoroughbreds. He also bankrolls the world's richest horse race – the Dubai World Cup – and is determined to put the Middle East's biggest social and sporting event on a par with Royal Ascot and the Kentucky Derby.

The inaugural race on the new 1.75-kilometre track with a synthetic surface will take place on Thursday. The race complex will be officially opened for this year's Dubai World Cup on March 27.

Many have wondered whether the Persian Gulf sheikdom will be able to afford to continue bankrolling big-money events in tennis, golf and horse racing after Dubai's massive debt problems surfaced late last year.

For decades, Dubai has worked hard to build itself into a financial power and the Middle East's entertainment and sports hub. The buildup has raised its international profile and led the emirate to consider bidding for the 2020 Olympics.

Meydan is also a top sponsor of this year's World Equestrian Games in Lexington.