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.

"They all have lots of history and have produced many champions," said Saeed Humaid al-Tayer, the Chairman of Dubai Racing Club and Chief Executive of Meydan, a government-run company spearheading the project.

"We'd like to do the same," al-Tayer told The Associated Press in an interview.

The inaugural race on the new 1.75 kilometer (8.75 furlongs) 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.

A 1,200-meter turf race worth $1 million was added for the 2010 event, making the 15th Dubai World Cup an eight-race meeting, hosting four Group 1, two Group 2, one Group 3 thoroughbred races and one Group 1 Purebred Arabian race _ all worth a combined $26 million, a staggering amount in an economic recession that has seen Dubai's economy plunge deep into the red.

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.

Dubai poured millions into sports infrastructure in the past decade, including building Sports City _ a cluster of large venues that will stage sports and entertainment events. It also has academies for golf, tennis, soccer, rugby, cricket and swimming.

But the emirate's inability to pay for its opulent skyscrapers and artificial islands built with borrowed money has led to doubts that Dubai can afford to complete other ambitious projects, like the Meydan race course, under construction since 2007.

While Al-Tayer acknowledged that Meydan was affected by the economic downturn, he says there was never any doubt that it would be completed in time for the 2010 World.

"It's been a period we're all learning from, but 'not delivering' is not listed in our books," al-Tayer said.

The Meydan Racecourse features a left-handed 2,400-meter (12 furlong) turf circuit outside of a 1,750-meter (8.75 furlongs) synthetic track. A 1,200-meter (six furlong) turf straight course, adjoining the outside track makes it ideal for a straight grass sprint, the circuit's developers say.

Like at the old race course at Nad Al Sheba _ razed to the ground following last year's World Cup _ there are no betting windows at Meydan. Any form of gambling is illegal in Dubai, one of seven Arab Muslim city-states that make up the United Arab Emirates.

Mohammed and his family have been among the highest spenders at major American thoroughbred auctions dating to the 1980s, often paying millions of dollars for top bloodstock even during market downturns.

The sheik's goal of winning a Kentucky Derby has been amplified in recent years with some record-shattering purchases of not just stallions but also mares, including Playful Act, which he bought in 2007 at Keeneland for an unprecedented $10.5 million.

The highest finish for a Godolphin horse in the classic race was sixth, by China Visit in 2000.

Mohammed bulked up his horse operations in the United States with the 2001 purchase of Jonabell Farm in Lexington. Seven horses owned by the sheik's Godolphin Racing stable ran in the Kentucky Derby last year.

Earlier this month, Mohammed bought 360 acres of land in Aiken County, South Carolina for a race horse training center that will include a one-mile dirt training track.

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