Sheikh Mohammed's bloodstock adviser John Ferguson has insisted the ruler of Dubai's spending on racing and breeding would be unaffected by the financial crisis facing the emirate.On Wednesday, Dubai World, a Dubai government-owned conglomerate, asked for a six-month moratorium on a STG36 billion ($A65.1 billion) debt that sparked a global stock market fall and has even raised fears of a "double-dip", a second recession following the early signs of a recovery from the first one.But Ferguson, spe
Sheikh Mohammed's bloodstock adviser John Ferguson has insisted the ruler of Dubai's spending on racing and breeding would be unaffected by the financial crisis facing the emirate.
On Wednesday, Dubai World, a Dubai government-owned conglomerate, asked for a six-month moratorium on a STG36 billion ($A65.1 billion) debt that sparked a global stock market fall and has even raised fears of a "double-dip", a second recession following the early signs of a recovery from the first one.
But Ferguson, speaking at the Tattersalls December foal sale in Newmarket on Friday, stressed that the finances of Dubai World and the sheikh's racing interests are separate in every way, the Racing Post reported.
Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai's supreme fiscal committee, issued a statement saying the Dubai government understood "the concerns of the markets and the creditors".
"However, we have had to intervene because of the need to take decisive action to address (Dubai World's) debt burden," he added.
Any significant cutback in investment by the Dubai ruling family would have a disastrous impact on the bloodstock business, the paper reported.
The Maktoums provided the backbone to this year's breeze-up and yearling sales, accounting for as much as a third of the turnover at some of the flagship events.
Additionally, Sheikh Mohammed runs the Godolphin racing operation and owns the world's largest stallion and breeding operation.
In Dubai, he has masterminded the STG1.5 billion ($A2.71 billion) new racecourse at Meydan, which is scheduled to host the World Cup in March.