Inside international horse racing paddocks with form expert Susan Trevelyan-Syke
Dubai World Cup 2010
On January 28, the Dubai Racing Club will open the new Meydan Racecourse where the Dubai World Cup 2010 will be held on March 27.
On January 28, the Dubai Racing Club will open the new Meydan Racecourse where the Dubai World Cup 2010 will be held on March 27.
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*Americas
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*France
*Ireland
*UK
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Member of
TBA
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www.tbablogs.com
Dubai Carnival Opens at Meydan Racecourse
The future design, in the aerial view above, of Dubai's new US$2 billion hotel and Meydan Racecourse complex not only shows the vast ambition of the project, but the artistic integrity of its exquisite Arabic design.
The racecourse's 1,750m Tapeta synthetic surface will replace Nad al Sheba's 2,200m Dirt course and will become the new home of the US$10 million Dubai World Cup on March 27 and many other major races.
In fact, there is speculation that the Dubai Racing Club might stage world-class races later in the year which would bridge the seasons between Europe and both the Near and Far East.
They could be staged at the beginning of the Dubai racing season in November and could compete with the Breeders' Cup.
Meydan's racecourse and one floor of the grandstand's corporate section were ready in time for opening day of the Dubai Carnival January 28 and the first leg of the Maktoum Challenge sponsored by Sheikh Hamdan Al Maktoum's Shadwell Farm.
The eight-race card was worth US$930,000.
It was only fitting that the first race would be a US$55,000 Group 1 for Anglo Arabs at 1,600m. It is the UAE Al Maktoum Challenge Round 1 sponsored by Jazil of Shadwell Farm on Dirt.
The Anglo and Pure Bred Arabian races and Challenge are very popular with local residents and the horses regularly compete in Europe.
Sheikh Hamdan's gorgeous colt No Risk Al Maury FR (Kesberoy) trained by Britain's Gill Duffield, won the event by 3/4 length with his Santhal FR (Djebbel) second and Kandar Du Falgas FR (Kesberoy) ridden by Tadhg O'Shea fourth. Vite Royal USA (Monarch AH) was third.
British jockey Richard Hills made history as the first winning rider on the Meydan Racecourse and earned his 450th victory in the UAE. It certainly pays to be Sheikh Hamdan's retained jockey.
The mile thoroughbred US$200,000 Maktoum Challenge Group 3 sponsored by Invasor ARG, Shadwell Farm, was the highlight of the day as it is a Trial for the Dubai World Cup and Godolphin Mile.
Last-year's runner-up in the DWC and winner of the 1-1/4 mile Group 1 Turf Singapore Airlines International Cup, 6yo Gloria De Campeao BRZ (Impression ARG) won by 1/2 length and is entered in the DWC by his French trainer Pascal Bary.
There is symmetry in the ultra-tough Brazilian horse by an Argentinian sire winning the Trial race sponsored by the great DWC winner from Argentina--Invasor.
Godolphin's favoured twosome My Indy ARG (Indygo) and Midshipman USA (Unbridled's Song USA). Midshipman faded and only managed fourth.
Compensating for the loss, the inimitable Frankie Dettori dictated tactics from the front on Godolphin's Whispering Gallery (Daylami IRE) in the Mustanfar sponsored by Shadwell Farm 1m2f (Handicap) on Tapeta and won by 3-1/2 lengths.
Whispering Gallery was British bred. Four British-based trainers were victorious: Gill Duffield, Luca Cumani, John Best and Jeremy Noseda.
Kieren Fallon won his first-ever Dubai Carnival race on Cumani's Drunken Sailor Ire (Tendulkar USA) in the Dumaani sponsored by Shadwell Farm (Handicap) 1m3f on Tapeta.
Cumani's Monte Alto IRE (Danehill Dancer IRE) was second by 2-1/4 lengths. Lindner GER (Golan IRE) was third by 7-1/4 lengths.
Multiple-UAE Champion Jockey Ted Durcan brought his 25.1 Sir Gerry USA (Carson City USA) to a half-length victory in the 6f (Handicap) Kayrawan sponsored by Shadwell Farm on Tapeta for trainer Best.
UAE jockey Ahmed Ajtebi had a crashing fall and has just been released from hospital.
South African trainer Mike De Kock and jockey Christophe Soumillon teamed for two impressive victories in the UAE 1000 Guineas Trial sponsored by Dayjur of Shadwell Farm (Conditions Race for Fillies), 7f, and the Intadab sponsored by Shadwell Farm (Handicap), 1m1-1/2f on Tapeta.
Four-year-old Raihana AUS (Elusive Quality USA) won the first and 5yo Lizard's Desire SAF (Lizard Island AUS) the second race for owner Sheikh Mohammed Bin Khalifa Al Maktoum.
The final race was won by British Jeremy Noseda's Leahurst IRE (Verglas IRE) for owner Mrs Susan Roy in the 7f (Handicap) Daaher sponsored by Shadwell Farm on Tapeta.
These races were the groundbreaking tests for jockeys who must deal with a new surface, a sharp bend, high camber at the bends and a short home straight of only a furlong-and-a-half.
Horses unfamiliar with All Weather surfaces take time to learn action changes and to use different muscles.
The surfaces favour Turf horses over Dirt which is why Rachel Alexandra's owner Jess Jackson will not enter her in the Dubai World Cup.
Jockeys believe speed is essential in the first furlong to gain a good position in the first five and any horse coming from behind is at a disadvantage.
That leaves a serious question of Zenyatta's chances to win on this racecourse as she likes to run last despite having the speed others do not.
Frank Gabriel, CEO of the Dubai Racing Club, is courting Zenyatta as a prime candidate for the Dubai World Cup. Her connections have tentative US racing plans arranged to defend her Breeders' Cup Classic 2009 victory.
Without her presence, Gloria De Campeao has been installed as favourite for the Dubai World Cup after his Trial victory opening night.
Zenyatta Invited to Run in Dubai World Cup
Despite 6yo Zenyatta's connections announcing plans for an exclusive American campaign, they will be invited to compete in the Dubai World Cup.
Frank Gabriel, CEO of the Dubai Racing Club, said it is his aim to "secure a line-up of the highest quality for the Dubai World Cup" and "a horse of the calibre of Zenyatta will be of paramount importance".
Should Zenyatta accept the Club's invitation, she could compete against the outstanding mare Vodka JPN (Tamino Gimlet JPN), winner of the Japan Cup and Japan's Horse of the Year for the second year, in the $10 Million Dubai World Cup.
Other invitees will be Hong Kong winners Vision D'Etat FR (Chichicastenango FR) and Presvis (Sakhee USA) along with US Grade 1 winner Gitano Hernando FR (Hernando FR).
Jess Jackson, owner of Rachel Alexandra USA (Megdaglia D'Oro USA), has already ruled out racing his Dirt specialist on the new DWC Tapeta surface.
Rachel could meet Zenyatta in the $500,000 Apple Blossom Handicap at Oaklawn Park, Hot Springs, Arkansas, on April 3 which would temporarily settle their fans' feud over which female is better.
On the other hand, what a fabulous international race it would be if all three great fillies raced each other in the DWC!
And Goldikova IRE (Anabaa USA) competed in the mile.
Dubai's Future Bright with Oil Discovery
Many in the financial world thought they would cash in on Dubai's cash-flow troubles. Fortunately, Abu Dhabi stepped in with a short-term loan and Dubai World went into negotiations with their bankers from a position of greater strength.
Prominent members of Dubai's financial sector expressed shock at the bankers' demands and the damaging international media campaign launched against the country.
Then, large reserves of oil were discovered off the coast and the anti-Dubai campaign damped down.
Another reason Dubai has regained world respect is the exemplary police work from Dubai's Chief of Police (a media genius) and its security forces in exposing 27 Mossad conspirators who murdered a Hamas leader in Dubai.
The country has given warning that "Spies must go."
It appears that Emiratis can manage their own country very well.
Abu Dhabi Relents and Loans Dubai World $10 Billion
During the weeks of uncertainty, Godolphin and Dubai representatives of Sheikh Mohammed assured the racing community that the problems of Nakeel (a subsidiary corporation of Dubai World) would not affect his racing operation nor would it affect MGM's bid to run Aqueduct's racino or the Emirates National Oil Company takeover of Dragon Oil, London-listed £2.3 billion Caspian Sea producer.
Citizens of Dubai and the UAE have been hurt and shocked at the media frenzy which exaggerated the liquidity problems of Dubai World and portrayed the country as being in free fall.
Much of that frenzy appears to have been generated by Rupert Murdoch's various international media operations. The Times of London in particular skewed their reports to exclude positive reports from official international financial services organisations and published Durham University professors who who called for Sheikh Mohammed's removal from office.
Murdoch has several country leaders on his hit list and he is using his media against Barach Obama, Gordon Brown, Silvio Berlusconi and now Sheikh Mohammed. He also payed to publish Sarah Palin's book and is financing her sales/political-campaign tour.
Dubai World had the $4.1 billion due today for payment and is meeting with bank creditors to negotiate a standstill on debt. DW acknowledges it will sell some of its foreign assets.
Abu Dhabi loaned Dubai World a further $10 billion to cover Dubai World's business needs until the end of April and bills owed to creditors and contractors.
Confidence had returned to the Middle Eastern markets last week, but they jumped 10% today after Abu Dhabi's announcement.
The delay in making the loan and an odd, early announcement that they would not temporarily cover the debt has damaged both Dubai's and the UAE's credit worthiness.
One has to wonder why it took the oil-rich Emirate so long to change its mind.
Vodka, Japan Cup Winner, to 2010 DWC
Vodka, the Japan Cup winner, will end her career at the Dubai World Cup and retire to Ireland. It will be her third participation on Cup Day.
Abu Dhabi: NO Dubai Debt Bailout (A Big UK Problem)
SECOND UPDATE: The International Monetary Fund will monitor the financial negotiations which started November 30 and will help stabilise Dubai's debt situation.
Surprising that no expert or journalist has mentioned that two of the multiple causes of Dubai's plight is that Arab countries are pegged to the much-devalued US$and to fluctuating oil/gas prices.
The Gulf Council considered changing from US$to Euros, but did not after considerable pressure from the IMF. They have all lost a lot of money.
UPDATE: Dubai World has lined up Deloitte and Rothschild to represent them next week in renegotiating loan contract payment terms with its lending banks. KPMG will represent the lead banks including HSBC, Royal Bank of Scotland (RBS), Lloyd's Banking Group and Standard Chartered. They expect to form a steering committee of five to six banks to represent the lenders.
Since most of the exposed banks are British, the Financial Services Authority is requesting assurances that UK banks will not suffer huge losses.
The Central Bank of the UAE will monitor progress and has offered emergency aid to any bank needing it so that the nation's financial reputation is protected (which means Abu Dhabi will be involved).
Dubai World has steadfastly refused to be pressured into asset sales of their more valuable properties in the world's current low value climate to pay for the troubled Nakeel (latest word is that Nakeel will meet their December $3.5 billion bond payment).
UK banks have a poor case in some instances in that they made loans on properties which were government-related projects, but not guaranteed by the Dubai government.
Again, the banks expect to be bailed out for their greed, failure of due diligence and poor management.
Legally, Sheikh Mohammed or the Dubai government cannot be forced to pay them. Nor can the National government.
Dubai and the UAE governments are proceeding in good faith to buy time and work out payment problems.
ANNOUNCEMENT: The UAE's richest Emirate Abu Dhabi just announced that it would only back the Sovereign debt of its cousins in Dubai on a case-by-case basis.
Dubai has just lost the understood 'implicit guarantee' for its Sovereign debt by Abu Dhabi and that damages its credit worthiness as an Emirate. Why has Abu Dhabi pulled the plug?
Rumours that Dubai's debt was overextended, rampant over the last few years, have been confirmed by Dubai during the Thanksgiving and Eid holidays (US and Middle Eastern markets closed).
Dubai has asked for a debt moratorium on $50+ billion credit loans for Dubai World which is the government-owned holding company founded in March 2006 to manage four main arms of investment: transport and logistics, drydocks and maritime, urban development, investment and financial services.
Economists say the first two categories are advanced in structure and in excellent financial condition. They form the basis of a renewal of and support to Dubai's stature as an international trading hub.
Dubai, like much of the world, expanded its urban development and local financial investment at a time just before the international financial services' industry melted down.
Their debt is not high compared to other countries, but they could be forced to default at a time when many countries' Sovereign funds are under scrutiny.
The Ukraine is the top of the suspect list and the State of California (USA) is number 10.
Complicating matters is that the Ruler of Dubai, Sheikh Mohammed, holds a majority stake in Dubai World. His personal (business-related) debt added on is said to extend the Dubai debt to $80+ billion.
Dubai has been criticised for a lack of transparency in not revealing the debt situation sooner. Markets lost billions of dollars over the holiday with the 'shock' news.
'Shock' is disingenuous; it is just more mismanagement of international financial markets.
RBS, HSBC and the Standard Bank hold most of the debt which will mean that British taxpayers will be stung for the losses in these bailed-out banks if a solution is not found. Many of the top executives of Dubai-based companies are British and could lose their jobs.
Thousands of British jobs, especially in the racing industry, and a huge chunk of British gross national product are dependent on Dubai and its Royal Family.
In the end, Britain needs to agree to a moratorium and work with Sheikh Mohammed to sort the mess. Part of Dubai's problem is simply timing. Prime Minister Gordon Brown is smart enough to understand that.
Dubai is one of the most exciting country developments in the world engineered by a marketing genius. It should NOT be allowed to fail.
Landmark 2009/2010 Racing Season in the UAE
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of UAE and Minister of Presidential Affairs and Chairman of the Emirates Racing Authority, has approved the race fixtures list for 2009/2010 racing season at Jebel Ali, Sharjah, Abu Dhabi Equestrian Club and the new Meydan Racecourse.
This landmark season of racing in the United Arab Emirates will commence at Jebel Ali on Friday, November 6, 2009. With the transition of racing from Nad Al Sheba to the new Meydan Racecourse, Jebel Ali will host the opening meeting for the first time since the 2002/2003 season and will see an increased number of fixtures to 14 for 2009/2010.
The opening weekend of racing will be a triple header with racing returning to the Sharjah Equestrian and Racing Club for the first time since the 2007/2008 season. The first of Sharjah’s four meetings of the season will be on Saturday, November 7, 2009. The Abu Dhabi Equestrian Club will complete the opening weekend with the first of the 17 scheduled fixtures to be held on Sunday, November 8, 2009.
Meydan will conduct its first meeting on Thursday, January 28, 2009 and will run ten Dubai International Racing Carnival fixtures that will include the 15th Anniversary of the Dubai World Cup to be held on Saturday, March 27, 2010.
Rachel Alexandra Will Not Race in Dubai World Cup
Despite being a loyal supporter of the Dubai World Cup and Sheikh Mohammed's racing initiatives (Curlin--DWC winner), owner Jess Jackson said that he could not risk Rachel Alexandra USA (Medaglia D'Oro USA) on the Tapeta surface at the new Meydan Racecourse.
Rachel is a Dirt specialist and will not compete in the Breeders' Cup this year, because Santa Anita's surface is Pro-Ride.
The future design, in the aerial view above, of Dubai's new US$2 billion hotel and Meydan Racecourse complex not only shows the vast ambition of the project, but the artistic integrity of its exquisite Arabic design.
The racecourse's 1,750m Tapeta synthetic surface will replace Nad al Sheba's 2,200m Dirt course and will become the new home of the US$10 million Dubai World Cup on March 27 and many other major races.
In fact, there is speculation that the Dubai Racing Club might stage world-class races later in the year which would bridge the seasons between Europe and both the Near and Far East.
They could be staged at the beginning of the Dubai racing season in November and could compete with the Breeders' Cup.
Meydan's racecourse and one floor of the grandstand's corporate section were ready in time for opening day of the Dubai Carnival January 28 and the first leg of the Maktoum Challenge sponsored by Sheikh Hamdan Al Maktoum's Shadwell Farm.
The eight-race card was worth US$930,000.
It was only fitting that the first race would be a US$55,000 Group 1 for Anglo Arabs at 1,600m. It is the UAE Al Maktoum Challenge Round 1 sponsored by Jazil of Shadwell Farm on Dirt.
The Anglo and Pure Bred Arabian races and Challenge are very popular with local residents and the horses regularly compete in Europe.
Sheikh Hamdan's gorgeous colt No Risk Al Maury FR (Kesberoy) trained by Britain's Gill Duffield, won the event by 3/4 length with his Santhal FR (Djebbel) second and Kandar Du Falgas FR (Kesberoy) ridden by Tadhg O'Shea fourth. Vite Royal USA (Monarch AH) was third.
British jockey Richard Hills made history as the first winning rider on the Meydan Racecourse and earned his 450th victory in the UAE. It certainly pays to be Sheikh Hamdan's retained jockey.
The mile thoroughbred US$200,000 Maktoum Challenge Group 3 sponsored by Invasor ARG, Shadwell Farm, was the highlight of the day as it is a Trial for the Dubai World Cup and Godolphin Mile.
Last-year's runner-up in the DWC and winner of the 1-1/4 mile Group 1 Turf Singapore Airlines International Cup, 6yo Gloria De Campeao BRZ (Impression ARG) won by 1/2 length and is entered in the DWC by his French trainer Pascal Bary.
There is symmetry in the ultra-tough Brazilian horse by an Argentinian sire winning the Trial race sponsored by the great DWC winner from Argentina--Invasor.
Godolphin's favoured twosome My Indy ARG (Indygo) and Midshipman USA (Unbridled's Song USA). Midshipman faded and only managed fourth.
Compensating for the loss, the inimitable Frankie Dettori dictated tactics from the front on Godolphin's Whispering Gallery (Daylami IRE) in the Mustanfar sponsored by Shadwell Farm 1m2f (Handicap) on Tapeta and won by 3-1/2 lengths.
Whispering Gallery was British bred. Four British-based trainers were victorious: Gill Duffield, Luca Cumani, John Best and Jeremy Noseda.
Kieren Fallon won his first-ever Dubai Carnival race on Cumani's Drunken Sailor Ire (Tendulkar USA) in the Dumaani sponsored by Shadwell Farm (Handicap) 1m3f on Tapeta.
Cumani's Monte Alto IRE (Danehill Dancer IRE) was second by 2-1/4 lengths. Lindner GER (Golan IRE) was third by 7-1/4 lengths.
Multiple-UAE Champion Jockey Ted Durcan brought his 25.1 Sir Gerry USA (Carson City USA) to a half-length victory in the 6f (Handicap) Kayrawan sponsored by Shadwell Farm on Tapeta for trainer Best.
UAE jockey Ahmed Ajtebi had a crashing fall and has just been released from hospital.
South African trainer Mike De Kock and jockey Christophe Soumillon teamed for two impressive victories in the UAE 1000 Guineas Trial sponsored by Dayjur of Shadwell Farm (Conditions Race for Fillies), 7f, and the Intadab sponsored by Shadwell Farm (Handicap), 1m1-1/2f on Tapeta.
Four-year-old Raihana AUS (Elusive Quality USA) won the first and 5yo Lizard's Desire SAF (Lizard Island AUS) the second race for owner Sheikh Mohammed Bin Khalifa Al Maktoum.
The final race was won by British Jeremy Noseda's Leahurst IRE (Verglas IRE) for owner Mrs Susan Roy in the 7f (Handicap) Daaher sponsored by Shadwell Farm on Tapeta.
These races were the groundbreaking tests for jockeys who must deal with a new surface, a sharp bend, high camber at the bends and a short home straight of only a furlong-and-a-half.
Horses unfamiliar with All Weather surfaces take time to learn action changes and to use different muscles.
The surfaces favour Turf horses over Dirt which is why Rachel Alexandra's owner Jess Jackson will not enter her in the Dubai World Cup.
Jockeys believe speed is essential in the first furlong to gain a good position in the first five and any horse coming from behind is at a disadvantage.
That leaves a serious question of Zenyatta's chances to win on this racecourse as she likes to run last despite having the speed others do not.
Frank Gabriel, CEO of the Dubai Racing Club, is courting Zenyatta as a prime candidate for the Dubai World Cup. Her connections have tentative US racing plans arranged to defend her Breeders' Cup Classic 2009 victory.
Without her presence, Gloria De Campeao has been installed as favourite for the Dubai World Cup after his Trial victory opening night.
Zenyatta Invited to Run in Dubai World Cup
Despite 6yo Zenyatta's connections announcing plans for an exclusive American campaign, they will be invited to compete in the Dubai World Cup.
Frank Gabriel, CEO of the Dubai Racing Club, said it is his aim to "secure a line-up of the highest quality for the Dubai World Cup" and "a horse of the calibre of Zenyatta will be of paramount importance".
Should Zenyatta accept the Club's invitation, she could compete against the outstanding mare Vodka JPN (Tamino Gimlet JPN), winner of the Japan Cup and Japan's Horse of the Year for the second year, in the $10 Million Dubai World Cup.
Other invitees will be Hong Kong winners Vision D'Etat FR (Chichicastenango FR) and Presvis (Sakhee USA) along with US Grade 1 winner Gitano Hernando FR (Hernando FR).
Jess Jackson, owner of Rachel Alexandra USA (Megdaglia D'Oro USA), has already ruled out racing his Dirt specialist on the new DWC Tapeta surface.
Rachel could meet Zenyatta in the $500,000 Apple Blossom Handicap at Oaklawn Park, Hot Springs, Arkansas, on April 3 which would temporarily settle their fans' feud over which female is better.
On the other hand, what a fabulous international race it would be if all three great fillies raced each other in the DWC!
And Goldikova IRE (Anabaa USA) competed in the mile.
Dubai's Future Bright with Oil Discovery
Many in the financial world thought they would cash in on Dubai's cash-flow troubles. Fortunately, Abu Dhabi stepped in with a short-term loan and Dubai World went into negotiations with their bankers from a position of greater strength.
Prominent members of Dubai's financial sector expressed shock at the bankers' demands and the damaging international media campaign launched against the country.
Then, large reserves of oil were discovered off the coast and the anti-Dubai campaign damped down.
Another reason Dubai has regained world respect is the exemplary police work from Dubai's Chief of Police (a media genius) and its security forces in exposing 27 Mossad conspirators who murdered a Hamas leader in Dubai.
The country has given warning that "Spies must go."
It appears that Emiratis can manage their own country very well.
Abu Dhabi Relents and Loans Dubai World $10 Billion
During the weeks of uncertainty, Godolphin and Dubai representatives of Sheikh Mohammed assured the racing community that the problems of Nakeel (a subsidiary corporation of Dubai World) would not affect his racing operation nor would it affect MGM's bid to run Aqueduct's racino or the Emirates National Oil Company takeover of Dragon Oil, London-listed £2.3 billion Caspian Sea producer.
Citizens of Dubai and the UAE have been hurt and shocked at the media frenzy which exaggerated the liquidity problems of Dubai World and portrayed the country as being in free fall.
Much of that frenzy appears to have been generated by Rupert Murdoch's various international media operations. The Times of London in particular skewed their reports to exclude positive reports from official international financial services organisations and published Durham University professors who who called for Sheikh Mohammed's removal from office.
Murdoch has several country leaders on his hit list and he is using his media against Barach Obama, Gordon Brown, Silvio Berlusconi and now Sheikh Mohammed. He also payed to publish Sarah Palin's book and is financing her sales/political-campaign tour.
Dubai World had the $4.1 billion due today for payment and is meeting with bank creditors to negotiate a standstill on debt. DW acknowledges it will sell some of its foreign assets.
Abu Dhabi loaned Dubai World a further $10 billion to cover Dubai World's business needs until the end of April and bills owed to creditors and contractors.
Confidence had returned to the Middle Eastern markets last week, but they jumped 10% today after Abu Dhabi's announcement.
The delay in making the loan and an odd, early announcement that they would not temporarily cover the debt has damaged both Dubai's and the UAE's credit worthiness.
One has to wonder why it took the oil-rich Emirate so long to change its mind.
Vodka, Japan Cup Winner, to 2010 DWC
Vodka, the Japan Cup winner, will end her career at the Dubai World Cup and retire to Ireland. It will be her third participation on Cup Day.
Abu Dhabi: NO Dubai Debt Bailout (A Big UK Problem)
SECOND UPDATE: The International Monetary Fund will monitor the financial negotiations which started November 30 and will help stabilise Dubai's debt situation.
Surprising that no expert or journalist has mentioned that two of the multiple causes of Dubai's plight is that Arab countries are pegged to the much-devalued US$and to fluctuating oil/gas prices.
The Gulf Council considered changing from US$to Euros, but did not after considerable pressure from the IMF. They have all lost a lot of money.
UPDATE: Dubai World has lined up Deloitte and Rothschild to represent them next week in renegotiating loan contract payment terms with its lending banks. KPMG will represent the lead banks including HSBC, Royal Bank of Scotland (RBS), Lloyd's Banking Group and Standard Chartered. They expect to form a steering committee of five to six banks to represent the lenders.
Since most of the exposed banks are British, the Financial Services Authority is requesting assurances that UK banks will not suffer huge losses.
The Central Bank of the UAE will monitor progress and has offered emergency aid to any bank needing it so that the nation's financial reputation is protected (which means Abu Dhabi will be involved).
Dubai World has steadfastly refused to be pressured into asset sales of their more valuable properties in the world's current low value climate to pay for the troubled Nakeel (latest word is that Nakeel will meet their December $3.5 billion bond payment).
UK banks have a poor case in some instances in that they made loans on properties which were government-related projects, but not guaranteed by the Dubai government.
Again, the banks expect to be bailed out for their greed, failure of due diligence and poor management.
Legally, Sheikh Mohammed or the Dubai government cannot be forced to pay them. Nor can the National government.
Dubai and the UAE governments are proceeding in good faith to buy time and work out payment problems.
ANNOUNCEMENT: The UAE's richest Emirate Abu Dhabi just announced that it would only back the Sovereign debt of its cousins in Dubai on a case-by-case basis.
Dubai has just lost the understood 'implicit guarantee' for its Sovereign debt by Abu Dhabi and that damages its credit worthiness as an Emirate. Why has Abu Dhabi pulled the plug?
Rumours that Dubai's debt was overextended, rampant over the last few years, have been confirmed by Dubai during the Thanksgiving and Eid holidays (US and Middle Eastern markets closed).
Dubai has asked for a debt moratorium on $50+ billion credit loans for Dubai World which is the government-owned holding company founded in March 2006 to manage four main arms of investment: transport and logistics, drydocks and maritime, urban development, investment and financial services.
Economists say the first two categories are advanced in structure and in excellent financial condition. They form the basis of a renewal of and support to Dubai's stature as an international trading hub.
Dubai, like much of the world, expanded its urban development and local financial investment at a time just before the international financial services' industry melted down.
Their debt is not high compared to other countries, but they could be forced to default at a time when many countries' Sovereign funds are under scrutiny.
The Ukraine is the top of the suspect list and the State of California (USA) is number 10.
Complicating matters is that the Ruler of Dubai, Sheikh Mohammed, holds a majority stake in Dubai World. His personal (business-related) debt added on is said to extend the Dubai debt to $80+ billion.
Dubai has been criticised for a lack of transparency in not revealing the debt situation sooner. Markets lost billions of dollars over the holiday with the 'shock' news.
'Shock' is disingenuous; it is just more mismanagement of international financial markets.
RBS, HSBC and the Standard Bank hold most of the debt which will mean that British taxpayers will be stung for the losses in these bailed-out banks if a solution is not found. Many of the top executives of Dubai-based companies are British and could lose their jobs.
Thousands of British jobs, especially in the racing industry, and a huge chunk of British gross national product are dependent on Dubai and its Royal Family.
In the end, Britain needs to agree to a moratorium and work with Sheikh Mohammed to sort the mess. Part of Dubai's problem is simply timing. Prime Minister Gordon Brown is smart enough to understand that.
Dubai is one of the most exciting country developments in the world engineered by a marketing genius. It should NOT be allowed to fail.
Landmark 2009/2010 Racing Season in the UAE
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of UAE and Minister of Presidential Affairs and Chairman of the Emirates Racing Authority, has approved the race fixtures list for 2009/2010 racing season at Jebel Ali, Sharjah, Abu Dhabi Equestrian Club and the new Meydan Racecourse.
This landmark season of racing in the United Arab Emirates will commence at Jebel Ali on Friday, November 6, 2009. With the transition of racing from Nad Al Sheba to the new Meydan Racecourse, Jebel Ali will host the opening meeting for the first time since the 2002/2003 season and will see an increased number of fixtures to 14 for 2009/2010.
The opening weekend of racing will be a triple header with racing returning to the Sharjah Equestrian and Racing Club for the first time since the 2007/2008 season. The first of Sharjah’s four meetings of the season will be on Saturday, November 7, 2009. The Abu Dhabi Equestrian Club will complete the opening weekend with the first of the 17 scheduled fixtures to be held on Sunday, November 8, 2009.
Meydan will conduct its first meeting on Thursday, January 28, 2009 and will run ten Dubai International Racing Carnival fixtures that will include the 15th Anniversary of the Dubai World Cup to be held on Saturday, March 27, 2010.
Rachel Alexandra Will Not Race in Dubai World Cup
Despite being a loyal supporter of the Dubai World Cup and Sheikh Mohammed's racing initiatives (Curlin--DWC winner), owner Jess Jackson said that he could not risk Rachel Alexandra USA (Medaglia D'Oro USA) on the Tapeta surface at the new Meydan Racecourse.
Rachel is a Dirt specialist and will not compete in the Breeders' Cup this year, because Santa Anita's surface is Pro-Ride.
