Dubai Sheikh cuts racehorse spending, drastically

Sheikh Mohammed bin Rahid al-Maktoum, the ruler of Dubai, is clearly feeling the pinch of the global economic situation. He's slashed his spending on his favourite indulgence - racehorses - spending "only" 3.21 million guineas ($5.4 million) at Europe's biggest racehorse auction in Newmarket, UK, which ended on Thursday. Sheikh Mohammed spent 8.16 million guineas on horses at the same auction last year. Clearly he's got other things on his mind than augmenting his award-winning stable - Dubai's debt crisis pre-eminent among them. Read more: Bloomberg