Super rich sheik's space-age design

At night, the sleek glass building glows green and purple, its distinctive crescent roof looming high above the manicured race track below.

It's an opulent and eerily futuristic setting befitting the richest horse race on the planet -- the Dubai World Cup , which kicks off this weekend, according to CNN.

With more than $27 million in prize money on offer over the 11-day carnival, it's little wonder the world's greatest race horses, and their influential entourage, flock every year to the United Arab Emirates capital.

But can the grand architectural statements and megabucks compete with the prestige of centuries-old races like the Kentucky and Epsom Derby?

The country's ruler, Sheikh Mohammed bin Rashid Al Maktoum, seems to think it can, and he's willing to dig into his deep pockets to ensure Dubai is very much on the international horse racing map.

"Prestige has to do with the tradition and culture of the region," said chief executive of the Dubai World Cup Frank Gabriel. "We're 17-years-old, so we're still very young."

"You can have a prestigious race, but you can also have the very best race horses in the world -- which is what we have."

Launched in 1996, the Dubai World Cup is a relatively new player on the horse racing circuit, and carving out a name as an internationally renowned competition has taken huge investment.

While the U.S. and Europe battle against austerity measures, the Gulf's wealthy horse-mad sheikhs are pumping billions of dollars into boosting the region's racing status.

"Throughout my career, Sheikh Mohammed has been the most influential man in the horse racing world," said American Dale Romans, who last year won the award for most outstanding trainer in the U.S.

"He breeds thoroughbreds, he buys them, he competes them -- he does everything. He has very deep pockets in the game and he's willing to spread the wealth around."

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