IT was the money-no-object playground where barren sand dunes were transformed into a shimmering metropolis and the architectural whimsy was so mind-bogglingly rampant it looked like one long episode of Grand Designs viewed through a hallucinogenic haze.

And, yes, this is Dubai we're talking about, not Blackpool. Of course, something had to give.

When the global economic crisis hit the Emirate in 2009, it was as if the needle-like structure of the Burj Khalifa, a skyscraper so tall even the sun itself had to carefully manoeuvre its way around the top floors, had pricked the bubble. Caught in the burst was George O'Grady and the European Tour.

In Dubai this week, the multi-million dollar DP World Tour Championship, the big-money bonanza which brings the curtain down on the season, takes place and everything, it seems, is financially rosy again.

Five years ago, it was particularly dicey and, as he reflected on his time as chief executive of the European circuit, O'Grady, who will step down at some point in the new year, confessed that the most satisfying moment of his tenure was salvaging this showpiece from the depths of the recession.

It was in 2007, that the European Tour agreed a lucrative alliance with Leisurecorps, a Dubai-based company which had also acquired Turnberry before the backside fell out of the financial empire.

In an all-singing, all-dancing announcement, the first Dubai World Championship, which was to be the richest event in golf with a purse of $20m, was unveiled amid a whole host of other money-drenched spin-offs and add-ons.

Two years later, with the inaugural Tour Championship looming, Leisurecorps were toiling under the weight of the credit crunch, the host venue at Jumeirah Estates was a work in progress and O'Grady had to take drastic action by offering to cut the prize fund.

"They were very scary times . . . and the course was just sand," he said. "During that recession, I remember people leaving cars at the airport and just getting out fast because you wouldn't get paid in Dubai. We had these top-level discussions [with DP World and other figures]. It was a case of almost locking the doors and having all-night talks to find the money from somewhere. We offered to cut the bonus pool by 25 per cent and that was gratefully received.

"I went to the house of Mohamed Alabbar [real estate tycoon and former chairman of the UAE Golf Federation] and he did say that it was possible that they had expanded in Dubai a bit too far and a bit too fast. But he also said, 'remember, there were more visitors to Dubai in a month than there were to California in a year. If you stay at the table with us, Dubai will never forget'. And they didn't."

With a solid beachhead established in the Middle East, as well as significant expansion into Asia, O'Grady will leave the tour on a strong footing. In Scotland, the Scottish Open has been secured through to 2020 while the lucrative Dunhill Links Championship remains "solid" and has a commitment from major backer, Johann Rupert, for "a few years".

There are also on-going talks about something special for Gleneagles, which put on such a fine show at the Ryder Cup. "The tour wants to be at Gleneagles and Gleneagles want to be associated with the Tour," added O'Grady. "We have got an exciting concept, but it's too early to say concretely."

With an association to the tour stretching back 40 years, O'Grady has witnessed huge changes and challenges. "If anyone asks me what I think are the attributes to be a CEO, I would refer back to when John Jacobs interviewed me 40 years ago for a job as tournament administrator," he said. "He asked me what the attributes would be and I said 'common sense'.

Jacobs jumped up and said 'common sense: that's exactly it. You can't find common sense anywhere these days'. I thought to myself, 'oh God, I'm going to get this job now'."