Not so much fun in the sun anymore.

Farouk Soussa, a credit rating analyst from Standard & Poor’s says Dubai has “insufficient” funds to pay back billions of dollars worth of debt coming due, adding further pressure on the symbol of boom to raise more cash.

The S&P’s head of Middle East government ratings said Sunday that the sheikdom has about $4 billion left from a February bond issue, but must find a way to cover as much as $50 billion over the next three years reports The Money Game.

He says “the notion that the government will be able and/or willing to stand 100 percent by all that debt on an equal basis is wrong.”

Beachside villa anyone?