Tiger Woods caught up in Dubai ‘failure’

Tiger Woods much heralded Golf course in Dubai has been a victim of the financial crisis, with the project being put on ice according to reports.

Tiger Woods Dubai, a multi-million dollar development, had been scheduled to open this August, but that has now been pushed back as far as 2010 or even later according to its developers. Had the project gone ahead 22 palaces‚ 75 mansions‚ 100 luxury villas and a high-end hotel would have been par for its course, which would have taken centre stage of the project.

Government owned developer, Tatweer, had originally denied the project would be delayed, with Abdullah Al Gurg, the project’s manager, earlier saying "we have put our plans together to solidly rise above the current market situation."

Speaking to UK newspaper, The Guardian, a source close to the development says, the developers now realise that the project will not be able to escape new economic realities.

"The difficulties, like those affecting 99% of the developments in Dubai, are due to the current economic unpredictability… There could be a thousand different reasons [for the problems] such as people deferring on their payments."

Woods would be expected to earn royalties from the sale of the real estate however it is believed investors has bought or placed deposits on less than one-third of the available properties.


Woods’ carefully cultivated image will be more of a concern The Guardian argues, with the Tiger brand unused to being associated with anything other than success.

Tiger Woods Dubai is not the only golfing project to have being impacted by the financial crisis in the emirate.

If Tiger is getting hit what does that say for the rest of us? Let’s hope he’s not losing his luster in business and in the game.

www.business.maktoob.com