Dubai's downturn halts Tiger Woods golf course
DUBAI, United Arab Emirates—Plans for a Tiger Woods signature golf estate, including a boutique hotel and sheik-style palaces, have been shelved as Dubai's financial downturn claimed another major project launched during the eye-popping boom years. A statement Monday by the golf course developer—part of a conglomerate controlled by Dubai's debt-squeezed ruler—said "market conditions" were behind the decision to suspend work on The Tiger Woods Dubai on the city's desert outskirts.
The announcement—just before Woods is scheduled to play in the Dubai Desert Classic next week—shows that Dubai's property market is still wobbling from the severe credit crunch that hit last year and stalled many headline-grabbing projects, including an even larger version of the manmade palm-shaped island that helped put Dubai on the map.
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