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Dubai Says It's Committed to Tiger Woods Golf Resort

Reuters
Thursday, 17 Dec 2009 | 5:19 AM ET

A unit of Dubai Properties Group, owned by the ruler of Dubai's holding firm, said on Thursday it was committed to completing its Tiger Woods golf course project.

Sharon Lorimer

Woods, 33, who is estimated to earn $100 million a year from various endorsement deals, has admitted to "infidelity" in his marriage to his Swedish wife Elin Nordegren.

In the past week, technology outsourcing and consulting firm Accenture ended its endorsement deal with Woods, while Procter & Gamble's Gillette brand said it would not use Woods in its marketing.

"The Tiger Woods Dubai ... can confirm that it remains committed to the completion of its centrepiece Al Ruwaya Golf Course, and that progress continues on the first golf course designed by Tiger Woods," Tiger Woods Dubai said in a statement.

"Tiger Woods Dubai does not comment on the personal lives of our valued partners," it added.

Dubai Properties is a unit of Dubai Holding, the private company of Dubai's ruler.

Dubai Holding has about $1.9 billion of debt maturing in the first half of next year, and Dubai's debt crisis surrounding troubled conglomerate Dubai World has raised investor fears about other Dubai companies including Dubai Holding.

Tiger Woods Dubai is a 55 million square feet private residential golf community project which includes the Al Ruwaya clubhouse, golf academy, and a hotel. The golf course, when completed, will be a 7,800 yard, par 72, 18-hole course.

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