Tiger Woods course – down but not out
A UK paper seems ready to write-off the infamous golfer’s Dubai project, but like so much in Dubai, it ain’t over til it’s over.
November 28, 2010 12:53 by Samuel Potter
The decision to continue the project or not will not be taken according to the fortunes of Woods, it will be taken according to whether it makes practical sense – in a new age of austerity can Dubai support another expensive, exclusive, costly-to-run golf destination? And more importantly, can Dubai Properties afford to complete?
That’s the larger question. There were reports last week spurred by Tom Barry, chief exec of Arabtec, that Dubai Properties may need to restructure, though he later clarified his remarks, saying he was referring to payments due to Arabtec. According to Reuters, Dubai Properties has insisted it is not entering restructuring. “Dubai Properties Group (DPG) is not restructuring. DPG honours all of its commitments. We continue to maintain a good relationship with all our partners, including Arabtec,” the company said in a statement. DPG is a unit of Dubai Holding, whose troubles have been well publicized, but the smaller company has in fact been completing projects of late.
And Dubai Holding has reached agreement with its creditors, and the sense of panic across Dubai has largely receded. As finance frees up and confidence returns, stalled projects are gradually starting up. With six holes reportedly finished, and 12 sketched out, this is one project I don’t think will fall by the wayside. Adjustments may be made, profits may be slimmer, but just because Tiger Woods Dubai (and Tiger Woods) is down, doesn’t mean it is out. Like so much in Dubai, it may surprise us – and the British press – yet.
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