Trump plans golf course in Dubai desert
DUBAI, United Arab Emirates -- Donald Trump plans to extend his golfing empire to the Middle East, opening a course in the desert outskirts of Dubai in the latest sign the emirate's crisis-hit property market is recovering.
According to a report on the Financial Times website ft.com, the Trump International Golf Club will be the centerpiece of a 28 million foot project being developed by DAMAC Properties that includes a luxury residential community, hotels, spa and international schools. It is being developed on land purchased from Dubailand, a much-hyped project that included a $1 billion Tiger Woods golfing estate. The Woods projected was shelved due to the economic downturn.
In the website article, Trump said, "Dubai is an incredible city that truly understands the meaning of luxury."
The upbeat message contrasts with his sentiments when the previous Trump Dubai project was canceled after the city's property bubble burst, the Financial Times website said.
In June 2008, the Trump International Hotel & Tower on Palm Island was selling some of the city's most expensive flats, but before the end of the year the $1.1 billion project was on hold and later canceled, the website reported.
The crash, which saw prices fall by 60 percent, eventually precipitated a sovereign debt crisis in late 2009 as Trump's state-backed partner, Nakheel, warned that it could not repay its debts, the website said.
The Trump Organization has 14 award-winning courses under its ownership and management across the world, but this will be its first venture into Asia. It did not say who would design the 7,205-yard, par-71 course.
Reports from The Associated Press and the Financial Times website have been used in this story.