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Thu 31 May 2007 10:45 PM

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Dubai World buys SA golf course

Leisurecorp, a unit of Istithmar, has bought the 170-hectare Pearl Valley Signature Golf Estate.

State-owned Dubai World said on Thursday it bought a golf-course development in South Africa, without giving a value for the transaction.

Leisurecorp, a unit of Dubai World's Istithmar, made the purchase of the 170-hectare Pearl Valley Signature Golf Estate and Spa in the Cape Winelands area in the south of the country, Dubai World said in a statement.

Istithmar was part of a consortium which bought Cape Town's V&A Waterfront, the country's top tourist spot, for 7.04 billion rand ($982.9 million) in September from South Africa's Transnet.

"Pearl Valley offers the chance to create a truly unique destination, wholly complementary to our investment in the V&A Waterfront," Sultan bin Sulayem, Dubai World chairman, said in the statement.

Leisurecorp plans to invest "heavily to develop Pearl Valley into a major international resort and residential golf community," Dubai World said.

The Pearl Valley facility has one 18-hole, Jack Nicklaus-designed championship course and 500-home gated residential community.

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