The Dubai World Championship will be held at the Jumeriah Golf Estates starting in 2009 for five years with the option to prolong hosting the tournament for another five years.

This tournament will be the world’s richest with $10 million in prize money, surpassing the U.S. Tour’s Player Championship currently offering $9 million. The tournament will be held from November 19th to the 22nd on either the Earth or Fire course, both designed by Greg Norman.

The winner of the tournament will receive $1.66 million in prize money. PGA Tour Commissioner Tim Finchem welcomes the tournament as The European Tour has had difficulties competing with the “deep pockets” of the PGA Tour. He feels it is “terrific for the professional golf globally”.