Leisurecorp, formerly Istithmar Leisure, is a subsidiary

Subsidiary

A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...

 of Dubai World

Dubai World

Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is the emirate's flag bearer in global investments and has...

, established in 2006, that invests in sports and leisure facilities, with golf

Golf

Golf is a precision club and ball sport, in which competing players use many types of clubs to hit balls into a series of holes on a golf course using the fewest number of strokes....

 being a particular focus.

Among the sites owned by Leisurecorp are PGA European Tour

PGA European Tour

The PGA European Tour is an organization which operates the three leading men's professional golf tours in Europe: the elite European Tour, the European Seniors Tour and the developmental Challenge Tour. Its headquarters are at Wentworth Club in Virginia Water, Surrey, England...

 venues Pearl Valley Golf Estates in South Africa

South Africa

The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...

, and Jumeirah Golf Estates

Jumeirah Golf Estates

Jumeirah Golf Estates is a part built luxury residential golf community that is located along Emirates Road, near the Palm Jumeirah, in Dubai, United Arab Emirates....

 in Dubai. In October 2008, it completed acquisition of the Turnberry Resort in Scotland

Scotland

Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...

, venue for the 2009 Open Championship. Leisurecorp also has major shareholdings in Island Global Yachting, Troon Golf, GPS Industries, and Snowmass, Colorado

Snowmass (ski area)

Snowmass is a part of the Aspen/Snowmass ski resort complex located in western Colorado near the town of Aspen, Colorado. It is owned and operated by the Aspen Skiing Company. Snowmass is the largest of the four Aspen/Snowmass mountains, comprising . The mountain is most notable for its wide...

.

In November 2007, Leisurecorp agreed a major partnership deal with the PGA European Tour. The highlight of the deal saw the creation of the season ending Dubai World Championship

Dubai World Championship

The Dubai World Championship is a golf tournament on the European Tour that was held for the first time from 19–22 November 2009 on the Earth course at the Jumeirah Golf Estates in Dubai, United Arab Emirates....

, held annually on the Earth Course at Jumeirah Golf Estates. The US$

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

10 million prize fund makes it the world’s richest golf tournament. In addition, the European Tour Order of Merit was rebranded as the Race to Dubai, with an additional US$10 million bonus fund, and the top 60 players qualifying for the season finale.

The PGA European Tour’s International Headquarters were also moved to Jumeirah Golf Estates in 2009, and from the 2010 season, the European Tour schedule will open and close at Leisurecorp venues, starting with the South African Open at Pearl Valley and finishing with the Dubai World Championship. There are also plans for the European Open

European Open (golf)

The European Open was a European Tour golf tournament. Founded in 1978, up to 1994 it was played at various courses in England, including Sunningdale and Walton Heath, except for the 1979 event, which was held at Turnberry in Scotland...

, a regular tour event, to be moved and make Turnberry its permanent home, although there are reports that this could affect the venues place on the Open Championship rota.

Having developed this close relationship with the PGA European Tour, Leisurecorp hopes that in the future it may be able to stage the Ryder Cup

Ryder Cup

The Ryder Cup is a biennial golf competition between teams from Europe and the United States. The competition is jointly administered by the PGA of America and the PGA European Tour, and is contested every two years, the venue alternating between courses in the United States and Europe...

in Dubai.