(CNN) -- A multi-billion dollar golf estate in Dubai, that was to bear Tiger Woods' name, has been shelved for the time being because of the worldwide economic downturn.
The estate was to house a $1 billion golf course, surrounded by a complex of 100 villas, 75 mansions, 22 palaces, a boutique hotel, a golf academy and 30,000 full-grown imported trees.
However, the estate's developers have blamed "market conditions" for putting any further building work on hold.
A statement continued: "These conditions will continue to be monitored and a decision will be made in the future when to restart the project."
The first phase of the development had been promised by the end of 2009, which coincided with the time Dubai announced heavy debts for many of its state-linked companies, and only a few of the course's holes have been completed.
Confirming the news, Woods told the official PGA Tour website: "It's been put on hold for right now. A lot of projects out there have been.
"We have got six completed holes and a few that were about to be grassed before construction was halted. Everything is on hold," added the former world number one.
An 18-hole course designed by Colin Montgomerie was launched in Dubai in 2006, and another by Ernie Els opened in 2008.