The European Tour has announced the start of a new three-year sponsorship deal with the Dubai World Championship sponsor’s DP World.

Under the new agreement, the final event of the Race to Dubai will be renamed as the DP World Tour Championship, Dubai.

The next three editions of the DP World Tour Championship, Dubai, will return to the scene of the inaugural event at Jumeirah Golf Estates. The overall prize fund for the tournament will also increase by $500,000 to $8 million, while the winner’s cheque will rise from $1.25m to $1.33m.

In addition to this, DP World will also continue to support the UBS Hong Kong Open, the penultimate event on the Race to Dubai and will also become a sponsor of the BMW PGA Championship at Wentworth over the next three years.

Chief executive of the European Tour, George O’Grady, said: “We are delighted to be announcing the start of a new phase for the Race to Dubai and, specifically the newly re-titled DP World Tour Championship, Dubai, at Jumeirah Golf Estates.”

Mohammed Sharaf, chief executive of DP World, said: “DP World is extremely pleased to be associated with this prestigious frontline event. We believe the DP World Tour Championship and the Race to Dubai to be significant events for Dubai, as it reinforces its position as an international sport and golfing destination.”

DP World is the world’s third largest marine terminal operator and operates more than 60 terminals across six continents. DP World has also been the presenting sponsor of the first three Dubai World Championships, won by Lee Westwood, Robert Karlsson and most recently Alvaro Quiros.