VIDEO: Damac confirms Trump’s rejection of $2bn Dubai property deal

January 12, 2017 4:51 pm

* Rejection to avoid possible conflict of interest

* Trump Organization has deal with Damac for $6bn Akoya project

* Management of Trump Organization to be handed over to trust controlled by Trump’s sons Don and Eric

US President elect Donald Trump turned down a $2 billion property deal in Dubai a few days ago. Had it not been rejected, developer Damac Properties would have added another feather to its portfolio of properties known for their association with the Republican’s Trump Organization.

“Over the weekend, I was offered $2 billion to do a deal in Dubai … a number of deals. And I turned it down,” Trump said on Wednesday at his first press conference after winning the elections.

Conflict of interest

Trump added that the offer from Hussein Sajwani, the Chairman of Damac, was rejected to avoid concerns of conflict of interest after taking office.

Damac confirmed to AMEinfo that discussion had taken place with the real estate developer-turned politician on a number of property deals.

“DAMAC can confirm that the discussions took place as stated in the media briefing but the proposals were declined. These proposals were for a variety of different property deals,” said Niall McLoughlin, Senior Vice-President, DAMAC Properties.

Trump and Dubai

The developer has a partnership with the New York-based international conglomerate in a 42 million square foot golf community development in Dubai. Trump and his wife Ivanka had visited Dubai in 2014 to check in on progress of $6 billion Akoya project, which includes The Trump International Golf Course.

In December 2015, Damac took down a huge billboard featuring Trump at its Akoya development site in Dubai following his controversial calls  to ban Muslims from entering the US. But the developer restored the signage saying that its partnership is with the Trump Organization, which had nothing to do with the Republican’s political views.

During his press conference, Trump also said that management of the Trump Organization would be handed over to a trust controlled by his sons Don and Eric before his inauguration on January 20.


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.