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Trump Jr slams viability of Dubai developments
by Diana Milne on Sunday, 06 January 2008
FINANCIAL VIABILITY: Trump Jr, pictured, said some of Dubai's ambitious real estate projects would never happen. (Getty Images)
The son of US property tycoon Donald Trump has questioned the financial viability of Dubai's ambitious real estate developments, claiming some "can't possibly ever happen".
In an interview published in this month's Arabian Property magazine, Donald Trump Jr said some of the developments were incredible in theory, but would not work out on paper.
"To me as a real estate person, but also as a financial person, some of the projects are incredible in theory, but I don’t know how they will ever work out on paper, numbers wise," he said, without going into detail about which projects he had concerns about.
“There are clearly some [projects] that are just in my opinion out of this world and that can’t possibly ever happen."
Trump Jr, vice president of the Trump Organisation, is currently working on the company's first Middle East development, the Trump International Hotel and Tower on the Palm Jumeirah.
He also criticised the quality of construction in the emirate, claiming the interiors of some buildings he had visited did not meet international standards.
"There are some incredible buildings in Dubai that are architecturally very nice from the exterior, but I think some of the interior finishings have always been lacking,” he said.
“If you took a New York building versus a comparable Dubai building you’d see a lot of differences in the interior finishings.
“These may be minor details that perhaps most people don’t see but people like myself and my father who have an eye for that kind of detail really notice."
Despite his concerns, Trump Jr said other developments would be "phenomenal" and that Dubai's property market was set for continued success.
“Dubai has created itself as the epicentre, as kind of the Wall Street of the Middle East. It has oil money, all the influx of capital that’s coming in from Asia and it’s central in the world," he said.
"And as money keeps coming in I think it can sustain a lot of that boom."
He said Trump Organisation would "definitely" be looking to develop more projects in Dubai and other parts of the Middle East once construction of the Trump International Hotel and Tower was finished.
"We want to get this [the Trump International] locked away then we will be looking,” Trump Jr said, adding that he saw Qatar, Oman, Bahrain, Abu Dhabi, Kuwait and Saudi Arabia as good areas for future development.
He also said the Trump Organisation is currently in talks over two hotel deals, a residential development and a commercial venture in India - a country where he also sees great potential.
Click here to read the full interview with Donald Trump Jr.
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USER COMMENTS (7 COMMENTS)
Jr. vs. Sr.
Posted by Zahi Abdein, Amman, Jordan on 4 May 2008 at 19:11 UAE time
Ok, I cannot help myself but to comment on Mr. Jr. here. I don't know much about him as I do about his father, but I don't think he's as good. His father proved himself when he got broke over a decade ago and came back. He needs to prove himself away from his dad's shadow.
It took NY 50 year what Dubai has accomplished in 10 years. If he wants to talk about finishes, design and architecture, I don't think NY buildings should be the benchmark.
Posted by Zahi Abdein, Amman, Jordan on 4 May 2008 at 19:11 UAE time
Ok, I cannot help myself but to comment on Mr. Jr. here. I don't know much about him as I do about his father, but I don't think he's as good. His father proved himself when he got broke over a decade ago and came back. He needs to prove himself away from his dad's shadow.
It took NY 50 year what Dubai has accomplished in 10 years. If he wants to talk about finishes, design and architecture, I don't think NY buildings should be the benchmark.
Dreams : The stuff of Sheikhs
Posted by paul, College park, MD,USA, USA on 7 January 2008 at 10:56 UAE time
I can only agree with lazyleo ; having spent some yrs in mediocre residential areas of Dubai and seen the way some mega projects have been visualised, planned and executed - Lazyleo might turn out to be a good prophesier...However, it is not all about the numbers, nor only about details - let the devil -in-details be compromised a bit or more for the bigger aim of leapfrogging the decades of lost progress for the people who as Sheikh Zayed said "have sufferred too much for too long". Time will tell the story as it unravels....
Posted by paul, College park, MD,USA, USA on 7 January 2008 at 10:56 UAE time
I can only agree with lazyleo ; having spent some yrs in mediocre residential areas of Dubai and seen the way some mega projects have been visualised, planned and executed - Lazyleo might turn out to be a good prophesier...However, it is not all about the numbers, nor only about details - let the devil -in-details be compromised a bit or more for the bigger aim of leapfrogging the decades of lost progress for the people who as Sheikh Zayed said "have sufferred too much for too long". Time will tell the story as it unravels....
Trump Buildings in New York are Inferior
Posted by Tarek, New York, USA on 7 January 2008 at 01:16 UAE time
As someone who currently lives in a Trump property in New York City and formerly having lived in a newly developed property in Dubai Marina, I can say that Donald Trump's claim of inferior quality in Dubai is NOT true. I'm not sure where he was looking but in comparison to Trump buildings in New York City (I have seen 4), I can say that the majority of Emaar and Nakheel buildings in Dubai have significantly better standards.. In the particular property I live in here in New York, the floor is not level, the windows are inconsistently sized and the walls are paper thin... and the building is not a day over 6 years old.. so much for Trump quality.
Posted by Tarek, New York, USA on 7 January 2008 at 01:16 UAE time
As someone who currently lives in a Trump property in New York City and formerly having lived in a newly developed property in Dubai Marina, I can say that Donald Trump's claim of inferior quality in Dubai is NOT true. I'm not sure where he was looking but in comparison to Trump buildings in New York City (I have seen 4), I can say that the majority of Emaar and Nakheel buildings in Dubai have significantly better standards.. In the particular property I live in here in New York, the floor is not level, the windows are inconsistently sized and the walls are paper thin... and the building is not a day over 6 years old.. so much for Trump quality.
Trump Jr slams viability of Dubai developments
Posted by Sanjay Batheja, Dubai, United Arab Emirates on 6 January 2008 at 19:30 UAE time
Trump Jr's observations are an eye opener. Great work to speak out Mr Trump and make us aware of things to look for.
Posted by Sanjay Batheja, Dubai, United Arab Emirates on 6 January 2008 at 19:30 UAE time
Trump Jr's observations are an eye opener. Great work to speak out Mr Trump and make us aware of things to look for.
It's Not Always about Numbers...
Posted by T Crowe Semler, Fayetteville AR, USA on 6 January 2008 at 17:27 UAE time
The Trump family is known for making fast turn around profits. Trump said,"To me as a real estate person, but also as a financial person, some of the projects are incredible in theory, but I don’t know how they will ever work out on paper, numbers wise,"
People must realize that in some cases it is not always about "numbers". Dubai is about vision and creativity which is way more than just "numbers". Trump compares the building "details" to NYC buildings. My first question is he talking about the the beautiful historic building or the brand new buildings. My grandfather would say"the devil is in the details" meaning even the smallest detail in a project must be finished correctly and visually pleasing. When we rush and push for deadlines sometimes the smaller details get "short changed" and not had enough attention paid to them. Interior finish details are of critical importance. Quality control teams must be on sight through all phase of construction trained with "an eye for detail".
I do not think Donald Trump Jr. ment to "slam" anyone he was just giving his opinion. Quit frankly, I would like to see a poll taken on "viability" among the most serious stakeholders in Dubai. With the magnitude of proposed projects and the time frames stated we may find some truth to young Trumps words. However, never under estimate the power of dreams and the capital to back those dreams.
Posted by T Crowe Semler, Fayetteville AR, USA on 6 January 2008 at 17:27 UAE time
The Trump family is known for making fast turn around profits. Trump said,"To me as a real estate person, but also as a financial person, some of the projects are incredible in theory, but I don’t know how they will ever work out on paper, numbers wise,"
People must realize that in some cases it is not always about "numbers". Dubai is about vision and creativity which is way more than just "numbers". Trump compares the building "details" to NYC buildings. My first question is he talking about the the beautiful historic building or the brand new buildings. My grandfather would say"the devil is in the details" meaning even the smallest detail in a project must be finished correctly and visually pleasing. When we rush and push for deadlines sometimes the smaller details get "short changed" and not had enough attention paid to them. Interior finish details are of critical importance. Quality control teams must be on sight through all phase of construction trained with "an eye for detail".
I do not think Donald Trump Jr. ment to "slam" anyone he was just giving his opinion. Quit frankly, I would like to see a poll taken on "viability" among the most serious stakeholders in Dubai. With the magnitude of proposed projects and the time frames stated we may find some truth to young Trumps words. However, never under estimate the power of dreams and the capital to back those dreams.
Poor design and consulting firms
Posted by Hisham on 6 January 2008 at 16:16 UAE time
I tend to agree with Trump to a large extent with respect to the interior finishing and the design of several of the new buildings in Dubai. There is a huge boom in the construction industry, but the number of consultants that can design, supervise and ensure the highest quality of materials is very very limited. There are so many consultants pouring in from different parts of the world to grab part of the cake. I believe the government needs to set strict standards on consultant practise in the UAE. We see consultants and contractors play around to get the cheapest materials to maximize their profits (obviously at the expense of the building owner).
Take a look at the design of the elevators in some of the office towers in the Dubai Internet City. You can spend at least 20-40 minutes waiting for an elevator. I personally know of lots of companies moving out of this specific tower because it's inappropriate for their customers (no parking, long waiting time, etc).
Posted by Hisham on 6 January 2008 at 16:16 UAE time
I tend to agree with Trump to a large extent with respect to the interior finishing and the design of several of the new buildings in Dubai. There is a huge boom in the construction industry, but the number of consultants that can design, supervise and ensure the highest quality of materials is very very limited. There are so many consultants pouring in from different parts of the world to grab part of the cake. I believe the government needs to set strict standards on consultant practise in the UAE. We see consultants and contractors play around to get the cheapest materials to maximize their profits (obviously at the expense of the building owner).
Take a look at the design of the elevators in some of the office towers in the Dubai Internet City. You can spend at least 20-40 minutes waiting for an elevator. I personally know of lots of companies moving out of this specific tower because it's inappropriate for their customers (no parking, long waiting time, etc).
SHOW ALL COMMENTS
Trump will be proved wrong
Posted by lazyleo on 6 January 2008 at 14:34 UAE time
Donald Trump Junior will be proved wrong. Dubai is a city that has undertaken tasks which were widely regarded as impossible a few years ago - now nothing is too difficult for them.
Posted by lazyleo on 6 January 2008 at 14:34 UAE time
Donald Trump Junior will be proved wrong. Dubai is a city that has undertaken tasks which were widely regarded as impossible a few years ago - now nothing is too difficult for them.
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