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Discuss this article (12 Comments)Trump Tower will not happen 'any time soon'
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 05 October 2009
TRUMP TOWER: An artist's impression of the cancelled project.
Donald Trump Jr has confirmed that building work on the cancelled Trump International Hotel and Towers will not happen "any time soon".
Trump, vice president of the Trump Organisation and son of property tycoon, Donald Trump, said he hoped construction would begin in two years, but said it made no sense to build at the moment.
"Its going to take some time...I would say it's not going to happen any time soon," he said during a Q&A session following his key note presentation at Monday's Cityscape.
Related: Cityscape Day 1 - as it happened
"There is a time for a project like that in that location," he added.
"We have a great partnership with Nakheel; they've done a great job with keeping us in the loop," he said.
In May it was reported that work on Trump International Hotel and Tower, the first project in the region for Donald Trump, had been delayed indefinitely.
In June last year one buyer offered to pay 11,100 per sq foot for a penthouse in the development, which at the time was almost double the price of property in the Burj Dubai.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
To Meredith...
Posted by Simon, Dubai, Dubai on Tuesday 6 October 2009 at 19:43 UAE time
OK so Rouzbehs figures where out somewhat but it still doesn't detract from Sumster's comments.
USA debt is way beyond their ability to repay and their debt levels are higher than their GDP. They spend more than they earn. This spending is to boost consumerism which just can not work because it is impossible to spend your way out of debt unless you are producing a product which people want and will buy. Only by doing this will your GDP grow and the debt ratio come into line.
The main point is...Sumster believes in debt and sees no reason to keep it in check. He appears to condone spending what we don't have as a way for Dubai to emerge from its crisis. He believes you can spend your way out of trouble and my point was, you can't. Difference of opinion is all...but the reason I brought the USA into the equation was to show that a model exists that shows spending what you don't have is not the way to emerge from a crisis.
The USA are doing nothing but printing money...which is backed by NOTHING...the only thing backing it right now is GOOD FAITH. That will not last and by 1st qtr 2010 you are likely to see a $US collapse...which is why you will have heard other nations talking about a new world currency. Incidently, China is one of the biggest buyers of Gold right now...no surprise as it is a hedge against their $US debt positions.
Posted by Simon, Dubai, Dubai on Tuesday 6 October 2009 at 19:43 UAE time
OK so Rouzbehs figures where out somewhat but it still doesn't detract from Sumster's comments.
USA debt is way beyond their ability to repay and their debt levels are higher than their GDP. They spend more than they earn. This spending is to boost consumerism which just can not work because it is impossible to spend your way out of debt unless you are producing a product which people want and will buy. Only by doing this will your GDP grow and the debt ratio come into line.
The main point is...Sumster believes in debt and sees no reason to keep it in check. He appears to condone spending what we don't have as a way for Dubai to emerge from its crisis. He believes you can spend your way out of trouble and my point was, you can't. Difference of opinion is all...but the reason I brought the USA into the equation was to show that a model exists that shows spending what you don't have is not the way to emerge from a crisis.
The USA are doing nothing but printing money...which is backed by NOTHING...the only thing backing it right now is GOOD FAITH. That will not last and by 1st qtr 2010 you are likely to see a $US collapse...which is why you will have heard other nations talking about a new world currency. Incidently, China is one of the biggest buyers of Gold right now...no surprise as it is a hedge against their $US debt positions.
Rouzbeh
Posted by Meredith, Dubai, UAE on Tuesday 6 October 2009 at 14:58 UAE time
Rouzbeh said:
" total debt of USA is around 9 trillion dollar.....Please register for a course on Economics, before giving a laughable comment. "
Pot calling kettle...... look who just gave a laughable comment. Let me school YOU on Economics instead. The Nominal GDP of the United States of America (also known as USA) is $14.4 trillion (and thats a lot of zeros BTW); 2008 est.
M.
Posted by Meredith, Dubai, UAE on Tuesday 6 October 2009 at 14:58 UAE time
Rouzbeh said:
" total debt of USA is around 9 trillion dollar.....Please register for a course on Economics, before giving a laughable comment. "
Pot calling kettle...... look who just gave a laughable comment. Let me school YOU on Economics instead. The Nominal GDP of the United States of America (also known as USA) is $14.4 trillion (and thats a lot of zeros BTW); 2008 est.
M.
sumster cracks me up
Posted by rouzbeh, dubai, UAE on Tuesday 6 October 2009 at 14:00 UAE time
Sumster,
You are wrong, the total debt of USA is around 9 trillion dollar, Its GDP is around 2 Trillion Dollar. And please don’t get me started about the manufacturing comment you just made. Please register for a course on Economics, before giving a laughable comment.
Posted by rouzbeh, dubai, UAE on Tuesday 6 October 2009 at 14:00 UAE time
Sumster,
You are wrong, the total debt of USA is around 9 trillion dollar, Its GDP is around 2 Trillion Dollar. And please don’t get me started about the manufacturing comment you just made. Please register for a course on Economics, before giving a laughable comment.
Reply to Simon
Posted by Sumster, Dubai, UAE on Tuesday 6 October 2009 at 09:21 UAE time
Simon,
When you say the US is bankrupt, what exactly do you mean? That its debts are larger than its GDP? That is simply not true! Its debts is approximately 40% of its current GDP. Your point of China and Japan stopping buying US currency has no basis as if they consider doing so, they hold so much of it that the value of the currency they hold would drastically drop.
Your point about bringing in manufacturing to revive the economy in Dubai is harshly outdated. Manufacturing just employs a lot of people (and not very well) doesn't always bring true value to a city or a country. Besides, while the UAE has geographically great location, it would be foolish to compete with China on a manufacturing basis. The competition would merely create a lot of overworked manufacturing industry laborers and a few very rich owners.
Instead, the tact used by Dubai in creating a service-based industry is actually quite clever realizing that the UAE, especially Dubai, has limited natural resources to leverage.
Posted by Sumster, Dubai, UAE on Tuesday 6 October 2009 at 09:21 UAE time
Simon,
When you say the US is bankrupt, what exactly do you mean? That its debts are larger than its GDP? That is simply not true! Its debts is approximately 40% of its current GDP. Your point of China and Japan stopping buying US currency has no basis as if they consider doing so, they hold so much of it that the value of the currency they hold would drastically drop.
Your point about bringing in manufacturing to revive the economy in Dubai is harshly outdated. Manufacturing just employs a lot of people (and not very well) doesn't always bring true value to a city or a country. Besides, while the UAE has geographically great location, it would be foolish to compete with China on a manufacturing basis. The competition would merely create a lot of overworked manufacturing industry laborers and a few very rich owners.
Instead, the tact used by Dubai in creating a service-based industry is actually quite clever realizing that the UAE, especially Dubai, has limited natural resources to leverage.
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