Dubai's Damac confirms talks with Trump Organisation, but 'property deal rejected'

US President-elect says he has turned down a $2bn development deal in the emirate
Dubai's Damac confirms talks with Trump Organisation, but 'property deal rejected'
Damac chairman Hussain Sajwan wanted to “enhance the relation with the Trump Organisation”.
By Parag Deulgaonkar
Thu 12 Jan 2017 10:49 AM

Dubai-based Damac Properties has confirmed holding discussions with Trump Organisation on “variety of property deals” after US President-elect Donald Trump said he rejected a “$2 billion (AED7.34 billion) development deal in the emirate”.

Earlier this month, company chairman Hussain Sajwani, who was lavishly praised by Trump at his New Year’s Eve party, said he wanted to “enhance the relation with the Trump Organisation”.

The developer has had commercial ties with the Trump Organisation since 2013 when it launched the Trump International Golf Club as part of its $6 billion (AED22 billion) Akoya development in Dubai.

“What I can say is that Damac confirms that the discussions took place as stated in the media briefing but the proposals were declined by the Trump Organisation,” company’s senior vice-president marketing and corporate communications, Niall McLoughlin, said in a statement sent to Arabian Business.

“These proposals were for a variety of different property deals,” he added, refusing to comment further on the issue.

In a press briefing in New York on Wednesday, Trump said he had turned down a $2bn development deal in Dubai.

“I didn't have to turn it down because as you know I have a no-conflict situation because I'm president,” he said after announcing his separation from his global business empire by transferring his assets into a trust and putting his two sons - Eric and Donald Jnr - in charge

Trump moves into the White House on January 20.

In a series of interviews published in the past few months, Sajwani said he wants to enhance the relation with the Trump Organisation and expects Trump’s “strong brand” value to have a “positive” impact on his property developments.

The developer’s third quarter net profit declined 11.7 percent to $245.6 million (AED902 million) from $278 million (AED1.02) billion a year earlier.

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