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Wed 11 Jan 2017 09:14 PM

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Trump says turns down $2bn deal for more Damac projects

US President-elect cites approach from Dubai developer as he separates himself from global business empire

Trump says turns down $2bn deal for more Damac projects
US President-elect Donald Trump. (Jim Watson/AFP/Getty Images)

President-elect Donald Trump on Wednesday claimed he recently turned down a $2 billion deal with Dubai developer Damac Properties as he separates himself from his far-flung global business empire.

Trump, who is to be sworn in on January 20 and has been under pressure to transfer his business assets into a trust before he enters the White House, said he turned down the offer from Damac chairman Hussein Sajwani.

The Dubai 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 Akoya development in Dubai.

Earlier this month, Sajwani told NBC News that he was open to deepening his relationship with the Trump brand.

“I would love to enhance the relation with the Trump Organisation," Sajwani told the media outlet.

Trump operates a variety of golf resorts and hotels around the world.

A Trump lawyer said on Wednesday that the President-elect is to resign from all positions he holds with Trump Organization entities, and his daughter, Ivanka, is to have no further involvement with management authority in the group.

The Trump Organisation will not enter any new deals while Trump is president, according to the lawyer.

Trump has terminated all pending business deals to clear the way for becoming president. His access to information about his businesses will be sharply limited, the lawyer added.

* With Reuters

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