Trump rejects Dubai's Damac Properties' $2bn proposal
January 12, 2017
Damac Properties will have to be content with its existing portfolio of Trump-branded residential properties, golf courses and associated amenities. A proposal to cement the alliance further through an expanded deal - a deal valued at $2 billion according to US President-elect Donald Trump - was rejected over the weekend. Trump said the deal was turned down because he was separating his business interests and his position as US President.
A statement from Damac Properties issued late Wednesday provided a background to the decision, earlier announced by Trump at his press conference in New York. It was also Trump’s first press conference since winning the US presidential election in November.
“Damac can confirm that the discussions took place as stated in the media briefing... but the proposals were declined,” said Niall McLoughlin, Senior Vice-President. “These proposals were for a variety of different property proposals.” In the media briefing, this was what Trump had to say about the proposed deal: “Over the weekend, I was offered $2 billion to do a deal in Dubai with a very, very, very amazing man, a great, great developer from the Middle East.
“I didn’t have to turn it down,” he said. “But I have a no-conflict-of-interest provision as president.”
Donald Trump was in Dubai two years ago to have a first-hand view of how a Trump-branded golf course was developing at Damac’s Akoya development within Dubailand. At the time of the announcement between Damac and The Trump Organization, it was felt that there would be other possibilities for branding possibilities. The visit occurred before Trump announced he was running for president.