Dubai Developer ‘Proud’ to Do Business With Trump Organization
“We’re very proud of that partnership. It adds value to us,” Chief Financial Officer Adil Mohammed Hassan Taqi said in a TV interview Tuesday. “With President Donald Trump coming into office, what they can and cannot do will be a decision for the Trump Organization.”
Taqi’s comments come a day after Trump signed a revised order restricting entry into the US by people from 6 predominantly Muslim countries.
President Trump replaced his 27 January order by dropping Iraq from the list of countries whose citizens are barred from entering the US for 90 days.
While the revised order halts admissions of refugees for 120 days, it no longer bans Syrian refugees indefinitely and does not favor Christians.
President Trump’s adult sons Eric and Donald Jr., who now manage his business empire, were guests of honor at the launch of a new luxury golf course in Dubai in February, the 1st opening of a Trump-branded property since Inauguration Day.
2nd Trump Resort
Damac has a 2nd resort under development, the Trump World Golf Club Dubai, which is being designed by golfer Tiger Woods. The developer paid Trump as much as $10-M in Y 2015 and the 1st part of Y 2016, according to his financial disclosure filed in May.
As president-elect, Trump said he turned down a $2-B deal with a major property developer in Dubai because he didn’t “want to take advantage of something.” Damac confirmed the talks with Donald Trump, without specifying whether the deal involved properties in Dubai or when the discussions took place.
Damac is also looking for new partnerships with premium brands to attract buyers as home sales remain flat in Dubai this year, Taqi said.
The developer already has partnerships with Bugatti Automobiles SAS, Italian fashion house Gianni Versace SpA and Paramount Pictures Corp.
“The development business is cyclical and what you cannot do is wish cyclicality away, but what we can do is prepare,” he said. “What gets worrying in real estate is when prices go up very quickly in a very short period of time.”