The chairman of the board of directors at DAMAC Properties, Hussain Sajwani said in an interview with Al Arabiya at the World Economic Forum in Davos, that the work on the golf stadiums with the Trump Trading Foundation will continue and they will be inaugurating one of the two golf courses in the first quarter of this year.
Sajwani added that the second course is still under construction; its offer has been debated for a long period of time as we have heard, (referring to the two billion dollars project presented to the Trump Foundation) and we are working on it”.
The new US president Donald Trump has said that he turned down a two-billion-dollars deal in Dubai presented by the chairman of the board of directors at DAMAC Properties, Hussain Sajwani, because he wants to avoid a conflict of interest during his presidency term.
Regarding the real estate business in Dubai, Sajwani said that the real estate market has passed through several stages: in 2013 and 2014, we have seen a boom in sales and prices; in 2015, prices were amended and in 2016 they became stable and will remain in 2017 and 2018 the same, without a major rise or a significant reduction.”
This comes days after Trump said he is separating himself from his global business empire by transferring his assets into a trust and putting his two oldest sons in charge, an arrangement that watchdogs said was inadequate to prevent potential conflicts of interest in office.
Trump appears to be still involved with his business while preparing to take office, saying he had turned down a $2 billion development deal in Dubai he had been offered over the weekend. "I didn't have to turn it down because as you know I have a no-conflict situation because I'm president," he said.
"DAMAC can confirms that the discussions took place as stated in the media briefing but the proposals were declined by the Trump Organisation. These proposals were for a variety of different properties deals, 'a spokesman for DAMAC, the company involved, said by email.
The Trump International Golf Club, Dubai will open just weeks after US President Elect Donald Trump is inaugurated on January 20, developer Damac has announced.
In a press release, the company said the 18-hole golf course, located at its Akoya master development, would open its doors in early February.
Among the facilities at the site will be a 30,000-square-foot clubhouse with four restaurants and bars, an infinity pool and fitness centre.
The F&B venues will include Manhattan Italian eatery Fifth Avenue and American family dining concept The Terrace Trump International.