Dubai Trump Tower could restart in two years

Donald Trump Jnr said work on the Dubai Trump Tower will recommence in two years

Donald Trump Junior, son of famed real estate tycoon Donald Trump and executive vice president of the Trump Organisation, has confirmed that the construction of the Trump International Hotel and Tower could recommence in the next two years, Construction Weekcan reveal.

He also said that the real estate market will not recover any time before 2010.

He is to deliver the keynote presentation at Cityscape Dubai 2009, which is currently on at the Dubai International Exhibition Centre.

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“Due to the persistent buy-sell gap, the unwillingness of banks to foreclose and the complexity of workouts – I would say that it will be sometime in 2010 before we get the sense that we have bottomed out.”

He also said that a recovery could only be calculated once “the US was out of red” but added that markets such as China and India would recover sooner than most of the world.