Trump 'turns down' Damac's $2bn deals in Dubai

In response to question on conflict of interest, US President-elect Donald Trump says he hasn't accepted offer from "great friend" and Damac Properties's chairman Hussain Sajwani

A file photo of Donald Trump with daughter Ivanka Trump and Hussain Sajwani of Damac Properties in Dubai.
A file photo of Donald Trump with daughter Ivanka Trump and Hussain Sajwani of Damac Properties in Dubai.

US President-elect Donald Trump has said he has 'turned down' $2bn worth of deals offered to the Trump Organization by Dubai-based luxury developer Damac Properties.

In his first official news conference in New York on Wednesday since being elected to the highest office in America, Trump made this revelation in response to a reporter's question conflict of interest.

"Now, I have to say one other thing. Over the weekend, I was offered $2bn to do a deal in Dubai with a very, very, very amazing man, a great, great developer from the Middle East," Trump said as an example to claim he was not exploiting his position for the benefit of the Trump Organization.

"Hussain from Damac, a friend of mine, great guy, offered me $2bn to do a deal in Dubai — a number of deals but I turned it down," he said in reference to billionaire Hussain Sajwani, the chairman and founder of Damac Properties.

When Construction Week approached Damac to determine the veracity of the matter, a company spokesperson said: "Damac can confirm that the discussions took place as stated in the media briefing but the proposals were declined. These proposals were for a variety of different property deals."

Later in the press conference, Trump formally announced he was relinquishing his leadership role of the Trump Organization and resigned from all executive and decision-making positions at the company and all its entities. His sons Don, Eric and Allen, he said, would now be taking over the reins.

The Trump Organization has been involved with the Akoya by Damac mixed-used project, which includes the first golf course managed by the fomer in Asia.

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020