Dubai, Asharq Al-Awsat- Nakheel, a UAE based property developer, and The Trump Organization have entered into an exclusive joint venture to develop extensive real estate offerings throughout the Middle East.
Donald Trump said, “We anticipate a long-term relationship between The Trump Organization and Nakheel that will involve direct investment, sales and marketing, and management.”
Sultan Ahmed Bin Sulayem, Executive Chairman, Nakheel, commented, “The Trump signature brand is synonymous with the most prestigious properties in the world, and we embrace his interest in working together. This is the first time that The Trump Organization has invested in real estate development in the Middle East. This illustrates the present level of confidence in both Dubai and Nakheel”s developments. We look forward to working with The Trump Organization – a world class operation who shares our commitment to excellence."
Donald Trump commented, “The partnership with Nakheel represents an unprecedented mega-opportunity for us with the increasing popularity of the Trump brand on a global basis. Dubai has proven to be an economic anchor, an engine for growth and tourism in the Middle East. We have found a partner in Nakheel that shares with us the importance of vision and providing the highest quality in every undertaking.”
Sultan Ahmed Bin Sulayem added, "The Palm, Jumeirah has been an international success with buyers from more than 70 countries and extensive global coverage. The existing residential components on The Palm, Jumeirah, including hotels, condominiums, villas and townhouses, have already sold out. The Trump properties and others will offer additional opportunities for investment in the region”s fastest growing tourist destination."
Mr. Trump negotiated the transaction with Mr. Bin Sulayem, assisted by Donald Trump Jr. and Ivanka Trump.
The largest privately held company in New York, the Trump Organization is one of the world”s leading real estate developers, with estimated revenue of US $10.4 billion in2004, and 22,000 employees.
The Trump Organization has an extensive portfolio of properties including the renowned Fifth Avenue skyscraper, Trump Tower , luxury residential buildings Trump Palace – the tallest building on Manhattan”s East Side – and The Trump International Hotel and Tower in New York, which is one of only three hotels in the USA to have received a double Mobil Five-Star rating for both the hotel and its restaurant Jean-Georges. Donald Trump, the company”s Chairman and President, is recognised as one of the world”s most successful businessmen and real estate developers, as well as developing and starring in the number 1 hit TV show The Apprentice .
Working in partnership with Nakheel, The Trump Organization”s first developments will take place on Nakheel”s signature development The Palm, Jumeirah. Following on from the successes of New York”s The Trump International Hotel and Tower , the Condé Naste Traveller "Hotel of the Year 2004", the first project to be developed will be The Palm Trump International Hotel and Tower . It will provide a spectacular luxury centrepiece hotel on The Golden Mile – the exclusive residential and retail boulevard on the trunk of The Palm, Jumeirah. In addition to The Palm, The Trump Organisation will also be launching a development on Nakheel”s other signature development, The World.
In total 17 names and brands have been secured, including The Trump Plaza and Marina Residences , Residences at Trump Tower and Trump World Tower . The Trump Organisation, as well as investing in the projects, will co-ordinate all sales, operate the hotels and manage each real estate development, as well as offering their unique concierge service Trump Touch .