The case comes before a bill on assisted dying is due to be presented in parliament next week
europe12 hours ago
But The Trump Organisation is not bound to invest any money in the luxury developments, Nakheel Chairman Sultan Ahmed Bin Sulayem told Reuters in an interview.
“The deal is specifically that we brand with the Donald Trump brand. The deal allows him to invest if he wants,” said Bin Sulayem, adding that Nakheel will finance all initial development costs.
Nakheel has secured the rights to 17 Trump brands, including The Trump Plaza Marina Residences and Trump World Tower.
The first development in Dubai will be The Palm Trump International Hotel and Tower, to be built on the giant man-made Palm Jumeirah Island off the coast of Dubai, the tourism and trading hub of the United Arab Emirates.
Bin Sulayem said Nakheel would pay The Trump Organisation a fee for rights to use the Trump name, based on revenue from the projects. “It is a percentage basis,” he said.
He declined to give details, but said the value of the investment by Nakheel in Trump-branded projects would run to billions of dollars.
“Trump is a brand that everyone has seen working. It will open the door for us,” said Bin Sulayem.
Nakheel has planned advertising campaigns in the U.S. and Europe to promote Trump-branded projects.
Dubai attracts millions of tourists a year.
State-owned Nakheel is one of the leading real estate developers in Dubai, which is witnessing a construction boom fuelled mainly by record high oil prices.
Bin Sulayem admitted that a number of Nakheel developments in Dubai, including three man-made Palm islands and an offshore network of reclaimed islands in the shape of the world map, had been delayed by a lack of contractors.
The islands have proven popular with celebrities, including England football star David Beckham.
The case comes before a bill on assisted dying is due to be presented in parliament next week
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