Construction

Trump turns down $2bn deal with Dubai’s Damac

President-elect says he rejected a proposal made by the Dubai-listed developer last weekend

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The Dubai-listed developer Damac Properties presented a $2 billion deal to Donald Trump, but was turned down, the US president-elect has said.

Damac and Trump have struck previous deals together but Trump, with his business interests under scrutiny as he prepares to enter the Oval Office on January 20, says he rejected the latest proposal.

“Over the weekend, I was offered $2 billion to do a deal in Dubai with a very, very amazing man, a great developer from the Middle East,” Trump said Wednesday, referring to Damac’s chairman Hussain Sajwani. “I turned it down.”

Niall McLoughlin, a spokesman for Damac, confirmed Trump’s account. “Damac confirms that discussions took place but, as stated, they were declined,” he told Bloomberg. “These were proposals for different property deals.”

Damac already has partnered with the Trump Organization over golf courses at its Dubai developments.

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