Trump's Arabian engagement.
Trump will participate in a panel focusing on investment and development in Arabia alongside Sarmad Zok, chief executive officer of Kingdom Hotel Investments, and Richard Stockton, Morgan Stanley's head of Middle East real estate and lodging investment banking.
According to recent estimates, there is currently $45 billion in real estate under construction in Dubai, with another $45 billion in the development stages. The Dubai Ministry of Planning predicts that at the current rate of growth, Dubai's population will almost double to more than 2 million people by 2010, and up to 4 million by 2017. In addition, the number of tourists visiting Dubai grew by almost 50% from 2001 to 2004 to 5.4 million people, with Dubai government figures targeting 15 million visitors by 2010.
"The Trump Organization recognized early on the significant investment opportunities available in the Arabian region as a result of a high level of liquidity, along with a tourism and real estate driven boom fueled in part by a tax free environment," Trump said.
Donald Trump Jr. was at the forefront of The Trump Organization's first move into the Middle East, in a high-profile investment with Nakheel, LLC. In October 2005, The Trump Organization announced that it has entered into an exclusive joint venture with Nakheel to develop extensive real estate offerings throughout the Middle East. The first project will be The Palm Trump International Hotel & Tower on The Palm, Jumeirah in Dubai, one of the largest manmade islands in the world. Both companies will be investing substantially in the $400 million condominium-hotel development.
According to Trump, "We will develop 17 of our brands in Dubai alone, in one of the largest mass new initiatives of the group. Dubai is growing exponentially, but with a real commitment to quality that has been underwritten by international developers and their brands."
Prior to his operations in Dubai, Donald Trump Jr. gained real estate experience at Trump Place on Riverside Boulevard in New York. More recently, he helped oversee the development and initial management of luxury development Trump Park Avenue at Park Avenue and 59th Street in Manhattan.
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|Title Annotation:||Construction & DESIGN|
|Publication:||Real Estate Weekly|
|Date:||Jan 18, 2006|
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