DAMAC shelves further deals with Trump
Dubai's DAMAC Properties has shelved plans to further its developments with US president-elect, Donald Trump.
Trump has said he will not do further projects with the group as he wants to avoid a conflict of interest, according to news reports. Trump announced in first press conference since his election that he had turned down the deal, offering the decision as evidence of his commitment to avoiding conflicts of interest, according to Fox News.
"Over the weekend, I was offered $2 billion to do a deal in Dubai with a very, very, very amazing man, a great, great developer from the Middle East," Trump said at the press conference. "And I turned it down. I didn't have to turn it down. ... But I don't want to take advantage of something."
Damac’s current deals with the Trump Organization, include the management of two golf courses in Dubai, one of which will open just weeks after Trump takes up the reins in the US.
Fox News states that one of the Trump Organization's subsidiaries received between $1 million and $5 million from DAMAC, according to a Federal Election Committee report submitted in May.