Trump International Golf Links Dubai
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Contents
Fast Facts
Underlying Assets: Management deal with DAMAC CRESCENT PROPERTIES LLC Location: Dubai, United Arab Emirates Contract Date: May, 2013 Reported Value: $1,000 or less Reported Income: Between $1 million and $5 million Reported Value: Less than $1,000 (value reported reflects bank account holding only) Website: <a href="http://www.trumpgolfdubai.com/">trumpgolfdubai.com</a>
Opening Details
Trump was appointed to manage a golf course in Dubai in May of 2013. The golf club was developed by a company named DAMAC Properties and was conceived as part of a larger master-development known as Akoya.
DAMAC Properties, the largest private developer of luxury real estate in the Middle East, has announced plans to develop an 18-hole Championship Golf Course, to be named Trump International Golf Club, Dubai.The 7,205-yard, par 71 course will be located just ten minutes from Sheikh Zayed Road and sits at the heart of the 28 million square foot ‘Akoya by DAMAC’ master plan development - the launch of which was announced last week. Construction is already underway and the course will be ready for play next year.
Trump International Golf Club, Dubai will include a 30,000 square foot state-of-the-art club house and a luxurious Trump Spa & wellness centre, which will be managed to the highest standards by the Trump Organization. (DAMAC corporate press release, <a href="https://www.damacproperties.com/en/media-centre/press-releases/damac-properties-develop-championship-trump-international-golf-course">May 5, 2013</a>)
Donald Trump's sons attended a grand opening ceremony of the golf course's clubhouse in February of 2017.
Eric and Donald Jr. presided as the red carpet was rolled out at the 30,000-square-foot (2,787 sq meter) clubhouse for the Trump International Golf Course, the first Trump golf resort in the Arab world. [...]The 18-hole course is part of a larger villa and apartment building project by Dubai-based developer Damac Properties Dubai Co. PJSC, which is owned by billionaire Hussain Sajwani. [...]
Damac has a second resort under development, the Trump World Golf Club Dubai, which is being designed by golfer Tiger Woods. Damac paid Trump as much as $10 million in 2015 and the first part of 2016, according to his financial disclosure filed in May. (Bloomberg, <a href="https://www.bloomberg.com/politics/articles/2017-02-18/first-sons-donald-jr-eric-anoint-plush-trump-dubai-golf-resort">February 18, 2017</a>)
Income Details
Trump reported income between $1,000,000 and $5,000,000 for DT Dubai Golf Manager LLC in <a href="http://ragepath.org/wp-content/uploads/2017/03/trump-fec-financial-disclosure-2015.pdf">2015</a> and <a href="http://ragepath.org/wp-content/uploads/2017/03/trump-fec-financial-disclosure-2016.pdf">2016.</a> DT Dubai Golf Manager II had no reported income.
Ownership Structure
DT Dubai Golf Manager LLC:
99% owned by Donald J. Trump
1% owned by DT Dubai Golf Manager Member Corp
100% owned by Donald J. Trump
(Trump's <a href="http://ragepath.org/wp-content/uploads/2017/03/trump-fec-financial-disclosure-2016.pdf">2016 Financial Disclosure</a>)
DT Dubai II Golf Manager LLC:
99% owned by Donald J. Trump
1% owned by DT Dubai II Golf Manager Member Corp
100% owned by Donald J. Trump
(Trump's <a href="http://ragepath.org/wp-content/uploads/2017/03/trump-fec-financial-disclosure-2016.pdf">2016 Financial Disclosure</a>)
One of Mr. Trump's biggest and most prominent relationships in the area is with Damac Properties, which is building Akoya, a 42-million-square-foot development that includes the Trump International Golf Club Dubai, luxury Trump Prvt mansions and villas, and a Trump Spa & Wellness Center. Damac did not respond to an email seeking comment about its relationship with Mr. Trump. (New York Times, December 10, 2015)
Developed on Land Formerly Owned by Dubai Government
Trump's business partner in Dubai is a developer named Hussain Sajwani. The Akoya project is being developed on land that was sold to Sajwani by the government of Dubain in 2012.
When Donald Trump called last December for banning Muslims from entering the United States, Hussain Sajwani knew he had to sit tight. The Dubai real estate tycoon was overseeing a project grandiose even by Dubai's extravagant standards. Set on 964 acres, Sajwani's new Akoya community, about a 15-minute drive from the heart of Dubai, will feature lavish villas, mansions, apartments and its own retail center. The centerpiece of the gated property is a golf course bearing the Trump name--a name long associated with success in the Arab world. "We made a deal with Trump as an organization; they know how to run golf courses,"shrugs Sajwani."We stay away from politics." […] By 2011, while other builders were still cautious from the crisis, Sajwani began preparing for his next Dubai project, something far bigger than he had ever attempted. In October 2012 he struck a deal with the government to buy the land for what eventually became the Akoya. The purchase price for the land: $350 million, payable in installments. The first residents have begun to move in, though construction is expected to continue for four more years. (Forbes, <a href="https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/kerryadolan/2016/03/01/the-donald-of-dubai-hussain-sajwani-interview/&refURL=https://www.google.com/&referrer=https://www.google.com/">March 21, 2016</a>)
