Hussain Sajwani is the Damac owner who has just been turned down by Trump over new deals worth Dh7.3bn. This is equivalent to US$2 billion. With this offer, the Hussain Sajwani family was trying to extend its relationship with The Trump Organization.
Hussain Sajwani did claim that discussions had taken place on this issue. He also stated that these proposals had been declined by the Trump Organization.
All these proposals had come from Damac properties. These were for various properties deals.
Just before his inauguration ceremony, Donald Trump had made the announcement that he will not be entering into any new business deals while he is in office. Read more: DAMAC Chairman Relishes His Roots | The National
Now all the business interests of the Trump organization would be handled by a trust. This would be run by his sons Don and Eric. Besides, there would be senior executives to help them.
- Trump further stated that he could envision a conflict of interest. This is why he had to reject a potential deal that was put forward by Hussain Sajwani. He is also his good friend.
Trump is also trying to maintain a distance between the Trump Organization and Russia. He says that he wants no deals or loans from Russia. This is because he feels that it would be a conflict of interest.
Over the past few years, Trump has entered into various licensing deals with Damac properties. This includes a joint venture with Nakheel. This was a tower that was located on Palm Jumeirah. But it never got built.
It was in 2013 that Damac Properties had announced the signing of its first deal that was with the Trump Organization. This was when Mr. Trump along with his daughter Ivanka had attended the launch event in Dubai. This was for announcing the Trump International Golf Club.
Learn more about Hussain Sajwani Family: http://www.nbcnews.com/news/world/dubai-billionaire-hussein-sajwani-ready-do-more-deals-trumps-n695566