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19 March 2024

Learn from Dubai's rebound, says Trump Jr.

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By Parag Deulgaonkar

Dubai’s rebound story is incredible and a great example to the world, a senior executive of US-based The Trump Organisation told Emirates24|7

“The way Dubai has been able to rebound is just incredible and it’s a great example for the world,” Donald Trump, Jr., Executive Vice-President, The Trump Organisation, told this website on the sidelines of the Dubai International Project Management Forum on Monday. 

Asked if the company was planning to build iconic buildings such as Trump Towers in the emirate, Trump Jr said: “I have been coming here for over a decade… we feel very strongly about the market here. Dubai has done an incredible job and so we looking at building everything in Dubai.” 

Currently, The Trump Organisation has tied up with Damac Properties, a Dubai-based developer, to build two international golf courses in Akoya developments in Dubailand. 

(Read: Damac 'Trumps' Tiger Woods in Dubai

In May, Donald Trump, father of Donald Trump, Jr., said he believed property prices in Dubai were slated to go up as they still are far below their previous peak.

“The real estate in Dubai is going one way… it’s going way up. These numbers are much lower than the numbers from years ago prior to collapse,” Trump, Chairman, The Trump Organization, had said. 

“I always wanted to come back and pay great tribute to Dubai. We never forgot Dubai… it was always a place where we wanted to be and, now, we are here in a very big way,” he had added. 

(Read: Tremendous upside for Dubai property: Trump)

Donald Trump has said previously that he is quite “jealous” of the UAE’s achievements, which include building of Burj Khalifa, the world’s tallest tower. 

“The Middle East, and especially the Gulf, has shown tremendous effort and growth in the real estate and property sectors in recent years. It is amazing what has been accomplished and I am jealous,” Trump said. 

(Read: Donald Trump[ed] by Burj Khalifa

UK-based Knight Frank, a real estate consultancy, said despite the pace of increase in property prices in Dubai having slowed down, compared to 53 other global cities they are still increasing at the fastest pace in the world. 

Dubai continues to top the annual rankings for the fifth consecutive quarter, recording an annual price growth of 24 per cent though it has dipped from 27.7 per cent in the year to March 2014, reveals the latest Global House Price Index.