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Trump, Nakheel reveal details of first major JV
DUBAI — Dubai real estate developer Nakheel and The Trump Organisation have revealed their plans for The Palm Trump International Hotel and Tower. Both companies will be investing substantially in the $400 million condo-hotel development.
The Palm Jumeirah, spanning 5km in length and 5km in width, is one of the world's largest man-made islands in the shape of a palm tree in the Gulf. The Palm Trump International Hotel and Tower will provide a luxury centrepiece hotel on The Golden Mile, the residential and retail boulevard on the trunk of The Palm Jumeirah.
The Palm Trump International Hotel and Tower is the initial development in Nakheel and The Trump Organisation's exclusive joint venture in the Middle East. The Trump Organisation's agreement with Nakheel includes exclusive rights for 19 countries in the Middle East region and 17 major brands.
The development will have about 500 apartments (1/2/3 bedroom studios and penthouses), which can be bought to own, and each residence will have 5-star hotel services and amenities. The development will be the first project in Dubai where each room will have a sea view.
Donald Trump, The Trump Organisation's Chairman and President, said: “I am delighted to invest, manage and sell this project on what is clearly the best location in Dubai. When I look at potential sites for real estate investment, I concentrate on 'location, location, location' — and this is not only the best location in Dubai, but the whole of the Middle East.’’
Sultan Ahmed bin Sulayem, executive chairman Nakheel, said: “With The Palm, Jumeirah development, Nakheel is creating an icon for the twenty-first century, and it is entirely fitting that The Trump Organisation is a key player and investor in realising this vision. ’’
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