People know Hussain Sajwani as the Damac owner. People also know him as a real estate developer. Besides, people know him as a billionaire too. But few know that his new deals that are worth Dh7.3bn have just been turned down by the US President, Donald Trump. This amount is equivalent to US$2 billion.
This is not the first time that Hussain Sajwani was trying to work with Trump. They have already done a few real estate projects together. All of these have been highly profitable for both the parties. In addition, the Hussain Sajwani family is friendly with the Trump family. They exchange e-mails and meet each other for lunches and dinners.
This deal was just another way for Hussain Sajwani to extend its relationship with The Trump Organization. Trump has confirmed that discussions happened on this issue. But he has declined these proposals. These proposals came from Damac properties. They were for a number of property deals.
Hussain Sajwani is well aware that Donald Trump had decided not to enter into any new business deals as long as he is holding this office. He had mentioned this to Hussain Sajwani even before he had taken the oath. He had said that all his business interests will now be handled by a Trust that would be under his sons Don and Eric. Several senior executives will be helping them.
This is because Trump did not want any conflict of interest while he was holding office. This is the reason why he was forced to reject a potential deal that had been put forward by Hussain Sajwani.
Trump also clarified that Hussain Sajwani is his good friend. In fact, they had celebrated the New Year Eve together at the Trump mansion.
Trump wants to maintain a distance between his Organization and Russia too. He has stated that he does not want any deals or any kind of loans from Russia as this would again be a conflict of interest.
Trump had done several licensing deals in partnership with Damac Properties a few years back. Its first deal was the Trump International Golf Club, whose residences were designed by Tiger Woods.