The first Trump the first development will occur on a 6,177-acre island shaped like a palm tree. The island, called Jumeriah, will be home to the 50-story Palm Trump International Hotel & Tower and, after that, the Trump Plaza and Marina Residences. The announcement comes after the sell out of the existing residential components on Jumeriah, which includes hotels, condominiums, villas and townhouses.
The Trump Organization will also be launching a development on Nakheel's other major development, The World, which consists of a series of 300 man-made islands positioned to form the shape of the world map on the sea. In both projects, Trump not only will be the developer but also will also co-ordinate all sales, operate the hotels and manage each real estate development.
This is the first time that The Trump Organization has invested in real estate development in the Middle East. Donald J. Trump was not immediately available Thursday morning for comment. In a prepared statement, he describes the "mega-opportunity" as "unprecedented" and describes Dubai as "an economic anchor, an engine for growth and tourism in the Middle East."
Dubai's GDP rose by 16% in 2004, and the number of tourist visitors has doubled in the last five years to 5.4 million. As a result, there is $45 billion in real estate is under construction in Dubai and another $45 billion in pre-construction phases.
Dubai's success has been driven by General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense. Nakheel has 14 major development projects and describes itself as a key player in implementing the vision of Sheikh Mohammed. Upon completion, its five waterfront projects will have added 932 miles (1,500 km) of beachfront to the Dubai coastline.
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