US property tycoon Donald Trump and Dubai developer Nakheel will market billions of dollars of Trump-branded hotels and residences in the booming Gulf Arab emirate, the partners said on October 05.
But The Trump Organisation is not bound to invest any money in the luxury developments, Nakheel Chairman Sultan Ahmed Bin Sulayem told Reuters in an interview.
"The deal is specifically that we brand with the Donald Trump brand. The deal allows him to invest if he wants," said Bin Sulayem, adding that Nakheel will finance all initial development costs.
Nakheel has secured the rights to 17 Trump brands, including The Trump Plaza Marina Residences and Trump World Tower.
The first development in Dubai will be The Palm Trump International Hotel and Tower, to be built on the giant man-made Palm Jumeirah island off the coast of Dubai, the tourism and trading hub of the United Arab Emirates.