Here Are Some Of Donald Trump’s Middle East Business Ventures
GOP presidential frontrunner and business mogul Donald Trump has come under fire from the media and prominent members of his own political party this week after he called for “total and complete shutdown” of Muslim immigrants to the United States in light of the San Bernardino, California, shooting last Wednesday that was declared a terrorist attack.
Despite Trump’s proposal, a fair amount of the billionaire’s assets come from business ventures in the Middle East.
In spite of Trump’s proposed policy to ban all Muslims from entering the United States to prevent terrorism, his luxury real estate company, the Trump Organization, has a significant amount of real estate in the Middle East, and Qatar Airways rents space in a Trump tower for its New York headquarters.
Trump International Golf Club: Trump’s International Golf Club conglomerate is close to completing a 7,205-yard golf course in Dubai, according to the website, which says it is scheduled for completion in 2015. The venue will feature a 30,000-square-foot, state-of-the-art clubhouse, which Trump wrote on the site “will be the largest of its kind in Dubai.”
In light of Trump’s comments, the Trump brand name was removed from the golf course on Thursday, USA Today reported.
Listings for office space in the building start at almost $19,000 and can cost more than $106,000.
This story has been updated to include statements from Trump Home partnership and Trump International Golf Club in Dubai.
Trump Reportedly Nears Dc Hotel Rights Sale As Ally Says I Think Hes Gonna Run
- Hotel, which opened in 2016, was hub for government business
- Jim Jordan tells supporters in Ohio that Trump is likely to run
Donald Trump is reportedly close to selling rights to his hotel near the White House in Washington, a move the website Axios said would carry a symbolism savoured by opponents, given it would mean the removal of Trumps brash, golden branding from Pennsylvania Avenue.
Reports from Iowa, however, indicated that the former president is close to announcing an attempt to return to 1600 Pennsylvania Avenue, often called the most powerful address in the world, with a run for the Republican nomination in 2024.
According to the Des Moines Register, at a dinner in Dallas County, Iowa on Thursday, the Ohio congressman Jim Jordan, a close Trump ally, told Republicans: I think hes gonna run. I want him to run. Hes proven he can take the heat.
Jordan took heat himself after a liberal activist covertly recorded him being more definite about Trumps plans, telling attendees: President Trump, hes gonna run again. Jordan denied the remark, before the footage was released.
Another figure close to Trump, his former adviser Jason Miller, told Cheddar TV on Thursday the chances of another run were somewhere between 99 and 100%. I think hes definitely running in 2024.
Attempts to sell the hotel have been reported since 2019.
Countries Where Trump Does Business Are Not Hit By New Travel Restrictions
The seven nations targeted for new visitation restrictions by President Trump on Friday all have something in common: They are places he does not appear to have any business interests.
The executive order he signed Friday bars all entry for the next 90 days by travelers from Syria, Iran, Iraq, Yemen, Sudan, Somalia and Libya. Excluded from the lists are several majority-Muslim nations where the Trump Organization is active and which in some cases have also faced troublesome issues with terrorism.
According to the text of the order, the restriction applies to countries that have already been excluded from programs allowing people to travel to the United States without a visa because of concerns over terrorism. Hewing closely to nations already named as terrorism concerns elsewhere in law might have allowed the White House to avoid angering some more powerful and wealthy majority Muslim allies, such as Egypt.
But without divesting from his company, as bipartisan ethics experts had advised, Trump is now facing questions about whether he designed the new rules with his own business at least partly in mind.
Earlier in the week, Norm Eisen, the groups chairman and a former ethics adviser to Barack Obama, tweeted: WARNING: Mr. Pres. your Muslim ban excludes countries where you have business interests. That is a CONSTITUTIONAL VIOLATION. See u in court.
The new executive order points to the complications that are likely to arise from the arrangement.
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The Trump Entrepreneur Initiative
The now-defunct Trump Entrepreneur Initiative was once known as Trump University. The for-profit education company offered courses in real estate, asset management, entrepreneurship, and wealth creation.
The company was not an accredited school and did not offer high school or college credits.
The company was embroiled in an ongoing, high-profile scandal during Trump’s presidential campaign, and it continued into his tenure as president.
The Trump Entrepreneur Initiative faced a lawsuit in 2013alleging illegal business practices. The New York state attorney general filed a $40 million civil suit that alleged the corporation made false promises to its students.
A New York judge found Trump personally responsible. In late March 2017, when Trump was serving as president, a judge approved a $25 million settlement for the defrauded students.
Trump Ocean Club International Hotel And Tower: Panama City Panama
The project incorporates 369 in townhouse units, 700 apartment suite units, 1500 parking spots, retail shops, gambling club, utilization of a private shoreline club on Viveros Island, yacht club and wharf, wellbeing spa, recreational center, pool deck, meeting and occasion spaces, and a business focus. The architecture was developed by absolute acreage administrator Donald Trump of the Trump Organization and Roger Khafif, President of the K Group, a Panama resort developer.
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How Many Hotels Does Trump Own
Trump Hotels “is a brand of five-star luxury hotels and resortswith a mission of providing extraordinary customer experiencesand luxury accommodations,” according to the organization’s website.
“Our exceptionally designed hotels in iconic locations put guests at the heart of each destination.”
Trump owns luxury hotels in at least 11 cities around the world.
In the US he has hotels in Miami, New York City, Chicago, Hawaii, Las Vegas, Charlottesville and Washington, DC.
He has two luxury hotels in Scotland , one in Doonbeg, Ireland and one in Vancouver.
The Trump Organization also owns dozens of residential properties and golf courses.
“Trump Golf was founded in 1999 with the mission to create the worlds best luxury golf experience that celebrates the purity of the game, family values and tradition,” the organization says.
Some properties that have the Trump name are not necessarily owned by the organization.
Trump “frequently licenses his name to products – and buildings – he has not developed and does not own, such as the hotel and condominium Trump Soho in Manhattan and the Trump International Hotel & Tower in Dubai,” according to The Real Deal.
He has licensed his name at least 50 times, according to The Washington Post.
Court Allows Emoluments Case Against Trump Over Dc Hotel To Proceed
The documents also show that Trump failed to disclose over $1.1 billion in outstanding loan balances for property the Trump Organization owned in Chicago, Las Vegas, New York and San Francisco when he applied to lease the building in 2011.
The committee has asked the GSA to provide it further documents, including details of the Trump hotel’s loan from Deutsche Bank, foreign government payments to the hotel and loans by Trump or his businesses to the hotel.
In a statement, the Trump Organization said the House Oversight Committee’s claims are “intentionally misleading, irresponsible and unequivocally false.”
“First, it is clear that the Committee has a fundamental misunderstanding of basic accounting principles â including the difference between gross revenue and net profit. Second, at no time did the company receive any preferential treatment from any lender. Lastly, the Committee clearly fails to report that profits collected during the presidency were voluntarily donated back to the US treasury at the end of each fiscal year,” according to the statement.
It said the committee is engaged in “nothing more than continued political harassment in a desperate attempt to mislead the American public and defame Trump in pursuit of an agenda.”
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Trump Towers: Istanbul Turkey
The building in Istanbul, Turkey has two towers, one is residential while the other is an office. It is the first Trump tower to be built in Europe. The building has 200 residences, a shopping mall, multiplex cinema, and 80 shops. The complex is co-owned by Donald Trump and the Turkish billionaire and property developer, Aydin Dogan
Hitting Where It Hurts The Most
The Trump-fueled riots on Capitol Hill are likely to leave more of a lasting legacy with corporate relations at the Trump Organization than with some of its hotel guests or club members, experts say. While Trump himself still has many supporters, companies that previously did business with the former president are fleeing.
You still have a few people who value Trump and support him, said Nicolas Graf, associate dean at New York Universitys Jonathan M. Tisch Center of Hospitality. The biggest hit is going to come from the corporate travel side of it and sending people to Trump hotels. The other piece is businesses that partnered with the Trump Organization on any kind of joint investment. People very likely want to pull out. I dont think anyone wants to be publicly associated with Trump.
Donald Trump at the New York Marriott Marquis on Sept. 7, 2016. Picture: Michael Vadon/Flickr
The decision made by the CEO of fast-growing Lime, which has about 500 employees, now raises several questions. Is this the beginning of these types of political statements? Are they company wide, or based on individuals? And to what purpose does a hotel boycott serve?
The merging of politics into business angered some customers of Expensify in October last year, when its CEO emailed customers urging them to vote for Biden. If you are a U.S. citizen, anything less than a vote for Biden is a vote against democracy,wrote David Barrett.
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Trumps Dc Hotel Hosted Officials From These 33 Countries After He Won The 2016 Election
Donald Trump and his wife Melania greet a guest following the grand opening ceremony at the Trump International Hotel Washington, D.C. in October 2016.
Former President Donald Trumps Washington, D.C. hotel received an estimated $3.75 million from foreign governments during his four years in office, according to a calculation that House Democrats released Friday. The Committee on Oversight and Reform explained how it reached the estimate, but it did not name the countries who paid the presidents business.
So we are.
At least, were naming the countries whose foreign officials we know spent time there. A full accounting of foreign governments patronage of the hotel will probably never be known. But social-media posts, responses to Freedom of Information Act requests and investigative reporting have identified officials from at least 33 foreign governments who visited Trumps Pennsylvania Avenue hotel.
The Truth Behind Trump Tower Moscow: How Trump Risked Everything For A Tiny Deal
This story appears in the June 30, 2019 issue of Forbes Magazine.
Its getting late, and Felix Satera onetime Trump partner, two-time convicted felon and longtime government cooperatorsits in the back of a New York City restaurant, ready for a drink. A very dirty martini, Russian vodka, he tells the waiter. A collusion martini.
No one outside of the Trump Organization has more firsthand knowledge of Donald Trump’s connections to Russia than Felix Sater. In 2006, he scouted a potential deal in Moscow with the president’s children Don Jr. and Ivanka. In 2007, he stood alongside Trump at a launch party for a hotel Sater had helped get built, Trump SoHo, which marketed partially to Russian buyers. And during the 2016 presidential campaign, Sater helped plan a giant Trump tower in Moscow.
“Here’s to fun times,” he says, hoisting his martini glass in the air.
Fun times indeed. Special Counsel Robert Mueller’s 448-page report highlights three separate proposals to develop a Trump property in Moscow around the time of the election. Yet key details have remained vague. Forbes got in touch with the people at the center of all threeand uncovered concrete answers to fundamental questions about Trump’s plans in Russia.
Three years ago, Michael Cohen was working on a potential Trump tower in Moscow. Today he is in prison for crimes that include lying to Congress about the project.
Jonathan Ernst / ReutersPavel Golovkin / AP, Irina Bujor / Kommersant / AP
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Gathering Spot For Gop
The Trump International Hotel in DC celebrated its grand opening in October, 2016, right before the election, and quickly became the favorite gathering spot for companies, politicians and lobbyists eager to build relations with the new White House. The property took in $40.5 million in revenue in 2019, the latest period available, according to disclosures filed to the Office of Government Ethics.
According to election filings, campaign committees tied to the president or the GOP spent about $3 million at the hotel since Trump became president. With business strong, the Trump Organization started shopping around the hotel to potential buyers last October.
After the widespread lockdowns and travel restrictions in March, the sales efforts were halted. Even longtime longtime pillars of the Washington hotel business, like the St. Regis and The Hay-Adams, continue to struggle to fill rooms and amid the drop in travel and tourism.
But even when the economy recovers, hotel investors and owners say the Trump hotel is burdened by two conditions that make any sale unlikely. The Trump Organization doesn’t own the property, known as the Old Post Office Pavilion, but leases it from the General Services Administration.
Demand For Apartments At Trump Tower Punta Del Este Is On The Rise
At a real-estate event in 2012, Trump touted his forthcoming tower in Punta del Este as “one of the great buildings in all of South America.”
“I have friends that live in Uruguay, and they love it,” he said. “We’ll bring a great awareness to how beautiful it is.”
From January 2016 to January 2017, the average unit price at the tower rose by 30% to 35%.
Days before Trump was inaugurated, his son Eric visited the tower, costing taxpayers nearly $100,000 in hotel bills.
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The Real Sources Of Wealth
The former president’s businesses generally fall into five categories: hotels, golf courses , condos, residential and commercial real-estate rentals, and payments for the licensing of Trump’s name.
The New York Times articles unleashed a major new source of information, besides confirming that Donald Trump’s disclosed income numbers were actually revenue figures.
The numbers also show that companies owned by Trump were incredibly unprofitable for the period between 2000 and 2018. His real sources of income were a television show and some licensing deals.
Although certain enterprises such as Trump Tower have been profitable, Trump businesses overall lost $174.5 million from 2000â2018. During the same period of time, his net income from licensing and endorsement deals was $230 million, his net income from The Apprentice television show was $197.3 million, and his income from other investments in companies run by other people was $178.7 million.