Donald Trump discusses his latest venture in UAE

New York: In the boardroom of Trump Tower, US property tycoon Donald J Trump sat with journalists a few hours after the global launch of Trump International Hotel on Palm Jumeirah in Dubai to talk dollars and dirhams and his expanding empire.

Just as brash and blond as on TV, Trump described the decision to put his name to the Dh4 billion hotel as a "no-brainer".

"When I saw the Palm and the site they were talking about, it was instantaneous. It was pretty easy as a decision.

"There's nothing like it in the world. Everything is very difficult in New York. It's hard to get approvals. I'm building a world-class catering facility at Jones beach. If you drop a pebble into the ocean, you suffer serious consequences. In Dubai, you're building in the ocean an island, the likes of which nobody's ever seen," Trump said.

Trump said he has plans for further expansion into the Middle East and "maybe with Nakheel".

The Trump Organisation currently has around nine projects in the pipeline internationally.

"I would not say where I wouldn't build because I don't think that's fair on those countries. There are a lot of countries out there that I would not invest in at all," said The Donald, as he is known by local media.

Trump gave his thoughts on risk assessment. "I consider real estate to be somewhat of a local business.

"There's risk to everything. There's risk to doing something in Manhattan, the world changes. There is risk to doing something anywhere in the world. Who would have thought September 11 would have happened? I feel Dubai is very solid," he said.

"When I look at the kind of investment put there by so many people. - not just by the government, people have come in and spent tens of billions of dollars in Dubai, and really the world is fixated with Dubai and that makes it more solid than most places."

Trump International is destined to set records when it is completed.

"So far it's setting Middle East records. There will not be another piece of architecture as good as this. There won't be a location like this. It's a hot place. Here, when you get $5,000 on Park Avenue it's been there a long time. We're getting $3,000 in Dubai, and we're just starting."

Best brand

The master of self-promotion - "Trump is the best brand in the world" - Trump said he himself is the yardstick by which other investors measure themselves.

"In some of my buildings, like Trump Tower, we have the richest people from India, China, and we'll be sending notices at an appropriate time about this opportunity and I think many of them will buy. Many of these people follow me. If I build a building, no matter where it is, they just buy an apartment," he said.

Trump will not own a penthouse in the Trump International Hotel, generously allowing others to invest. However, as someone with a "very big stake in the development", he will own a regular apartment, selling at an average of $2,450 per square foot - quite reasonable if you are a multimillionaire.

A big fan of golf, Trump has the number one rated courses in both California and Florida. Trump tried to sell the idea of a Trump golf course to Chris O'Donnell, chief executive officer of Nakheel.

"I'm trying to get Chris to let me do a big golf development. If we had a Trump International Golf Club, it would blow out everything."

Chris O'Donnell smiled and shifted in his seat.

Trump said the rapid rate of development in Dubai, in both real estate and infrastructure could only be a positive thing.

Before heading out to the glamour and glitz of a Manhattan party with the likes of Demi Moore, Heidi Klum and daughter, Ivanka, Donald Trump had one last thought on Dubai's real estate: "Dubai is the envy of the world. I have many wealthy friends from Germany and other parts of the world and they have nothing to do with Dubai, but they are all still investing there."