Trump says he turned down $2 bln deal with Dubai’s Damac

US President-elect Donald Trump on Wednesday said he turned down over the weekend a $2 billion offer to conduct "a number of business deals" in Dubai with Damac Properties chief executive Hussein Sajwani.

Speaking at his first press conference since the US presidential elections, Trump said he turned down the offer to avoid conflict of interest as president.

“I turned it down, I didn’t have to turn it down… as you know, I have a no-conflict situation because I’m president,” Trump said. “I don’t want to take advantage of something.”

In a statement issued after the conference, Dubai-listed Damac Properties confirmed Trump’s remarks, saying that “the discussions took place as stated in the media briefing, but the proposals were declined.”

“These proposals were for a variety of different property deals,” said Niall McLoughlin, senior vice president, Damac Properties.

Trump’s attorney Sherri Dillon also spoke at the conference to outline the steps the President-elect would take to avoid such conflicts. Among the major moves, his sons would take over the family business without his interference or knowledge.

While several critics have called on Trump to divest from his businesses, Dillon said it would not fully eliminate conflicts of interests. She also emphasized that keeping the Trump brand is crucial to the company’s reputation and earnings.

Meanwhile, U.S. stocks rose slightly in a volatile session Wednesday after Trump’s conference. Energy stocks were among the biggest gainers, rising alongside the price of crude oil.

By 1:25 pm in New York (10:25 pm in Dubai), the Dow Jones Industrial Average rose 72 points, or 0.4 percent, to 19,331, while the S&P 500 index edged up 3 points (up 0.1 percent) to 2,272.

Write to Reem Abdellatif at reem.a@argaam.com