DUBAI, May 5 (Reuters) - DAMAC Properties, a privately held developer, said on Sunday it would work with American real-estate mogul Donald Trump to build a new golf course in Dubai, adding to a growing list of project announcements in the emirate.
Developers in Dubai are reviving stalled projects and announcing new ones as the emirate’s property market recovers gradually after prices tumbled by 50 percent in 2008.
The Trump International Golf Club Dubai will be at the centre of DAMAC’s 28 million square foot development called ‘Akoya by DAMAC’, it said.
Construction is already underway and the course will be ready next year.
DAMAC said it will be the owner and developer of the property and will use the “Trump” name under the terms of a management agreement.
Donald Trump cancelled a previous foray into Dubai’s real estate market, a project to build an international hotel tower on Dubai’s Palm Jumeirah, after the emirate’s property downturn.
DAMAC, formed in 2002, has completed 37 buildings and has another 66 buildings under construction across the Middle East and North Africa region. Sources told Reuters in April that the developer had submitted requests to leading international banks for a possible listing of its shares.