NEW DELHI: Dozens of property investors and their families will be treated to dinner with Donald Trump junior in Delhi this week after snapping up flats in a Trump Towers luxury development on the outskirts of the Indian capital.
Trump’s local partners have promised dinner with the US president’s son to anyone who buys into the development of high-rise apartments boasting floor-to-ceiling windows, state of the art amenities and a “lifestyle concierge.”
At 2.5 million rupees (around $39,000) just for the downpayment on the smallest and cheapest flat, that is well beyond most Indians.
Nonetheless around 75 people have already stumped up and Indian developer Tribeca expects that number to increase to 100 before the promotion deadline expires on Thursday, a staff member told AFP on condition of anonymity.
“The meeting is a token of gratitude to the clients for showing tremendous faith in the upcoming project,” said the Tribeca employee.
The 47-story towers will comprise 250 homes and are expected to be completed by 2023, with price ranging from 55-110 million rupees ($850,000-$1.7 million).
Adverts in Indian newspapers on Monday promised prospective buyers their neighbors would include a “renowned industrialist,” “art maestro” and “famous Indian cricketer” — although it was not clear whether this was based on the identity of the existing buyers.
“Trump is here. Are you invited? read the full-page advert in Monday’s Times of India.
The development is in the modern satellite city of Gurgaon, where many major companies now have their headquarters.
India is already the Trump Organization’s biggest international market, with developments in four major cities — Mumbai, Pune, Gurgaon and Kolkata.
All are being built with local partners, with the Trump Organization giving permission to use its brand and taking a share of the profits.
According to media reports, the estimated cost of developing these projects is $1.5 billion.
The Trump family earned $3 million in royalties in 2016 from ventures in India, according to a New York Times report.
Trump junior and his brother now head the company after their father stood down when he became president amid concerns over a conflict of interest.
Although the US embassy says he is in Delhi on an unofficial visit, Trump junior is due to speak on Indo-Pacific relations at a business conference on Friday at which Prime Minister Narendra Modi will be the keynote speaker.
The luxury property in Gurgaon is being developed by Indian firms Tribeca and M3M, with construction expected to start toward the end of the year.
India’s residential property market has struggled in recent years, hit by a glut in urban centers combined with the impact of a 2016 move to tackle tax evasion with a ban on high-value banknotes.
Trump junior to entertain luxury flat buyers in India
Trump junior to entertain luxury flat buyers in India
Closing Bell: Saudi Arabia’s main index closes in red at 10,364
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, shedding 185.05 points, or 1.75 percent, to end the session at 10,364.03.
Total trading turnover on the benchmark index stood at SR2.55 billion ($680 million), with 20 stocks advancing and 237 declining.
The Kingdom’s parallel market Nomu also retreated, falling 0.63 percent, or 147.19 points, to close at 23,371.82.
The MSCI Tadawul Index slipped 1.71 percent to 1,369.56.
Saudi Industrial Export Co. was the top gainer on the main market, with its share price jumping 9.87 percent to SR2.56.
Shares of Naqi Water Co. rose 2.53 percent to SR58.80, while Shatirah House Restaurant Co. advanced 2.18 percent to SR9.39.
On the downside, Gulf Union Alahlia Cooperative Insurance Co. posted the steepest decline, with its share price falling 4.61 percent to SR10.14.
On the announcements front, Scientific & Medical Equipment House Co. said it had been awarded a contract valued at SR260.98 million by the Ministry of Human Resources and Social Development to supply uncooked food materials and catering items to beneficiaries at the ministry’s residential branches across the Kingdom.
The project scope also includes providing cooked meals to selected anti-begging offices over a 24-month period, according to a Tadawul statement. The company added that the financial impact of the contract will begin in the fourth quarter of this year.
It said further developments would be disclosed in due course after all relevant parties sign the final contract and a copy is received.
Shares of Scientific & Medical Equipment House Co. edged up 0.31 percent to SR32.44.
Separately, Dr. Soliman Abdel Kader Fakeeh Hospital Co. and its subsidiaries signed an agreement with Oloof Development Co., a wholly owned subsidiary of Jazan Municipality, to lease a strategic land plot in Jazan City for SR217.99 million.
According to a Tadawul statement, the land, which spans 34,581 sq. meters, will be used to develop an integrated healthcare facility under a 50-year lease.
The company said the financial impact of the agreement is expected to begin once the medical facility is completed and becomes operational.
Shares of Dr. Soliman Abdel Kader Fakeeh Hospital Co. fell 1.92 percent to SR33.74.
