Trump's Dubai business partner signs Oman development deal

MarketsAssociated Press

The Trump Organization's business partner in Dubai has signed an agreement to help develop a waterfront project in Oman valued at $1 billion.

The state-run Oman News Agency reported that DAMAC Properties chairman Hussain Sajwani signed the deal in Muscat, the Omani capital, on Wednesday.

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The deal with the Oman Tourism Development Co. calls for DAMAC to help redevelop Port Sultan Qaboos in Muscat by building both commercial and residential units. The project also will include hotels.

DAMAC Properties has built one Trump golf course in Dubai and plans another.

Donald Trump signed the deal with DAMAC before becoming America's 45th president. His sons helped open the first Dubai course in February.

After his election, Trump said DAMAC had offered him $2 billion in new deals, something the developer confirmed.