President Donald Trump speaks with Mohammed bin Salman, Deputy Crown Prince of Saudi Arabia, during their meeting Tuesday, March 14, 2017, in the Oval Office of the White House in Washington, D.C. (Official White House Photo by Shealah Craighead)

Trump Organisation Expands with New Saudi Luxury Tower

4 mins read

The Trump Organisation has signed a new deal to construct a luxury residential tower in Jeddah, Saudi Arabia, further deepening the former US president’s business interests in the Gulf region ahead of the 2024 US elections. The agreement strengthens the organisation’s partnership with Dar Global, a real estate developer that will use the Trump brand for the high-rise project.

Eric Trump, executive vice president of the Trump Organisation, expressed enthusiasm about the venture: “We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our long-standing relationship with Dar Global.”

Dar Global, listed on the London Stock Exchange, manages a luxury property portfolio valued at approximately $5.9 billion across the UAE, Oman, Qatar, the UK, Spain, and Bosnia. Ziad El Chaar, CEO of Dar Global, highlighted the significance of the collaboration, stating, “We are delighted to strengthen our ongoing relationship with the Trump Organisation and expand our portfolio by delivering premium properties to redefine Saudi Arabia’s high-growth real estate market.”

This deal marks a deeper relationship between the Trump Organisation and Dar Al Arkan, the parent company of Dar Global. In 2022, the Trump Organisation signed a deal to build luxury housing and a golf complex in Oman, a project brought to the table by Dar Al Arkan and expected to be completed by 2028. This Oman project has already netted the Trump Organization at least $5 million.

Dar Global is a subsidiary of Dar Al Arkan, one of Saudi Arabia’s largest real estate companies, with ties to the kingdom’s Public Investment Fund (PIF), overseen by Crown Prince Mohammed bin Salman. Among other initiatives, Dar Al Arkan is developing a mega-project in Riyadh to construct 30,000 new residential units under a deal with the PIF.

The new Jeddah project is likely to attract scrutiny of Trump’s business dealings ahead of the 2024 US election. A 2022 Congressional report found that foreign governments, including Saudi Arabia, spent more than $750,000 at a Trump-owned Washington hotel while lobbying his administration in 2017 and 2018.

In addition to the Trump Organisation’s real estate ventures, former president’s son-in-law and former White House advisor Jared Kushner has cultivated a close relationship with Saudi Arabia’s crown prince and other Gulf leaders. Six months after leaving the administration, Kushner secured a $2 billion investment from Saudi Arabia’s sovereign wealth fund for his Miami-based investment firm, Affinity Partners, with the UAE and Qatar also investing $200 million each.

Dar Global, known for luxury residential real estate, has partnered with high-profile brands like Dolce & Gabbana and Lamborghini for previous projects. Developers in the Gulf region have increasingly catered to affluent buyers seeking luxury real estate tied to brand names. A recent global wealth report indicated that nearly a third of wealthy Muslim buyers looking for homes in Mecca prefer properties associated with renowned brands.

In March, Dar Global reported a 351 percent surge in revenue year-on-year, with plans to expand its luxury real estate portfolio in Saudi Arabia, according to a statement from El Chaar.