Trump Organization deepens Gulf push with $10bn in Saudi projects – Financial Times
Donald Trump’s family business has announced $10bn in luxury developments in Saudi Arabia as it expands its footprint in the Gulf.
Real estate developer DarGlobal, which has partnered with the Trump Organization in the past, said on Sunday the latest, $7bn project would include a Trump-branded hotel and golf course as part of Diriyah, a $63bn development backed by the Saudi sovereign wealth fund.
The two businesses are also working on a $3bn Trump Plaza tower in Jeddah that will include offices, high-end apartments and town houses. The tower will form part of a larger “Manhattan” project — a nod to the president’s New York real estate background.
The announcement comes weeks after Crown Prince Mohammed bin Salman, the kingdom’s heir apparent, met Trump in the White House and agreed a series of deals in defence, AI and nuclear energy.
Saudi tourism minister Ahmed al-Khateeb on Sunday attended a groundbreaking ceremony along with Eric Trump, executive vice-president of the Trump Organization. The deal underscores “Saudi Arabia’s growing appeal as a leading destination for tourism and investment”, Khateeb said on X.
Saudi Arabia is keen to develop its tourism sector as a main pillar of a wider economic diversification programme launched by the crown prince to decrease the kingdom’s dependence on oil revenues. Other tourism developments include luxury resorts in the Red Sea and an entertainment hub to the west of Riyadh that was opened in recent weeks.
DarGlobal, the international arm of listed Saudi developer Dar Al Arkan, has licensed the Trump name for projects across the Middle East, including in Saudi Arabia, the United Arab Emirates and Oman. The company has also partnered with the Trump Organization to build a luxury Maldives resort in which they are using blockchain technology to attract investment.
The latest project will be located in Wadi Safar, part of Diriyah, the ancestral hometown of the Saudi royal family. It is the first collaboration between the Trump Organization and the Public Investment Fund, which is chaired by the crown prince. The PIF plans to turn the historic area into a tourism and hospitality hub by adding luxury real estate and a royal opera house.
Ziad El Chaar, chief executive of DarGlobal, said talks with the PIF had been under way for 18 months before the deal for the Diriyah project.
“Trump International Golf Club, Wadi Safar will redefine luxury and excellence in the region, setting a new standard that reflects the brand’s enduring commitment to quality, prestige and timeless elegance,” Trump Organization executive vice-president Eric Trump said. “We look forward to creating a destination that complements the rich heritage of the region while delivering a global standard of luxury living.”
An increase in the Trump Organization’s activities in the Gulf since Donald Trump’s return to the White House has prompted criticism from opponents that the president’s family is using ties with the oil-rich states to benefit financially from his role as president. Trump has often dismissed such concerns, arguing that his holdings are held in trust until he leaves office.
