The Trump Organization on Monday announced a deal to partner with a Saudi developer on a high-rise tower in the coastal city of Jeddah, its latest project in the oil-rich Gulf.
Trump Tower Jeddah will target “the luxury Saudi Arabian market and international investors,” real estate developer Dar Global said in a press release.
Dar Global is the international subsidiary of Saudi developer Dar Al Arkan.
Former President Donald Trump entrusted the management of his real estate empire to his sons after taking office in 2017, although he held onto his shares in the Trump Organization.
His foreign business dealings prompted critics to sound the alarm about possible conflicts of interest, including in a 2022 Congressional report that found the foreign governments of six countries — Saudi Arabia among them — spent more than $750,000 at a Trump-owned Washington hotel while trying to influence his administration in 2017 and 2018.
Trump, the presumptive Republican nominee in this year’s presidential election, cultivated close ties with Riyadh during his term, choosing the Gulf kingdom for his first foreign trip.
His administration defended Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler who US intelligence agencies say ordered the brutal killing in 2018 of US-based Saudi critic Jamal Khashoggi.
Trump’s son-in-law Jared Kushner has since drawn scrutiny for starting a private equity firm that received a reported $2 billion from a fund controlled by Prince Mohammed.
“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,” Eric Trump, the former president’s son and executive vice president of the Trump Organization, said in a statement announcing Trump Tower Jeddah on Monday.
“This collaboration embodies our shared vision of creating landmark developments that exude luxury, quality, and sophistication.”
Ziad El Chaar, CEO of Dar Global, said the new Jeddah development would “strengthen our ongoing relationship with The Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia’s high-growth real estate market.”
Dar Global is also developing a Trump International Hotel and luxury villas in the capital of neighbouring Oman, with completion expected in 2028, according to the firm’s website.
The Trump Organization does not own the Oman hotel but grants use of the Trump name under license.
