Trump Organization Signs Contract For High-Rise Tower In Saudi Arabia
The Trump Organization announced a deal to partner with Saudi Arabia in building a high-rise tower in the coastal city of Jeddah, the organisation’s latest project in the country. The tower will target “the luxury Saudi Arabian market and international investors”, said real estate developer Dar Global in a press release. The developer in the international subsidiary of Saudi developer Dar Al Arkan.
Trump entrusted his management of his real estate empire to his sons after taking the top office of Washington in 2017, though he had held on to his shares in the Trump Organization.
Trump’s foreign business dealings prompted critics to raise alarm about possible conflicts of interest, including a 2022 Congressional report which found the foreign governments of six countries, including Saudi Arabia, spent more than $750,000 at a Trump owned hotel in Washington while they tried to influence his administration in 2017 and 2018.
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Trump chose Riyadh for his first foreign trip, and cultivated close ties with the Gulf country. The Republican nominee’s administration defended the Muhammed bin Salman, the Kingdom’s de facto ruler, whom the US intelligence agencies claim to have ordered the brutal killing of US-based Saudi critic Jamal Khashoggi in 2018.
Donald Trump’s son-in-law, Jared Kushner has drawn scrutiny for starting a private equity firm that received over $2 billion from fund controlled by Prince Mohammed.
Trump’s son and executive vice president of the Trump Organization, Eric Trump in statement said, “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…this collaboration embodies our shared vision of creating landmark developments that exude luxury, equality, and sophistication”.
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CEO of the Dra Global, Ziad El Chaar, said the new 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”.
Reportedly, Dar Global is also developing a Trump International Hotel and luxury villas in the capital of its neighbour, Oman. The completion of the project is expected to be in 2028, as per the firm’s website. Notably, the Trump Organization does not own the Oman hotel, but grants use of the Trump name under license.
