The Trump Organization and London-listed Dar Global are launching two new projects in the Saudi capital, Riyadh, as the US president-elect’s family business continues to invest in the Gulf and take advantage of the region’s growing real estate sector.
The real estate projects are the fourth and fifth between the two companies, the companies announced in a statement on Monday.
Details of the project have not been disclosed.
The companies are scheduled to launch Trump Tower, Dar Global and the Trump Organization’s third project, in Jeddah this week. Dar Global said in a statement that the Jeddah project is targeted at the Saudi luxury market and foreign investors.
London-based Dar Global is an international subsidiary of Saudi Arabian real estate company Dar Al-Arkan. Dar Global’s parent company, Dar Al Arkan, is developing $7.5 billion of projects in Oman, Qatar, Spain, Saudi Arabia, the United Arab Emirates and the United Kingdom.
The Trump Organization, owned by Donald Trump, is a conglomerate with about 250 affiliates that invest primarily in luxury real estate, including skyscrapers, hotels and golf courses.
family ties
The Trump Organization has significant influence in the Gulf region and strong ties to the region. For example, Trump National Doral Golf Course hosted Saudi Public Investment Fund-owned LIV Golf’s Miami Tournament in April. LIV Golf has hosted tournaments at Trump’s course since the league’s inception in 2022.
In July, the Trump Organization announced it would work with Dar Global to build Trump Tower in Dubai.
The companies have signed a deal to use the Trump brand on a $4 billion project in Oman in 2022 that will include golf courses, hotels and villas.
Eric Trump, one of the president-elect’s sons, told the Financial Times in July that the Trump Organization wants to pursue more deals in the Middle East.
Trump’s eldest son, Donald Trump Jr., who runs the family business with Eric, traveled to Oman and Dubai in June. Trump Jr. posted on his TikTok account that he took a “day trip” to the region to check out his family’s projects in Oman and the UAE. The Trump International Hotel development in Muscat, the capital of Oman, is expected to be completed in December 2028.
The president-elect’s son-in-law, Jared Kushner, also owns a private equity fund called Affinity Partners. He established President Trump’s special envoy to the Middle East in early 2021 after leaving the White House. Saudi Arabia has invested $2 billion in this fund. According to Congressional investigators, this fund. The New York Times also reported that sovereign wealth funds from the UAE and Qatar have also invested in Affinity Partners.
