The residential high-rise tower in Jeddah is the latest of several developments that the former president’s company has planned for the Middle East.
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The Trump Organization has signed a new deal with a Saudi real estate company to build a residential high-rise tower in the city of Jeddah, extending the family’s close ties with the kingdom.
Saudi Arabia has become one of the few reliable sources of growth for the Trump family’s business operations, as new real estate deals in the United States have slowed or stopped since the Jan. 6, 2021, assault on the Capitol and since former President Donald J. Trump left the White House.
This new deal is like other international projects the Trump family has signed over the past decade. It offers the family’s name and brand to a well-financed developer that will build the project and sell luxury resident units, it hopes at a premium, based on the marketability of the former president’s perceived star power. Other projects include a resort complex in Oman and Saudi-backed golf tournaments at Trump courses in recent years.
“We are delighted to 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,” Ziad El Chaar, the chief executive of the real estate firm, Dar Global, said in a statement Monday.
The target market, Mr. El Chaar said, will be international investors and vacationers looking to buy real estate in Jeddah.
Dar Global, based in London, is a subsidiary of Dar Al Arkan, one of the largest private real estate companies in Saudi Arabia, with a growing portfolio of projects in luxury markets around the world. The company typically teams up with well-known brands such as Dolce & Gabbana and Lamborghini as part of its pitch to deep-pocketed buyers.
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Source: nytimes.com
