While Donald Trump deals with being president of the United States, his family real estate business is inking deals in Saudi Arabia.
The Trump Organization reached an agreement with Saudi developer Dar Global to build a $1 billion Trump Plaza development in Jeddah, the biggest coastal city in the Gulf nation, the Associated Press reported.
The project will include the Trump Organization’s second planned tower in Jeddah, the first being a $533 million Trump Tower last December. The new development is expected to feature offices, luxury apartments and townhouses. In a play on Trump’s New York real estate origins, the Dar Global project will be part of a larger “Manhattan” development complete with a park inspired by Central Park, according to FT.
The new Trump Plaza project in Jeddah will rise on a nearly 3.3 million-square-foot piece of land that Dar Global parent company Dar Al Arkan bought with other partners this year in an almost $1.2 billion deal, setting a record for land sales in the city.
Jeddah’s Trump Plaza is “one of the most ambitious developments” pursued by Dar Global, according to CEO Ziad El Chaar.
Trump visited Saudi Arabia and neighboring Gulf countries in May as part of his first foreign trips of his second term in office. The tour resulted in trillions of dollars in investments and business deals for U.S. companies in sectors like defense and artificial intelligence.
The Trump Organization inked a slew of licensing deals for overseas developments since the president’s first term. It has licensed its name to Dar Global for a variety of projects in Dubai, Oman, Qatar and Riyadh, including hotels and golf courses to skyscrapers with offices and residences.
Riyadh and Dubai have been especially attractive to foreign investors as property prices have skyrocketed in recent years. The Trump Organization, under the management of his son Eric, has ramped up its activities in the Gulf since the President entered his second term.
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