By ABC (Business) | Created at 2024-12-09 10:51:12 | Updated at 2024-12-22 06:35:48
1 week ago
The Trump Organization says it has leased its brand to two new real estate projects in Saudi Arabia just weeks before President-elect Donald Trump returns to the White House
ByThe Associated Press
December 9, 2024, 5:26 AM
DUBAI, United Arab Emirates -- DUBAI, United Arab Emirates (AP) — The Trump Organization said Monday it has leased its brand to two new real estate projects in Saudi Arabia just weeks before President-elect Donald Trump returns to the White House.
It will partner with Dar Global, a London-based luxury real estate developer that will lease the Trump brand but fully own and develop the projects in the Saudi capital, Riyadh. The two have partnered on other projects in the region, including the development of a golf resort in neighboring Oman.
“Following the remarkable success of Trump International Oman, as well as our most recent ventures in Dubai and Jeddah, we are thrilled to announce two additional projects in Riyadh,” Eric Trump, the president-elect’s son who oversees the company's real estate interests, said in a statement.
Trump’s company struck many real estate licensing deals overseas before he entered the White House in 2017, including for hotels and residential towers in Canada, Dubai, Mexico, India and Turkey.
Trump’s close ties to Saudi Arabia’s crown prince and day-to-day ruler, Mohammed bin Salman, drew heavy criticism after the 2018 killing of Jamal Khashoggi, a Saudi columnist for the Washington Post who had written critically about the monarchy.
Trump’s son-in-law and former senior aide, Jared Kushner, has also drawn scrutiny from Democrats for a reported $2 billion investment from a Saudi sovereign wealth fund for his investment fund, which he started after he left the White House. Kushner had served as Trump's point man for the Middle East and helped broker the 2020 Abraham Accords between Israel and the United Arab Emirates.
Dar Global is the international arm of Dar Al Arkan, a large Saudi developer. It says it has $7.5 billion worth of projects under development in the United Arab Emirates, Oman, Qatar, the United Kingdom, Spain and Saudi Arabia.
