Image credit: Charly TRIBALLEAU/ AFP via Getty Images
The Trump Organization, the company of US President-elect Donald Trump, has teamed up with London-listed Dar Global to build two new luxury projects in Saudi Arabia, building on several real estate projects that the two entities are working on across the Middle East.
The developments, which will be based in Riyadh, are targeted at the luxury Saudi Arabian market and international investors and are set to projects significantly advance Dar Global’s growth strategy of capitalising on opportunities across different cities across Saudi Arabia.
The latest developments mark the fourth and fifth collaborations between Trump and Dar Global, and come ahead of the formal launch of another Trump Tower this week in Jeddah, Saudi Arabia’s second-largest city.
“We are proud to expand our collaboration with The Trump Organization and deliver new iconic projects in Riyadh, building on the success of Trump International Oman. These developments will redefine luxury living in Saudi Arabia’s capital and strengthen our presence in this high-growth market,” Ziad El Chaar, CEO of Dar Global, said in a statement.
Saudi Arabia may be the newest lucrative opportunity for the Trump Organization as the kingdom is rapidly building luxury resorts and new homes under Vision 2030, with $1.25tn in real estate and infrastructure projects announced across the kingdom over the past eight years.
Dar Global is the international arm of Saudi developer Dar Al Arkan, which is publicly listed on the Saudi Exchange. The property developer currently has about $7.5bn worth of projects under development in six countries including the UAE, Qatar, Saudi Arabia and the UK.
Earlier in July, the Trump Organization and Dar Global unveiled plans to build a Trump-branded tower in Dubai in 2025. Dar Global also signed a deal with Trump to use the brand for its $4bn project in the Sultanate of Oman, which includes a golf course, hotel and villas, in 2022.