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The Trump Organization has struck a deal with a Saudi real estate company to build a Trump Tower residential building in the city of Jeddah, the company announced on Monday.
As part of its recent expansion in the Middle East, the Trump Organization is teaming up with Dar Global, a subsidiary of the mega-real estate developer Dal Al Arkan, to create a luxury property targeted toward “Saudi Arabia’s high-growth real estate market.”
“We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our long-standing relationship with Dar Global,” Eric Trump, co-executive vice president of the Trump Organization, said in a statement.
The project comes shortly after the Trump Organization collaborated on $500m, multi-million dollar Trump Residences in Oman and one of the Trump golf courses agreed to host the LIV championship, which the Saudi Public Investment Fund finances.
“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 CEO of Dar Global, said in a statement.
The new business venture again raises concerns about potential conflicts of interest should Donald Trump be re-elected president in November.
Before taking office in 2016, Trump put his adult sons, Donald Trump Jr and Eric Trump, in charge of the Trump Organization. But rather than divest himself from his companies, the former president put his assets in a revocable trust with himself as the sole beneficiary.
The Trump family’s close ties to investments in the Middle East have been subject to controversy.
A 2023 review by Citizens for Ethics in Washington, a leading ethics watchdog organization, claimed that Trump made at least $9.6m from countries in the Middle East during his presidency.
“The Trump Organization’s continued pursuit of foreign business projects raises perilous national security, corruption and constitutional concerns,” Donald Sherman, the organization’s senior vice president and chief counsel, told CNN on Tuesday.
Jared Kushner, Trump’s son-in-law and former senior adviser, also received a $2 billion investment from the Saudi Public Investment Fund after Trump left office in 2021. Saudi crown prince, Mohammed bin Salman, said the sovereign wealth fund will keep its investment in Kushner’s private equity firm even if Trump is re-elected.
The Independent has contacted the Trump Organization for comment.
