Saudi Arabia to Welcome Trump Tower Amid Luxury Property Expansion
Saudi Arabia’s Luxury Property Push: Trump Tower and More
It’s full steam ahead for Saudi Arabia’s Neom megacity, but the kingdom is also green-lighting other luxury projects.
On Monday, property developer Dar Global, the international arm of Saudi developer Dar Al Arkan, announced a new deal to develop a residential project in Jeddah in collaboration with the Trump Organization. The plans include the future launch of a Trump Tower in the Saudi city, marking the Trump company’s first project in the country.
Ziad El Chaar, CEO of Dar Global, stated, “The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers. This collaboration underscores our commitment to grow our footprint by elevating the standards of luxury living in the region.”
Eric Trump commented that the deal would expand his family’s company’s presence in the Middle East.
Additionally, the Trump Organization and Dar Global have announced a similar deal in Oman for a $500 million Trump International hotel complex. This deal allows developers to use the Trump branding under license, but the Trump International Oman is not owned by the Trump Organization.
Saudi Arabia aims to woo the luxury international market, differentiating itself from nearby Dubai. The kingdom has other luxury projects in the works, including resorts along the Red Sea. Sindalah, one of the island resorts aimed at luxury clientele, is scheduled to open by the end of the year. Antoni Vives, Neom’s chief urban planning and islands officer, said in a press release that Sindalah will be a “new model for luxury travel and living.”
