Trump Organization Partners with Dar Global for $1 Billion Mixed-Use Project in Saudi Arabia's Jeddah

Dar Global is collaborating with the Trump Organization on a new major development project in Saudi Arabia. (Reuters)

Saudi Arabia:

The Trump Organization has entered into an agreement with Dar Global for a $1 billion "mixed-use community" development in Jeddah, a coastal Saudi Arabian city.

Trump Plaza, the newly announced project, will feature residential units and office spaces centered around a "Central Park-inspired green spine." This development follows the previously announced Trump Tower Jeddah project, also being constructed in partnership with Dar Global.

The timing of this venture comes after US President Donald Trump's recent Gulf tour in May, during which he signed a "strategic economic partnership" with Crown Prince Mohammed bin Salman. According to White House statements, this partnership is expected to generate $600 billion in Saudi investments in the United States.

This development represents one of several property ventures across the oil-rich Gulf region by the Trump Organization, which continues to be managed by Trump's sons while the president maintains ownership of his shares in the company.

Eric Trump expressed enthusiasm about the project in a statement, saying: "This project embodies our vision of excellence by blending world-class hospitality, modern living, and dynamic business environments."

Beyond Saudi Arabia, Dar Global is also overseeing the development of a Trump International Hotel and luxury villa complex in neighboring Oman's capital, with completion anticipated by 2028, according to information on the firm's website.

President Trump has established strong relationships with Riyadh, notably choosing Saudi Arabia as the destination for his first international visit during his initial presidential term.

He has consistently supported Crown Prince Mohammed bin Salman, even after US intelligence agencies determined the Crown Prince had ordered the killing of US-based Saudi journalist and critic Jamal Khashoggi in 2018.

Following Trump's presidency, his son-in-law Jared Kushner founded a private equity firm that reportedly received $2 billion from a fund under Prince Mohammed's control.