Trump Organization Executive Vice President Eric Trump on Wednesday formally announced the company's first project in Saudi Arabia. The project will consist of a 47-storey building.
“I am incredibly proud to officially open the Trump Tower project in Jeddah, which has been in the works for months,” President Trump said in a statement. ×.
The project comes ahead of President-elect Trump's second term in office, with new locations planned in India, Vietnam and Indonesia ahead of Trump's next real estate developments in the Asian hemisphere.
“Thank you to all our partners.” @dar_global – This is our fifth project together, and it takes place in some of the most luxurious buildings anywhere in the world. ”
The companies will spend approximately $532 million on the residential apartment site, which is expected to be completed within four years.
The Trump Organization has also partnered with London-based real estate firm Dahl Global to invest $500 million in Trump International. Oman hotel complexes It is not owned or operated by the Trump Organization.
“Following the remarkable success of Trump International Oman and recent operations in Dubai and Jeddah, we are pleased to announce two additional projects in Riyadh,” said Eric Trump, the president-elect's son who oversees the company's real estate interests. I'm excited.'' said in a statement.
Dar Global will lease the Trump brand to a tower in Jeddah, but will fully own the property in Saudi Arabia's capital Riyadh.
Although the partners have no political ties, the Trump Organization is under scrutiny for its foreign dealings.
Government officials have questioned whether President-elect Trump's son-in-law, Jared Kushner, may have a conflict of interest in the presidential race. $2 billion investment from the Saudi government in 2022.
Saudi Arabia's Crown Prince Mohammed bin Salman has vowed to continue investing in Kushner's hedge fund despite the former president's return to office.
However, this relationship gave rise to rumors that the president-elect's vested interest in the nation's success was a risk to national intelligence.
President-elect Trump frequently uses the Trump Organization's Mar-a-Lago property for business deals, political meetings and negotiations.
