The Trump Organization, the company of former U.S. President Donald Trump, has teamed up with Saudi luxury international real estate developer Dar Global (DARD.L), opens new tab to build a Trump-branded tower in Dubai, the companies said on Thursday.
London-listed Dar Global is the international arm of Saudi Arabia's Dar Al Arkan Real Estate Development Company (4300.SE), opens new tab, which in 2022 signed a deal with the Trump Organization to use the brand for its $4 billion project in the Gulf state of Oman that includes a golf course, hotel and villas.
Trump enjoyed close ties with Gulf states during his tenure as president, including Saudi Arabia which has invested $2 billion with a firm of Jared Kushner, Trump's son-in-law and former aide, incorporated after Trump left office.
It will be the second Trump-branded project in the United Arab Emirates (UAE), a small but influential Gulf state that is a close security partner of the United States.
Dubai was quick to reopen after the COVID-19 pandemic. That, together with massive infrastructure spending, generous income tax policies and relaxed social and visa rules, lured thousands of foreigners - including Russians - and was a catalyst for its red-hot property market.
The Dubai Trump tower will add to a growing list of ultra-luxury branded towers in a booming real estate market in the emirate, such as a $1 billion Mercedes Benz (MBGn.DE), opens new tab project by developer Binghatti set to be completed in 2026.
The Trump tower in Dubai is set to launch next year, Dar Global said in the statement, which did not provide financial details of the deal.
The development, which will include a Trump Hotel and branded residential units, will not be owned or sold by The Trump Organization but the name and mark will be used under license, the statement added.
Earlier this month, Dar Global also announced it was working with the Trump Organization to develop a Trump Tower in the city of Jeddah in Saudi Arabia.
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