London-listed Dar Global to launch Trump tower Dubai in 2025 (updated)
18/07/2024 14:04
(Adds details on deal and background)
DUBAI, July 18 (Reuters) - 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 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 ,
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
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.
(Writing by Nadine Awadalla and Federico Maccioni
Editing by Nayera Abdallah, Peter Graff and Emelia
Sithole-Matarise)
((Nadine.Awadalla@thomsonreuters.com;))