In a landmark announcement on Monday, the Trump Organization revealed its plans to develop a high-end Trump Tower in Jeddah. This ambitious project will be executed in partnership with Dar Global, the international division of Saudi real estate giant Dar Al Arkan.
The collaboration aims to tap into Saudi Arabia’s burgeoning luxury market and attract international investors. The new Trump Tower will not only be a significant addition to Jeddah’s skyline but also mark Dar Global’s inaugural venture in the city.
A strategic expansion
Dar Global, known for its opulent real estate developments across key international cities, is poised to expand its footprint in Saudi Arabia with this project.
The company, a publicly traded entity on the London Stock Exchange, currently manages a portfolio worth approximately $5.9bn spread across six countries, including the UAE, Oman, Qatar, the UK, Spain, and Bosnia.
This new project in Jeddah is set to elevate Dar Global’s presence in the kingdom and cater to the luxury segment of the market, as per the official statement.
Ziad El Chaar, CEO of Dar Global, expressed enthusiasm about the collaboration, stating, “We are delighted to strengthen our ongoing relationship with the Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia’s high-growth real estate market.”
“This partnership leverages the strengths of both organizations to attract international investors and enhance the standards of luxury living in the region.”
Trump Organization’s first Saudi project
This Jeddah venture will be the Trump Organization’s first foray into the Saudi Arabian market.
The company, owned by a private trust with former US President Donald Trump as the sole beneficiary, is operated by his sons, Donald Trump Jr and Eric Trump. Both were present at the signing ceremony, signaling the family’s commitment to expanding their business in the Middle East.
Eric Trump, executive vice president, Trump Organization, remarked, “We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our long-standing relationship with Dar Global. This collaboration embodies our shared vision of creating landmark developments that exude luxury, quality, and sophistication.”
“Together with Dar Global, we are setting new benchmarks for excellence, aiming to meet the demand for iconic properties in key markets.”
Building on previous successes
This venture builds on the successful partnership between the Trump Organization and Dar Global, such as the recently announced Trump International Oman project, part of the AIDA development.
Recognised as one of the largest premium mixed-use real estate initiatives globally, the Oman project has garnered significant acclaim and set a high standard for future endeavors.
Looking ahead
As both organisations embark on this prestigious development, the new Trump Tower in Jeddah is anticipated to blend modern luxury with the rich cultural heritage of the city. The project promises to redefine the local real estate landscape and establish a new level of luxury living in Saudi Arabia. Dar Global said the project will target the “luxury Saudi Arabian market and international investors.”
This strategic development underscores the growing appeal of Saudi Arabia’s luxury market and highlights the continued expansion of both The Trump Organization and Dar Global in the region.
