Saudi Arabia is getting a Trump Tower as it ramps up its luxury property push
Saud Gari/Getty Images
- Saudi Arabia is getting a Trump Tower.
- The Trump Organization and Dar Global announced plans to develop a residential project in Jeddah.
- The plans are aimed at the luxury Saudi market and international investors.
It's full steam ahead for Sauda Arabia's Neom megacity, but the kingdom is also giving the green light to other luxury projects too.
Property developer Dar Global, the international arm of Saudi developer Dar Al Arkan, announced a new deal Monday to develop a residential development in Jeddah with the Trump Organization.
The plans include the future launch of a Trump Tower in the Saudi city, which would mark the Trump company's first project in the country.
Ziad El Chaar, CEO of Dar Global, said in a statement: "The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers. This collaboration underscores our commitment to grow our footprint by elevating the standards of luxury living in the region."
Eric Trump said in a statement that the deal would expand his family company's presence in the Middle East.
Dar Global
The Trump Organization and Dar Global have announced a similar deal in Oman for a $500 million Trump International hotel complex.
The deal permits use of Trump branding under license to developers, but the Trump International Oman is not owned by the Trump Organization.
Saudi Arabia is aiming to woo the luxury international market, in part to differentiate itself from nearby Dubai.
The kingdom has other luxury projects on the boil, including resorts along the Red Sea. Sindalah, one of the island resorts aimed at luxury clientele, is scheduled to open by the end of the year.
Antoni Vives, Neom's chief urban planning and islands officer, said in a press release that Sindalah will be a "new model for luxury travel and living."
Representatives for the Trump Organization and Dar Global did not immediately respond to requests for comment from Business Insider, made outside normal working hours.