On Wednesday, Eric Trump, Donald’s son and executive vice president of the Trump Organization, officially announced the company’s first project in Saudi Arabia: a colossal 47-floor skyscraper.
The plan in question is the first of other real estate developments by the company in the Asian hemisphere, with new locations proposed in India, Vietnam, and Indonesia, ahead of the start of the MAGA leader’s second term in the White House.
“Incredibly proud to officially launch a project that has been underway for many months, Trump Tower – Jeddah,”, Eric Trump communicated on his X profile, “Thank you to our partners DarGlobal- This will be our 5th project together and among the most luxurious buildings anywhere in the world!”.
For the construction of the structure in question, the two companies will spend about $532 million. The new Trump Tower, will be opened, presumably, in four years.
The companies are also collaborating on the construction of the $500 million Trump International hotel complex in Oman. “Following the remarkable success of Trump International Oman, as well as our most recent ventures in Dubai and Jeddah, we are thrilled to announce two additional projects in Riyadh,” Eric Trump, who oversees the company’s real estate interests, also said.
DarGlobal will lease the Trump brand for the Jeddah tower, but will fully own the property in Saudi Arabia’s capital. The announcement came shortly after FIFA’s decision to award the country the hosting of the 2034 World Cup.
In the recent past, the Trump Organization has repeatedly come under scrutiny for its dealings with foreign nations. In 2021, for example, the Saudi sovereign wealth fund invested $2 billion in the private equity firm of Jared Kushner, Donald Trump’s son-in-law and former senior adviser to the President.
During the MAGA leader’s first term, Kushner had also led negotiations between the U.S. and Saudi Arabia concerning Middle East policy issues. For this reason, therefore, some government officials have raised concerns about a possible conflict of interest, between private affairs and political relations.
