Latest News

Dar Global and Trump Organization Launch $10 Billion Saudi Developments

Ziad El Chaar, CEO of Saudi real estate developer Dar Global, announced on Sunday that two Trump-branded luxury projects will be launched in Riyadh (Saudi Arabia) and Jeddah (Jordan).

Chaar said that the projects include the Trump National Golf Course in Riyadh and the Trump International Hotel at Diriyah. This is a massive project located on the western edge of the Saudi capital.

Chaar said that a mixed-use development called Trump Plaza is planned for Jeddah.

Chaar stated that the projects were in line with Saudi Arabia's Vision 2030, which aims to diversify its economy and move away from oil. The aim is to attract direct foreign investment. Saudi Arabia will also allow foreigners to own property in certain areas for the first-time starting this month. According to Eric Trump, son of U.S. president Donald Trump and executive vice-president of the Trump Organization, the latest in a long line of partnerships between the Trump Organization and Dar Global (the international arm of Saudi developer Dar Al Arkan) is expected to be completed within the next four or five years. (Reporting and editing by Tomasz Janovski and David Goodman in Riyadh)

(source: Reuters)