Donald Trump’s family business is expanding in the Gulf region’s fast-growing real estate sector, agreeing a deal with a Saudi developer for a $1bn development project in Saudi Arabia’s biggest coastal city Jeddah.
The project, the Trump Organization’s second planned tower in Jeddah, will include offices, high-end apartments and town houses. In a nod to the US president’s New York real estate background, it will form part of a larger scheme dubbed “Manhattan” featuring a Central Park-inspired park.
The planned Trump Plaza with Dar Global follows Trump’s visit to Saudi Arabia and its neighbours in May in the first planned foreign trip of his second term. It resulted in trillions of dollars in investments and business deals for US companies — from defence to artificial intelligence.