London-listed Dar Global, the international arm of Saudi mega-developer Dar Al Arkan, has joined forces with the Trump Organization to launch a luxury Trump Tower in Jeddah, Saudi Arabia. The project will target the luxury Saudi Arabian market and international investors and marks Dar Global’s debut in the port city on the Red Sea. It also significantly advances the company’s growth strategy of capitalizing on opportunities across key cities in the oil-rich kingdom and will further strengthen its real estate offerings in the country.
“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. 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” Ziad El Chaar, CEO of Dar Global, said in a statement.
For his part, Eric Trump, Executive Vice President of The Trump Organization, stated: “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.”
Neither the Trump Organization nor Dar Global made public the financial details of the Jeddah project.
This is the Trump Organization’s second venture in the region with Dar, with the announcement of the project coming just days after the two unveiled a $500 million Trump International hotel complex in Muscat, the capital of neighbouring Oman. Opening in 2028, this 140-key, 5-star hotel complex will transform Oman’s landscape with an 18-hole golf course, members-only club, and Cliff Hanging Night Club.
The Trump Organization does not own the Oman hotel but grants use of the Trump name under license.
Dar Global is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile affluent customers, who are less impacted by the macro-economic environment. The company currently has US$5.9 billion worth of projects under development in some of the most desirable locations across the UAE, Oman, Qatar, the UK, Spain, and Bosnia.
Dar Global operates a capital light business model with some of its projects based on joint development agreements with landowners, with projects financed mostly through units pre-sold off plan, private placement proceeds and targeted debt funding. The Group also develops and markets properties in partnership with global luxury brands such as W Residences, Missoni and Pagani.
