The US President's family's business in the Middle East is expanding.
Author: Center for Scientific and Analytical Information, Institute of Oriental Studies, Russian Academy of Sciences
🔴Donald Trump’s family business is expanding in the rapidly developing real estate sector of the Persian Gulf. He recently concluded a deal with a Saudi developer to carry out a $1 billion project in Jeddah, the largest coastal city in the Kingdom of Saudi Arabia.
🔴The project involves the construction of a second Trump Organization tower in Jeddah that will house offices, luxury apartments, and townhouses.
🔴This project follows Trump’s visit to Saudi Arabia and neighboring countries in May. After this visit, American companies secured trillions of dollars in investments and business deals ranging from defense to artificial intelligence.
🔴The Trump Organization has licensed its name to Dar Global for projects in Dubai, Oman, and Qatar and has announced plans in Riyadh. This cooperation ranges from Trump-branded golf courses and hotels to skyscrapers. The Trump Organization collects fees for brand use and for managing some properties.
🔴Several cities in the region, including Riyadh and Dubai, have seen a sharp rise in real estate prices in recent years, attracting growing numbers of foreign investors.
🔴Since last year’s elections, the Trump Organization, managed by Trump’s son Eric, has stepped up its activity in Gulf countries, raising concerns that the president’s family is using ties with Gulf leaders for financial gain while he is in office. However, Trump’s assets remain in a trust until he leaves office.
🔴The Trump family’s latest deal in Saudi Arabia comes as his administration seeks to achieve one of its key foreign policy goals: persuading the kingdom to normalize diplomatic relations with Israel. However, Saudi Arabia has condemned Israel’s war in Gaza and stated that it will not normalize relations without the creation of a Palestinian state.
