The Trump Organization signed deal with Dar Al Arkan for $1.6bn project that will include housing, luxury retail, and a golf course
The Trump Organization has signed a deal with a Saudi-based real estate firm to license its name for a housing and golf complex in Oman, according to a report from The New York Times.
The Trump family’s company signed the deal with Dar Al Arkan, a Saudi real estate giant, and confirmed the deal to The New York Times on Monday. The financial details were not disclosed, but the project is slated to be built in Muscat, Oman, on a hillside adjacent to the Gulf of Oman, and will include a golf resort, villas and two hotels.
The real estate endeavour, named Aida, is worth roughly $1.6 bn and will include an estimated 3,500 residential units, luxury retail, and 450 rooms at the hotels.
“It is an honor to work with Dar Al Arkan, who share our vision for superior quality and excellence,” the Trump Organization said in a statement to the newspaper.
“This will be a truly magnificent project that integrates luxury living and world-class hospitality at the highest levels.”
Middle East Eye reached out to the Trump Organization and Dar Al Arkan for comment, but did not receive a response by the time of publication.
The deal between the two is the first such international branding agreement that the Trump company has negotiated since former President Donald Trump left office, and renews questions regarding the ex-president’s foreign business dealings as he appears to be close to announcing another presidential run.
Trump had close ties with the Saudi government and royal family during his time in the White House, signing off on billions of dollars of weapons sales to the kingdom, and also making Riyadh his first destination for a foreign visit as president.
Trump also defended Saudi Arabia after the killing of Washington Post and Middle East Eye columnist Jamal Khashoggi.
Trump’s son-in-law and former White House senior adviser Jared Kushner also developed a close relationship with the Saudi crown prince and de facto ruler, Mohammed bin Salman.
Six months after leaving the Trump administration, Kushner secured a $2bn investment from Saudi Arabia’s sovereign wealth fund, led by the Saudi crown prince. During his time in the Trump administration, the Saudi royal family gifted Kushner two swords and a dagger worth nearly $48,000, for which he ended up paying the US government after leaving office.
Earlier this year, Trump hosted the Saudi-backed LIV golf network at his golf course in New Jersey despite backlash from the families of 9/11 victims who condemned the tournament as sportswashing. The LIV golf network also recently held an event at Trump’s Doral golf course in Florida.
The real estate project in Oman is expected to be built over the coming decade, and a spokesman for the Trump family told The New York Times that it was not yet clear if one of the hotels would take on the Trump branding. But the golf course will, making it the 17th golf complex in the company’s collection.
The agreement also comes amid a tense point in the US-Saudi relationship, as a decision earlier this year by Saudi Arabia led Opec+ to cut oil production was met with fury in Washington.
The Biden administration accused Saudi Arabia of siding with Russia by way of the production cuts, which the US says only help Moscow maintain profits from oil sales and continue fuelling its war in Ukraine.
The spat led to the Biden administration calling for a “reevaluation” of US-Saudi ties.