BURSTEric Trump, executive vice president of the Trump Organization, officially announced the company’s first project in Saudi Arabia on Wednesday, which consists of a 47 floor building.
“Incredibly proud to officially launch a project that has been underway for many months, Trump Tower - Jeddah,” Trump wrote in a statement on X.
The project precedes additional Trump real estate developments in the Asian hemisphere with proposed new locations in India, Vietnam and Indonesia ahead of President-elect Trump’s second term in office.
“Thank you to our partners @dar_global - This will be our 5th project together and among the most luxurious buildings anywhere in the world!”
The two companies spent approximately $532 million on the residential apartment site which is set to be complete in four years.
The Trump Organization is also partnering with Dar Global, a London based real estate firm, for a $500 million Trump International hotel complex in Oman which will not be owned or operated by the Trump Organization.
“Following the remarkable success of Trump International Oman, as well as our most recent ventures in Dubai and Jeddah, we are thrilled to announce two additional projects in Riyadh,” Eric Trump, the president-elect’s son who oversees the company's real estate interests, said in a statement.
Dar Global will lease the Trump brand for the tower in Jeddah but fully own the property in Saudia Arabia's capital of Riyadh.
While the partner company is free of political ties, the Trump Organization has been monitored for its foreign dealings.
Government officials have raised questions about a potential conflict of interest as President-elect Trump’s son-in-law, Jared Kushner, received a $2 billion investment from Saudi Arabia’s government in 2022.
Saudi Crown Prince Mohammed bin Salman pledged to remain invested in Kushner’s hedge fund despite the former president’s return to office.
However, the connection has sparked rumors of the incoming president’s vested interest in the nation’s success as a risk to national intelligence.
President-elect Trump frequently uses the Trump Organization's Mar-a-Lago estate for business dealings, political meetings and negotiations.